,i  #aaf? ,,congress  #a/ ,session  ,h4 
,r4 #beec  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,may #g1 #bjai,mr4    
,lyn* 7= himself & ,mr4 ,mc,kinley7     
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,ov]sight & ,re=m  ,a  
,,bill  ,to am5d title #e1 ,unit$ ,/ates
 ,code1 to provide = c]ta9 index fund   
inve/m5ts f ! ,po/al ,s]vice ,retiree   
,heal? ,b5efits ,fund1 & = o!r purposes4
  #a4 ,%ort title ,?is ,act may be cit$ 
z ! ,po/al ,s]vice ,f9ancial ,improvem5t
 ,act ( #bjai4  #b4 ,inve/m5t ( ! ,po/al
 ,s]vice ,retiree ,heal? ,b5efits ,fund 
,section #hiji;a7c7 ( title #e1 ,unit$  
,/ates ,code1 is am5d$--  7#a7 by /rik+ 
7c7 ,! ,secret>y & ins]t+ 7c77#a7       
,subject to p>agraph 7#b71 ! ,secret>y2 
&  7#b7 by add+ at ! end ! foll[+3  7#b7
  7,a7 ,! ,secret>y ( ! ,treasury %all  
imm$iately inve/ a specifi$ p]c5tage ( !
 ,fund1 us+ "o or m qualifi$ pr(essional
 asset manag]s1 9 index funds model$    
aft] ^? e/abli%$ "u subp>agraphs 7,b71  
7,c71 7,d71 & 7,e7 ( section            

#hdch7;b77#a74 ,! ,secret>y %all ensure1
 to ! maximum ext5t practicable1 t !    
inve/m5t replicates ! p]=mance ( !      
longe/-t]m t>get date asset allocation  
inve/m5t fund e/abli%$ by ! ,f$]al      
,retirem5t ,?rift ,inve/m5t ,bo>d4  7,b7
 ,9 ex]cis+ au?ority "u subp>agraph     
7,a71 includ+ 9 ! selection ( specific  
qualifi$ pr(essional asset manag]s & 9 !
 developm5t ( specific inve/m5t         
guidel9es to meet ! requirem5t ( su*    
subp>agraph1 ! ,secret>y %all consult ) 
! ,po/al ,s]vice ,retiree ,heal?        
,b5efits ,fund ,inve/m5t ,committee4    
7,c7  7i7 ,!re is e/abli%$ a ,po/al     
,s]vice ,retiree ,heal? ,b5efits ,fund  
,inve/m5t ,committee t %all consi/ (--  
7,i7 ! ,secret>y2  7,,ii7 ! ,*air ( !   
,bo>d ( ,gov]nors ( ! ,unit$ ,/ates     
,po/al ,s]vice2  7,,iii7 ! ,*airman ( ! 
,f$]al ,retirem5t ,?rift ,inve/m5t      
,bo>d2 &  7,,iv7 #b memb]s to repres5t !
 int]e/s ( ,po/al ,s]vice employees &   
annuitants :o--  7aa7 are appo9t$ by !  
,presid5t2  7bb7 h exp]i5ce & exp]tise 9

 ! managem5t ( f9ancial inve/m5ts &     
,po/al ,s]vice employee b5efits2 &  7cc7
 %all s]ve = a t]m ( #c ye>s4  7ii7 ,!  
,po/al ,s]vice ,retiree ,heal? ,b5efits 
,fund ,inve/m5t ,committee & ea* memb] (
 su* ,committee %all be subject to !    
requirem5ts ( subsections 7b77#a7 &     
7c77#b7 ( section #hdgg1 9 ! same mann] 
z appli$ to a fiduci>y ) respect to !   
,?rift ,sav+s ,fund "u su* subsections4 
7,d7  7i7 ,! ,secret>y %all annually    
engage an indep5d5t qualifi$ public     
acc\ntant to audit ! f9ancial /atem5ts (
 ! inve/m5ts made pursuant to           
subp>agraph 7,a74  7ii7 ,! ,secret>y    
%all submit an annual managem5t report  
to ! ,congress n lat] ?an #ahj days aft]
 ! end ( ea* fiscal ye> t includes--    
7,i7 a /atem5t ( f9ancial position2     
7,,ii7 a /atem5t ( op]ations2  7,,iii7 a
 /atem5t ( ca% fl[s2  7,,iv7 a /atem5t  
on int]nal acc\nt+ & adm9i/rative       
control sy/ems2  7,v7 ! report result+ f
 an audit ( ! f9ancial /atem5ts ( !     
inve/m5ts conduct$ "u clause 7i72 &     

7,,vi7 any o!r comm5ts & in=mation      
necess>y to in=m ! ,congress ab\t !     
op]ations & f9ancial condition ( !      
inve/m5ts4  7,e7 ,9 ?is p>agraph-- 7i7  
specifi$ p]c5tage means #be p]c5t ( !   
curr5tly available portions ( ! ,fund z 
are n imm$iately requir$ = paym5ts f !  
,fund1 except t ! ,po/al ,s]vice        
,retiree ,heal? ,b5efits ,fund ,inve/m5t
 ,committee may specify a high]         
p]c5tage1 n to exce$ #cj p]c5t1 n e>li] 
?an #e ye>s aft] ! date ( enactm5t ( !  
,po/al ,s]vice ,f9ancial ,improvem5t    
,act ( #bjai1 & z appropriate !reaft]2 &
  7ii7 qualifi$ pr(essional asset manag]
 has ! mean+ giv5 t t]m 9 section       
#hdch7;a74  4