,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #aijg  ,,in ,,the ,,house ,,of  
,,representatives  ,march #bg1 #bjai    
,mr4 ,buchanan 7for himself and ,mr4    
,kind7 introduced the following bill2   
which was referred to the ,committee on 
,education and ,labor1 and in addition  
to the ,committee on ,ways and ,means1  
for a period to be subsequently         
determined by the ,speaker1 in each case
 for consideration of such provisions as
 fall within the jurisdiction of the    
committee concerned  ,a ,,bill  ,to     
amend the ,internal ,revenue ,code of   
#aihf to modify the qualification       
requirements with respect to certain    
multiple employer plans with pooled plan
 providers1 and for other purposes4  #a4
 ,short title ,this ,act may be cited as
 the ,retirement ,security for ,american
 ,workers ,act4  #b4 ,multiple employer 
plans with pooled plan providers  7a7   
,qualification requirements ,section    
#dac of the ,internal ,revenue ,code of 
#aihf is amended by adding at the end   

the following new subsection3  7e7      
,application of qualification           
requirements for certain multiple       
employer plans with pooled plan         
providers  7#a7 ,in general ,except as  
provided in paragraph 7#b71 if a defined
 contribution plan to which subsection  
7c7 applies-- 7,a7 is sponsored by      
employers that both have a common       
interest other than having adopted the  
plan and control the plan1 or  7,b7 in  
the case of a plan not described in     
subparagraph 7,a71 has a pooled plan    
provider1  then the plan shall not be   
treated as failing to meet the          
requirements under this title applicable
 to a plan described in section #dja7;a7
 or to a plan that consists of          
individual retirement accounts described
 in section #djh of such ,code          
7including by reason of subsection 7c7  
thereof71 whichever is applicable1      
merely because one or more employers of 
employees covered by the plan fail to   
take such actions as are required of    

such employers for the plan to meet such
 requirements4  7#b7 ,limitations  7,a7 
,in general ,paragraph 7#a7 shall not   
apply to any plan unless the terms of   
the plan provide that in cases of       
employers failing to take the actions   
described in paragraph 7#a7--  7i7 the  
assets of the plan attributable to      
employees of the employer will be       
transferred to a plan maintained only by
 the employer 7or its successor71 to an 
eligible retirement plan as defined in  
section #djb7;c77#h77;,b7 for each      
individual whose account is transferred1
 or to any other arrangement that the   
,secretary determines is appropriate1   
unless the ,secretary determines it is  
in the best interests of such employees 
to retain the assets in the plan1 and   
7ii7 the employer described in clause   
7i7 7and not the plan with respect to   
which the failure occurred or any other 
participating employer in such plan7    
shall1 except to the extent provided by 
the ,secretary1 be liable for any       

liabilities with respect to such plan   
attributable to employees of the        
employer4  7,b7 ,failures by pooled plan
 providers ,if the pooled plan provider 
of a plan described in paragraph        
7#a77;,b7 does not perform substantially
 all of the administrative duties which 
are required of the provider under      
paragraph 7#c77;,a77i7 for any plan     
year1 the ,secretary1 in the            
,secretary's own discretion1 may provide
 that the determination as to whether   
the plan meets the requirements under   
this title applicable to a plan         
described in section #dja7;a7 or to a   
plan that consists of individual        
retirement accounts described in section
 #djh of such ,code 7including by reason
 of subsection 7c7 thereof71 whichever  
is applicable1 shall be made in the same
 manner as would be made without regard 
to paragraph 7#a74  7#c7 ,pooled plan   
provider ,for purposes of this          
subsection--  7,a7 ,in general ,the term
 pooled plan provider means1 with       

