,,ii  #aae? ,,congress  #a/ ,session    
,s4 #acba  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #h1 #bjag,mr4    
,isakson 7= himself1 ,mr4 ,alex&]1 ,mr4 
,enzi1 ,mr4 ,hat*1 ,mr4 ,rob]ts1 ,mr4   
,scott1 & ,mr4 ,"y7 introduc$ ! foll[+  
bill2 :i* 0 read twice & ref]r$ to !    
,committee on ,heal?1 ,education1       
,labor1 & ,p5sions  ,a ,,bill  ,to am5d 
! ,employee ,retirem5t ,income ,security
 ,act ( #aigd to ensure t retirem5t     
inve/ors receive advice 9 _! be/        
int]e/s1 & = o!r purposes4  #a4 ,%ort   
title ,?is ,act may be cit$ z !         
,af=dable ,retirem5t ,advice ,protection
 ,act4  #b4 ,purpose ,! purpose ( ?is   
,act is to provide t advisors :o--  7#a7
 provide advice t is imp]missible "u !  
prohibit$ transaction provisions "u     
section #djf ( ! ,employee ,retirem5t   
,income ,security ,act ( #aigd1 or  7#b7
 brea* ! be/ int]e/ /&>d = ! provision (
 inve/m5t advice1  are subject to       
liability "u ! ,employee ,retirem5t     
,income ,security ,act ( #aigd4  #c4    

,rules relat+ to ! provision ( inve/m5t 
advice  7a7 ,9 g5]al  7#a7 ,def9ition ( 
inve/m5t advice ,section #c7ba7 ( !     
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #ajjb7ba77  
is am5d$ by add+ at ! end ! foll[+3     
7,c7 7i7 ,= purposes ( clause 7ii7 (    
subp>agraph 7,a71 ! t]m inve/m5t advice 
means a recomm5dation t-- 7,i7 relates  
to--  7aa7 ! advisability ( acquir+1    
hold+1 dispos+1 or ex*ang+ any moneys or
 o!r prop]ty ( a plan by ! plan1 plan   
p>ticipants1 or plan b5efici>ies1       
includ+ any recomm5dation :e!r to take a
 di/ribution ( b5efits f su* plan or any
 recomm5dation relat+ to ! inve/m5t (   
any moneys or o!r prop]ty ( su* plan to 
be roll$ ov] or o!rwise di/ribut$ f su* 
plan2  7bb7 ! managem5t ( moneys or o!r 
prop]ty ( su* plan1 includ+             
recomm5dations relat+ to ! managem5t (  
moneys or o!r prop]ty to be roll$ ov] or
 o!rwise di/ribut$ f su* plan2 or  7cc7 
! advisability ( reta9+ or ceas+ to     
reta9 a p]son :o w\ld receive a fee or  

o!r comp5sation = provid+ any ( ! types 
( advice describ$ 9 ?is subclause2 &    
7,,ii7 is r5d]$ pursuant to-- 7aa7 a    
writt5 ackn[l$gm5t ( ! obligation ( !   
advisor to comply ) section #djd )      
respect to ! provision ( su*            
recomm5dation2 or  7bb7 a mutual        
agreem5t1 arrangem5t1 or und]/&+1 :i*   
may include limitations on scope1 tim+1 
& responsibility to provide ongo+       
monitor+ or advice s]vices1 betwe5 !    
p]son mak+ su* recomm5dation & ! plan t 
su* recomm5dation is individualiz$ to ! 
plan & su* plan int5ds to mat]ially rely
 on su* recomm5dation 9 mak+ inve/m5t or
 managem5t decisions ) respect to any   
moneys or o!r prop]ty ( su* plan4  7ii7 
,= purposes ( clause 7i77,,ii77bb71 any 
disclaim] ( a mutual agreem5t1          
arrangem5t1 or und]/&+ %all only /ate ! 
foll[+3 ,?is in=mation is n             
individualiz$ to y1 & !re is no int5t = 
y to mat]ially rely on ?is in=mation 9  
mak+ inve/m5t or managem5t decisions44  
,su* disclaim] %all n be effective      

unless su* disclaim] is 9 writ+ & is    
communicat$ 9 a cle> & prom95t mann] &  
an objective p]son w\ld reasonably      
conclude t1 bas$ on all ! facts &       
circum/ances1 !re 0 n a mutual agreem5t1
 arrangem5t1 or und]/&+ describ$ 9      
clause 7i77,,ii77bb74  7iii7 ,= purposes
 ( clause 7i77,,ii77bb71 in=mation %all 
n be consid]$ to be a recomm5dation made
 pursuant to a mutual agreem5t1         
arrangem5t1 or und]/&+ if su* in=mation 
conta9s ! disclaim] requir$ by clause   
7ii7 &--  7,i7 x is provid$ 9           
conjunction ) full & fair disclosure 9  
writ+ to a plan1 plan p>ticipant1 or    
b5efici>y t ! p]son provid+ ! in=mation 
is do+ s 9 its m>ket+ or sales capacity1
 includ+ any in=mation reg>d+ ! t]ms &  
conditions ( ! engagem5t ( ! p]son      
provid+ ! in=mation1 & t ! p]son is n   
int5d+ to provide inve/m5t advice )9 !  
mean+ ( ?is subp>agraph or to o!rwise   
act )9 & "u ! obligations ( ! be/ int]e/
 /&>d z describ$ 9 ?is subp>agraph2     
7,,ii7 ! p]son provid+ ! in=mation is a 

