,i  #aafth ,,congress  #b;d ,session    
,h4 ,r4 #fbeg  ,,in ,,the ,,house ,,of  
,,representatives  ,march #ab1 #bjbj,mr4
 ,panetta 7for himself1 ,mr4 ,estes1    
,mr4 ,brendan ,f4 ,boyle of             
,pennsylvania1 ,mr4 ,la,hood1 ,ms4      
,dean1 and ,mr4 ,barr7 introduced the   
following bill2 which was referred to   
the ,committee on ,financial ,services1 
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 modify rules relating to 
#djc7;b7 plans4  #a4 ,short title ,this 
,act may be cited as the ,public        
,service ,retirement ,fairness ,act of  
#bjbj4  #b4 ,enhancement of #djc7;b7    
plans  7a7 ,permitted investments  7#a7 
,in general ,section                    
#djc7;b77#g77;,a77i7 of the ,internal   
,revenue ,code of #aihf is amended to   
read as follows3  7i7 the amounts to be 

held in that custodial account are      
invested in regulated investment company
 stock or a group trust intended to     
satisfy the requirements of ,internal   
,revenue ,service ,revenue ,ruling      
#ha-ajj 7or any successor guidance71 and
  4  7#b7 ,conforming amendment ,section
 #djc7;b77#g7 of such ,code is amended  
by striking for regulated investment    
company stock4  7#c7 ,effective date    
,the amendments made by this subsection 
shall apply to amounts invested after   
,december #ca1 #bjai4  7b7 ,amendments  
to the ,investment ,company ,act of     
#aidj ,section #c7;c77#aa7 of the       
,investment ,company ,act of #aidj 7#ae 
,u4,s4,c4 #hj;a-#c7;c77#aa77 is amended 
to read as follows3  7#aa7 ,any-- 7,a7  
employee's stock bonus1 pension1 or     
profit-sharing trust which meets the    
requirements for qualification under    
section #dja of the ,internal ,revenue  
,code of #aihf2  7,b7 custodial account 
meeting the requirements of section     
#djc7;b77#g7 of such ,code2  7,c7       

governmental plan described in section  
#c7;a77#b77;,c7 of the ,securities ,act 
of #aicc2  7,d7 collective trust fund   
maintained by a bank consisting solely  
of assets of one or more of such trusts1
 government plans1 or church plans1     
companies or accounts that are excluded 
from the definition of an investment    
company under paragraph 7#ad7 of this   
subsection2  7,e7 plan which meets the  
requirements of section #djc7;b7 of the 
,internal ,revenue ,code of #aihf if--  
7i7 such plan is subject to title ,i of 
the ,employee ,retirement ,income       
,security ,act of #aigd 7#bi ,u4,s4,c4  
#ajja et seq472  7ii7 any employer      
making such plan available agrees to    
serve as a fiduciary for the plan with  
respect to the selection of the plan's  
investments among which participants can
 choose2 or  7iii7 such plan is a       
governmental plan 7as defined in section
 #dad7;d7 of such ,code72 or  7,f7      
separate account the assets of which are
 derived solely from-- 7i7 contributions

 under pension or profit-sharing plans  
which meet the requirements of section  
#dja of the ,internal ,revenue ,code of 
#aihf or the requirements for deduction 
of the employer's contribution under    
section #djd7;a77#b7 of such ,code2     
7ii7 contributions under governmental   
plans in connection with which          
interests1 participations1 or securities
 are exempted from the registration     
provisions of section #e of the         
,securities ,act of #aicc by section    
#c7;a77#b77;,c7 of such ,act2  7iii7    
advances made by an insurance company in
 connection with the operation of such  
separate account2 and  7iv7             
contributions to a plan described in    
subparagraph 7,e74  4  7c7 ,amendments  
to the ,securities ,act of #aicc        
,section #c7;a77#b7 of the ,securities  
,act of #aicc 7#ae ,u4,s4,c4            
#gg;c7a77#b77 is amended-- 7#a7 by      
striking or 7,d7 and inserting 7,d7 a   
plan which meets the requirements of    
section #djc7;b7 of such ,code if 7i7   

such plan is subject to title ,i of the 
,employee ,retirement ,income ,security 
,act of #aigd 7#bi ,u4,s4,c4 #ajja et   
seq471 7ii7 any employer making such    
plan available agrees to serve as a     
fiduciary for the plan with respect to  
the selection of the plan's investments 
among which participants can choose1 or 
7iii7 such plan is a governmental plan  
7as defined in section #dad7;d7 of such 
,code72 or 7,e72  7#b7 by striking 7,c71
 or 7,d7 and inserting 7,c71 7,d71 or   
7,e72 and  7#c7 by striking 7iii7 which 
is a plan funded and inserting 7iii7 in 
the case of a plan not described in     
subparagraph 7,d71 which is a plan      
funded4  7d7 ,amendments to the         
,securities ,exchange ,act of #aicd     
,section #c7;a77#ab77;,c7 of the        
,securities ,exchange ,act of #aicd 7#ae
 ,u4,s4,c4 #gh;c7a77#ab77;,c77 is       
amended-- 7#a7 by striking or 7iv7 and  
inserting 7iv7 a plan which meets the   
requirements of section #djc7;b7 of such
 ,code if 7,i7 such plan is subject to  

title ,i of the ,employee ,retirement   
,income ,security ,act of #aigd 7#bi    
,u4,s4,c4 #ajja et seq471 7,,ii7 any    
employer making such plan available     
agrees to serve as a fiduciary for the  
plan with respect to the selection of   
the plan's investments among which      
participants can choose1 or 7,,iii7 such
 plan is a governmental plan 7as defined
 in section #dad7;d7 of such ,code71 or 
7v72  7#b7 by striking 7ii71 or 7iii7   
and inserting 7ii71 7iii71 or 7iv72 and 
7#c7 by striking 7,,ii7 is a plan funded
 and inserting 7,,ii7 in the case of a  
plan not described in clause 7iv71 is a 
plan funded4