respect to any plan1 a person who-- 7i7 
is designated by the terms of the plan  
as a named fiduciary 7as defined in     
section #djb7;a77#b7 of the ,employee   
,retirement ,income ,security ,act of   
#aigd71 as the plan administrator1 and  
as the person responsible to perform all
 administrative duties 7including       
conducting proper testing with respect  
to the plan and employees of each       
participating employer7 which are       
reasonably necessary to ensure that--   
7,i7 the plan meets the requirements of 
the ,employee ,retirement ,income       
,security ,act of #aigd and any         
requirement applicable under this title 
to a plan described in section #dja7;a7 
or to a plan that consists of individual
 retirement accounts described in       
section #djh of such ,code 7including by
 reason of subsection 7c7 thereof71     
whichever is applicable1 and  7,,ii7    
each participating employer takes such  
actions as the ,secretary or such person
 determines necessary for the plan to   

meet the requirements described in      
subclause 7,i71 including providing to  
such person any disclosures or other    
information which the ,secretary may    
require or which such person otherwise  
determines is necessary to administer   
the plan or to allow the plan to meet   
such requirements1  7ii7 registers as a 
pooled plan provider with the           
,secretary1 and provides such other     
information to the ,secretary as the    
,secretary may require1 before beginning
 operations as a pooled plan provider1  
7iii7 acknowledges in writing that such 
person is a named fiduciary 7within the 
meaning of section #djb7;a77#b7 of the  
,employee ,retirement ,income ,security 
,act of #aigd71 and the plan            
administrator1 with respect to the plan1
 and  7iv7 is responsible for ensuring  
that all persons who handle assets of1  
or who are fiduciaries of1 the plan are 
bonded in accordance with section #dab  
of the ,employee ,retirement ,income    
,security ,act of #aigd4  7,b7 ,audits1 

examinations and investigations ,the    
,secretary may perform audits1          
examinations1 and investigations of     
pooled plan providers as may be         
necessary to enforce and carry out the  
purposes of this subsection4  7#d7      
,guidance  7,a7 ,in general ,the        
,secretary shall issue such guidance as 
the ,secretary determines appropriate to
 carry out this subsection1 including   
guidance-- 7i7 to identify the          
administrative duties and other actions 
required to be performed by a pooled    
plan provider under this subsection1    
7ii7 which describes the procedures to  
be taken to terminate a plan which fails
 to meet the requirements to be a plan  
described in paragraph 7#a71 including  
the proper treatment of1 and actions    
needed to be taken by1 any participating
 employer of the plan and the assets and
 liabilities of the plan with respect to
 employees of that employer1 and  7iii7 
identifying appropriate cases to which  
the rules of paragraph 7#b77;,a7 will   

apply to employers failing to take the  
actions described in paragraph 7#a74    
,the ,secretary shall take into account 
under subparagraph 7,c7 whether the     
failure of an employer or pooled plan   
provider to provide any disclosures or  
other information1 or to take any other 
action1 necessary to administer a plan  
or to allow a plan to meet requirements 
applicable to the plan under section    
#dja7;a7 has continued over a period of 
time that clearly demonstrates a lack of
 commitment to compliance4  7,b7        
,prospective application ,any guidance  
issued by the ,secretary under this     
paragraph shall not apply to any action 
or failure occurring before the issuance
 of such guidance4  7#e7 ,model plan    
,the ,secretary shall1 in consultation  
with the ,secretary of ,labor when      
appropriate1 publish model plan language
 which meets the requirements of this   
subsection and of paragraphs 7#dc7 and  
7#dd7 of section #c of the ,employee    
,retirement ,income ,security ,act of   

#aigd and which may be adopted to be    
treated as a pooled employer plan4  4   
7b7 ,no common interest required for    
pooled employer plans ,section #c7b7 of 
the ,employee ,retirement ,income       
,security ,act of #aigd 7#bi ,u4,s4,c4  
#ajjb7b77 is amended by adding at the   
end the following3  7,c7 ,a pooled      
employer plan shall be treated as--  7i7
 a single employee pension benefit plan 
or single pension plan2 and  7ii7 a plan
 to which section #baj7;a7 applies4  4  
7c7 ,pooled employer plan and provider  
defined  7#a7 ,in general ,section #c of
 the ,employee ,retirement ,income      
,security ,act of #aigd 7#bi ,u4,s4,c4  
#ajjb7 is amended by adding at the end  
the following3  7#dc7 ,pooled employer  
plan  7,a7 ,in general ,the term pooled 
employer plan means a plan--  7i7 which 
is an individual account plan           
established or maintained for the       
purpose of providing benefits to the    
employees of two or more employers2     
7ii7 which is a plan described in       