c\nt]p>ty or s]vice provid] to ! plan 9 
connection ) any transaction bas$ on !  
in=mation 7includ+ a s]vice arrangem5t1 
sale1 pur*ase1 loan1 bilat]al contract1 
swap 7z def9$ 9 section #a;a ( !        
,commodity ,ex*ange ,act 7#g ,u4,s4,c4  
#a;a771 or security-bas$ swap 7z def9$ 9
 section #c7;a7 ( ! ,securities ,ex*ange
 ,act 7#ae ,u4,s4,c4 #gh;c7a77771 b only
 if--  7aa7 ! plan is repres5t$1 9      
connection ) su* transaction1 by a plan 
fiduci>y :o is indep5d5t ( ! p]son      
provid+ ! in=mation1 &1 except 9 ! case 
( a swap or security-bas$ swap1         
indep5d5t ( ! plan sponsor2 &  7bb7     
prior to su* transaction1 ! indep5d5t   
plan fiduci>y repres5ts 9 writ+ to !    
p]son provid+ ! in=mation t x is aw>e t 
! p]son has a f9ancial int]e/ 9 !       
transaction & t x has det]m9$ t ! p]son 
is n int5d+ to provide inve/m5t advice  
)9 ! mean+ ( ?is subp>agraph or to      
o!rwise act z a fiduci>y to ! plan      
subject to section #djd2  7,,iii7 !     
p]son provid+ ! in=mation is an employee

 ( any sponsor+ employ] or employee     
organization :o provides ! in=mation to 
! plan = no fee or o!r comp5sation o!r  
?an ! employee's normal comp5sation2    
7,,iv7 ! p]son provid+ ! in=mation      
discloses 9 writ+ to ! plan fiduci>y t !
 p]son is n und]tak+ to provide inve/m5t
 advice z a fiduci>y to ! plan subject  
to section #djd & ! in=mation consi/s   
solely (--  7aa7 mak+ available to !    
plan1 )\t reg>d to ! individualiz$ ne$s 
( ! plan1 securities or o!r prop]ty     
?r\gh a plat=m or simil> me*anism f :i* 
a plan fiduci>y may select or monitor   
inve/m5t alt]natives1 includ+ qualifi$  
default inve/m5t alt]natives1 into :i*  
plan p>ticipants or b5efici>ies may     
direct ! inve/m5t ( assets held 91 or   
contribut$ to1 _! individual acc\nts2 or
  7bb7 9 connection ) a plat=m or simil>
 me*anism describ$ 9 item 7aa7-- 7,,aa7 
id5tify+ inve/m5t alt]natives t meet    
objective crit]ia specifi$ by ! plan1   
su* z crit]ia conc]n+ exp5se ratios1    
fund sizes1 types ( asset1 or cr$it     

quality2 or 7,,bb7 provid+ objective    
f9ancial data & comp>isons ) indep5d5t  
b5*m>ks to ! plan2  7,v7 ! in=mation    
consi/s solely ( valuation in=mation2 or
  7,,vi7 ! in=mation consi/s solely (-- 
7aa7 in=mation describ$ 9 ,dep>tm5t (   
,labor ,int]pretive ,bullet9 #if-a 7#bi 
,c4,f4,r4 #beji4if-a1 z 9 effect on     
,janu>y #a1 #bjae71 reg>dless ( :e!r su*
 education is provid$ to a plan or plan 
fiduci>y or a p>ticipant or b5efici>y2  
7bb7 in=mation provid$ to p>ticipants or
 b5efici>ies reg>d+ ! factors to consid]
 9 decid+ :e!r to elect to receive a    
di/ribution f a plan or an individual   
retirem5t plan 7z def9$ 9 section       
#ggja7;a77#cg7 ( ! ,int]nal ,rev5ue     
,code ( #aihf7 & :e!r to roll ov] su*   
di/ribution to a plan or an individual  
retirem5t plan 7z def9$ 9 section       
#ggja7;a77#cg7 ( ! ,int]nal ,rev5ue     
,code ( #aihf71 s long z any examples ( 
diff]5t di/ribution & rollov]           
alt]natives are accompani$ by all       
mat]ial facts & assumptions on :i* !    