section #dja7;a7 of the ,internal       
,revenue ,code of #aihf which includes a
 trust exempt from tax under section    
#eja7;a7 of such ,code or a plan that   
consists of individual retirement       
accounts described in section #djh of   
such ,code 7including by reason of      
subsection 7c7 thereof72 and  7iii7 the 
terms of which meet the requirements of 
subparagraph 7,b74  ,such term shall not
 include a plan with respect to which   
the participating employers both share a
 common interest other than             
participation in the plan and control   
the plan4  7,b7 ,requirements for plan  
terms ,the requirements of this         
subparagraph are met with respect to any
 plan if the terms of the plan--  7i7   
designate a pooled plan provider and    
provide that the pooled plan provider is
 a named fiduciary of the plan2  7ii7   
designate one or more trustees meeting  
the requirements of section #djh7;a77#b7
 of the ,internal ,revenue ,code of     
#aihf 7other than a participating       

employer7 to be responsible for         
collecting contributions to1 and holding
 the assets of1 the plan and require    
such trustees to implement written      
contribution collection procedures that 
are reasonable1 diligent1 and           
systematic2  7iii7 provide that each    
participating employer retains fiduciary
 responsibility for-- 7,i7 the selection
 and monitoring in accordance with      
section #djd7;a7 of the person          
designated as the pooled plan provider  
and any other person who1 in addition to
 the pooled plan provider1 is designated
 as a named fiduciary of the plan2 and  
7,,ii7 to the extent not otherwise      
delegated to another fiduciary by the   
pooled plan provider and subject to the 
provisions of section #djd7;c71 the     
investment and management of that       
portion of the plan's assets            
attributable to the employees of that   
participating employer2  7iv7 provide   
that a participating employer1 or a     
participant or beneficiary1 is not      

subject to unreasonable restrictions1   
fees1 or penalties with regard to       
ceasing participation1 receipt of       
distributions1 or otherwise transferring
 assets of the plan in accordance with  
section #bjh2  7v7 require-- 7,i7 the   
pooled plan provider to provide to      
participating employers any disclosures 
or other information which the          
,secretary may require1 including any   
disclosures or other information to     
facilitate the selection or any         
monitoring of the pooled plan provider  
by participating employers2 and  7,,ii7 
each participating employer to take such
 actions as the ,secretary or the pooled
 plan provider determines necessary to  
administer the plan or for the plan to  
meet the requirements of this ,act or   
any requirement applicable under the    
,internal ,revenue ,code of #aihf to a  
plan described in section #dja7;a7 of   
such ,code or to a plan that consists of
 individual retirement accounts         
described in section #djh of such ,code 

7including by reason of subsection 7c7  
thereof71 whichever is applicable1      
including providing any disclosures or  
other information which the ,secretary  
may require or which the pooled plan    
provider otherwise determines is        
necessary to administer the plan or to  
allow the plan to meet such             
requirements2 and  7vi7 provide that any
 disclosure or other information        
required to be provided under clause 7v7
 may be provided in electronic form and 
will be designed to ensure only         
reasonable costs are imposed on pooled  
plan providers and participating        
employers4  7,c7 ,exceptions ,the term  
pooled employer plan does not include-- 
7i7 a multiemployer plan2 or  7ii7 a    
plan established before ,january #a1    
#bjaf1 unless the plan administrator    
elects that the plan will be treated as 
a pooled employer plan and the plan     
meets the requirements of this title    
applicable to a pooled employer plan    
established on or after such date4      

7#dd7 ,pooled plan provider  7,a7 ,in   
general ,the term pooled plan provider  
means a person who--  7i7 is designated 
by the terms of a pooled employer plan  
as the plan administrator and as the    
person responsible for the performance  
of all administrative duties 7including 
conducting proper testing with respect  
to the plan and employees of each       
participating employer7 which are       
reasonably necessary to ensure that--   
7,i7 the plan meets the requirements of 
this ,act and any requirement applicable
 under the ,internal ,revenue ,code of  
#aihf to a plan described in section    
#dja7;a7 of such ,code or to a plan that
 consists of individual retirement      
accounts described in section #djh of   
such ,code 7including by reason of      
subsection 7c7 thereof71 whichever is   
applicable2 and  7,,ii7 each            
participating employer takes such       
actions as the ,secretary or pooled plan
 provider determines necessary for the  
plan to meet the requirements described 

in subclause 7,i71 including providing  
the disclosures and information         
described in paragraph                  
7#dc77;,b77v77,,ii72  7ii7 registers as 
a pooled plan provider with the         
,secretary1 and provides to the         
,secretary such other information as the
 ,secretary may require1 before         
beginning operations as a pooled plan   
provider2  7iii7 acknowledges in writing
 that such person is a named fiduciary1 
and the plan administrator1 with respect
 to the pooled employer plan2 and  7iv7 
is responsible for ensuring that all    
persons who handle assets of1 or who are
 fiduciaries of1 the pooled employer    
plan are bonded in accordance with      
section #dab4  7,b7 ,audits1            
examinations and investigations ,the    
,secretary may perform audits1          
examinations1 and investigations of     
pooled plan providers as may be         
necessary to enforce and carry out the  
purposes of this paragraph and paragraph
 7#dc74  7,c7 ,guidance ,the ,secretary 

shall issue such guidance as the        
,secretary determines appropriate to    
carry out this paragraph and paragraph  
7#dc71 including guidance--  7i7 to     
identify the administrative duties and  
other actions required to be performed  
by a pooled plan provider under either  
such paragraph2 and  7ii7 which requires
 in appropriate cases that if a         
participating employer fails to take the
 actions required under subparagraph    
7,a77i77,,ii7--  7,i7 the assets of the 
plan attributable to employees of the   
participating employer are transferred  
to a plan maintained only by the        
participating employer 7or its          
successor71 to an eligible retirement   
plan as defined in section              
#djb7;c77#h77;,b7 of the ,internal      
,revenue ,code of #aihf for each        
individual whose account is transferred1
 or to any other arrangement that the   
,secretary determines is appropriate in 
such guidance2 and  7,,ii7 the          
participating employer described in     

subclause 7,i7 7and not the plan with   
respect to which the failure occurred or
 any other participating employer in    
such plan7 shall1 except to the extent  
provided in such guidance1 be liable for
 any liabilities with respect to such   
plan attributable to employees of the   
participating employer4  ,the ,secretary
 shall take into account under clause   
7ii7 whether the failure of an employer 
or pooled plan provider to provide any  
disclosures or other information1 or to 
take any other action1 necessary to     
administer a plan or to allow a plan to 
meet requirements described in          
subparagraph 7,a77i77,,ii7 has continued
 over a period of time that clearly     
demonstrates a lack of commitment to    
compliance4 ,the ,secretary may waive   
the requirements of clause 7ii77,i7 in  
appropriate circumstances if the        
,secretary determines it is in the best 
interests of the employees of the       
participating employer described in such
 clause to retain the assets in the plan

 with respect to which the employer's   
failure occurred4  7,d7 ,aggregation    
rules ,for purposes of this paragraph-- 
7i7 ,in general ,in determining whether 
a person meets the requirements of this 
paragraph to be a pooled plan provider  
with respect to any plan1 all persons   
who are members of the same controlled  
group and who perform services for the  
plan shall be treated as one person4    
7ii7 ,members of common group ,persons  
shall be treated as members of the same 
controlled group if such persons are    
treated as a single employer under      
subsection 7c7 or 7d7 of section #baj4  
4  7#b7 ,employee treated as exercising 
control over assets ,section #djd7;c7 of
 the ,employee ,retirement ,income      
,security ,act of #aigd 7#bi ,u4,s4,c4  
#aajd7;c77 is amended by adding at the  
end the following new paragraph3  7#f7  
,in the case of a pooled employer plan  
that consists of individual retirement  
accounts described in section #djh of   
the ,internal ,revenue ,code of #aihf   