examples are bas$2 or  7cc7 any         
additional in=mation treat$ z education 
by ! ,secret>y4  4  7#b7 ,exemption     
relat+ to inve/m5t advice ,section      
#djh7;b7 ( ! ,employee ,retirem5t       
,income ,security ,act ( #aigd is am5d$ 
by add+ at ! end ! foll[+3  7#ba7 7,a7  
,any transaction1 includ+ a contract =  
s]vice1 betwe5 a p]son provid+ inve/m5t 
advice describ$ 9 section               
#c7ba77;,a77ii7 & ! advice recipi5t 9   
connection ) su* inve/m5t advice1 & any 
transaction consi/+ ( ! provision ( su* 
inve/m5t advice1 if ! foll[+ conditions 
are satisfi$3  7i7 ,no m ?an reasonable 
comp5sation is paid 7z det]m9$ "u       
p>agraph 7#b77 = su* inve/m5t advice4   
7ii7 ,if ! inve/m5t advice is bas$ on a 
limit$ range ( inve/m5t options 7:i* may
 consi/1 9 :ole or 9 "p1 ( propriet>y   
products71 su* limitations1 includ+ a   
cle>ly /at$ notice t ! same or simil>   
inve/m5ts may be available at a diff]5t 
co/ 7great] or less]7 f o!r s\rces1 %all
 be cle>ly disclos$ to ! advice recipi5t

 prior to any transaction bas$ on !     
inve/m5t advice4 ,! notice %all only    
/ate ! foll[+3 ,! same or simil>        
inve/m5ts may be available at a diff]5t 
co/ 7great] or less]7 f o!r s\rces44    
7iii7 ,if ! inve/m5t advice may result 9
 v>iable comp5sation to ! p]son provid+ 
! inve/m5t advice 7or any affiliate (   
su* p]son71 ! receipt ( su* comp5sation1
 includ+ a cle>ly /at$ notice t ! same  
or simil> inve/m5ts may be available at 
a diff]5t co/ 7great] or less]7 f o!r   
s\rces1 %all be cle>ly disclos$ to !    
advice recipi5t4 ,! notice %all only    
/ate ! foll[+3 ,! same or simil>        
inve/m5ts may be available at a diff]5t 
co/ 7great] or less]7 f o!r s\rces44 ,= 
purposes ( ?is subp>agraph1 cle>        
disclosure ( v>iable comp5sation means  
notification prior to any transaction   
bas$ on ! recomm5dation1 9 a mann]      
calculat$ to be und]/ood by ! av]age    
individual1 ( ! foll[+3  7,i7 ,a notice 
t ! p]son provid+ ! recomm5dation 7or   
its affiliate7 may receive v>y+ am\nts (

 fees or o!r comp5sation ) respect to   
su* transaction4  7,,ii7 ,a description 
( any fee or o!r comp5sation t is       
directly payable to ! p]son 7or its     
affiliate7 f ! advice recipi5t ) respect
 to su* transaction 7express$ z an      
am\nt1 =mula1 p]c5tage ( assets1 p]     
capita *>ge1 or e/imate or range ( su*  
comp5sation74  7,,iii7 ,a description ( 
! types & ranges ( any indirect         
comp5sation t may be paid to ! p]son 7or
 its affiliate7 by any ?ird p>ty 9      
connection ) su* transaction 7express$ z
 an am\nt1 =mula1 p]c5tage ( assets1 p] 
capita *>ge1 or e/imate ( su* ranges (  
comp5sation74  7,,iv7 ,^u reque/ ( !    
advice recipi5t1 a disclosure ( !       
specific am\nts ( comp5sation describ$ 9
 clause 7iii7 t ! p]son w receive 9     
connection ) ! p>ticul> transaction     
7express$ z an am\nt1 =mula1 p]c5tage ( 
assets1 p] capita *>ge1 or e/imate ( su*
 comp5sation74  7,b7 ,no recomm5dation w
 fail to satisfy ! conditions describ$ 9
 clauses 7i7 ?r\gh 7iii7 ( subp>agraph  

7,a7 solely because ! p]son1 act+ 9 good
 fai? & ) reasonable dilig5ce1 makes an 
error or omission 9 disclos+ ! in=mation
 specifi$ 9 su* clauses1 provid$ t !    
p]son discloses ! correct in=mation to !
 advice recipi5t z soon z practicable1 b
 n lat] ?an #cj days f ! date on :i* !  
p]son kn[s ( su* error or omission4     
7,c7 ,= purposes ( ?is p>agraph1 ! t]m  
affiliate has ! mean+ giv5 9 subsection 
7g77#aa77;,b74  4  7b7 ,effective date  
,! am5dm5ts made by subsection 7a7 %all 
take effect on ! date ( ! enactm5t ( ?is
 ,act & %all apply ) respect to         
communications provid$ or recomm5dations
 made on or aft] #b ye>s aft] su* date4 
7c7 ,gr&fa!r$ transactions & s]vices ,! 
am5dm5ts made by subsection 7a7 %all n  
apply to any s]vice or transaction      
r5d]$1 ent]$ into1 or = :i* a p]son has 
be5 comp5sat$ prior to ! date on :i* !  
am5dm5ts become effective "u subsection 
7b74  7d7 ,transition ,until su* "t z   
regulations or o!r guidance are issu$ to
 c>ry out ! am5dm5ts made by subsection 

7a71 a plan or a fiduci>y %all be treat$
 z meet+ ! requirem5ts ( su* am5dm5ts if
 ! plan or fiduci>y1 z ! case may be1   
complies ) a reasonable good fai?       
int]pretation ( su* am5dm5ts4