7including by reason of subsection 7c7  
thereof7 and that includes an automatic 
contribution arrangement meeting the    
requirements of section #ead7;e7        
7determined without regard to paragraph 
7#b77;,c7 thereof71 a participant or    
beneficiary shall1 for purposes of      
paragraph 7#a71 be treated as exercising
 control over the assets in the account 
upon the earliest of-- 7,a7 an          
affirmative election among investment   
options with respect to the initial     
investment of any contribution1  7,b7 a 
rollover to any other individual        
retirement account1 or  7,c7 one year   
after the individual retirement account 
is established4  4  7#c7 ,bonding       
requirements for pooled employer plans  
,the last sentence of section #dab7;a7  
of the ,employee ,retirement ,income    
,security ,act of #aigd 7#bi ,u4,s4,c4  
#aaab7;a77 is amended by inserting or in
 the case of a pooled employer plan     
after section #djg7;d77#a774  7#d7      
,conforming and technical amendments    

,section #c of the ,employee ,retirement
 ,income ,security ,act of #aigd 7#bi   
,u4,s4,c4 #ajjb7 is amended--  7,a7 in  
paragraph 7#af77;,b7-- 7i7 by striking  
or at the end of clause 7ii72 and  7ii7 
by striking the period at the end and   
inserting 1 or 7iv7 in the case of a    
pooled employer plan1 the pooled plan   
provider42 and  7,b7 by striking the    
second paragraph 7#da74  7d7 ,effective 
date  7#a7 ,in general ,the amendments  
made by this section shall apply to     
years beginning after ,december #ca1    
#bjah4  7#b7 ,rule of construction      
,nothing in the amendment made by       
subsection 7c7 shall be construed as    
limiting the authority of the ,secretary
 of the ,treasury or the ,secretary's   
delegate 7determined without regard to  
such amendment7 to provide for the      
proper treatment of a failure to meet   
any requirement applicable under the    
,internal ,revenue ,code of #aihf with  
respect to one employer 7and its        
employees7 in a multiple employer plan4 

#c4 ,pooled employer and multiple       
employer plan reporting  7a7 ,additional
 information ,section #ajc of the       
,employee ,retirement ,income ,security 
,act of #aigd 7#bi ,u4,s4,c4 #ajbc7 is  
amended-- 7#a7 in subsection            
7a77#a77;,b71 by striking applicable    
subsections 7d71 7e71 and 7f7 and       
inserting applicable subsections 7d71   
7e71 7f71 and 7g72 and  7#b7 by amending
 subsection 7g7 to read as follows3  7g7
 ,additional information with respect to
 pooled employer and multiple employer  
plans ,an annual report under this      
section for a plan year shall include-- 
7#a7 with respect to any plan to which  
section #baj7;a7 applies 7including a   
pooled employer plan71 a list of        
participating employers and a good faith
 estimate of the percentage of total    
contributions made by such participating
 employers during the plan year2 and    
7#b7 with respect to a pooled employer  
plan1 the identifying information for   
the person designated under the terms of

 the plan as the pooled plan provider4  
4  7b7 ,simplified annual reports       
,section #ajd7;a7 of the ,employee      
,retirement ,income ,security ,act of   
#aigd 7#bi ,u4,s4,c4 #ajbd7;a77 is      
amended by striking paragraph 7#b77;,a7 
and inserting the following3  7#b7 7,a7 
,with respect to annual reports required
 to be filed with the ,secretary under  
this part1 the ,secretary may by        
regulation prescribe simplified annual  
reports for any pension plan that--  7i7
 covers fewer than #ajj participants2 or
  7ii7 is a plan described in section   
#baj7;a7 that covers fewer than #a1jjj  
participants1 but only if no single     
participating employer has more than    
#ajj participants covered by the plan4  
4  7c7 ,effective date ,the amendments  
made by this section shall apply to     
annual reports for plan years beginning 
after ,december #ca1 #bjah4