,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #fbeg  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #ab1 #bjbj,mr4   
,panetta 7= himself1 ,mr4 ,e/es1 ,mr4   
,br5dan ,f4 ,boyle ( ,p5nsylvania1 ,mr4 
,la,hood1 ,ms4 ,dean1 & ,mr4 ,b>r7      
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,f9ancial ,s]vices1 & 9
 addition to ! ,committee on ,ways &    
,means1 = a p]iod to be subsequ5tly     
det]m9$ by ! ,speak]1 9 ea* case =      
consid]ation ( su* provisions z fall )9 
! jurisdiction ( ! committee conc]n$  ,a
 ,,bill  ,to modify rules relat+ to     
#djc7;b7 plans4  #a4 ,%ort title ,?is   
,act may be cit$ z ! ,public ,s]vice    
,retirem5t ,fairness ,act ( #bjbj4  #b4 
,enhancem5t ( #djc7;b7 plans  7a7       
,p]mitt$ inve/m5ts  7#a7 ,9 g5]al       
,section #djc7;b77#g77;,a77i7 ( !       
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
to read z foll[s3  7i7 ! am\nts to be   
held 9 t cu/odial acc\nt are inve/$ 9   
regulat$ inve/m5t company /ock or a gr\p
 tru/ int5d$ to satisfy ! requirem5ts ( 

,int]nal ,rev5ue ,s]vice ,rev5ue ,rul+  
#ha-ajj 7or any successor guidance71 &  
4  7#b7 ,con=m+ am5dm5t ,section        
#djc7;b77#g7 ( su* ,code is am5d$ by    
/rik+ = regulat$ inve/m5t company /ock4 
7#c7 ,effective date ,! am5dm5ts made by
 ?is subsection %all apply to am\nts    
inve/$ aft] ,decemb] #ca1 #bjai4  7b7   
,am5dm5ts to ! ,inve/m5t ,company ,act (
 #aidj ,section #c7;c77#aa7 ( !         
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#c7;c77#aa77 is am5d$ to
 read z foll[s3  7#aa7 ,any-- 7,a7      
employee's /ock bonus1 p5sion1 or       
pr(it-%>+ tru/ :i* meets ! requirem5ts =
 qualification "u section #dja ( !      
,int]nal ,rev5ue ,code ( #aihf2  7,b7   
cu/odial acc\nt meet+ ! requirem5ts (   
section #djc7;b77#g7 ( su* ,code2  7,c7 
gov]nm5tal plan describ$ 9 section      
#c7;a77#b77;,c7 ( ! ,securities ,act (  
#aicc2  7,d7 collective tru/ fund       
ma9ta9$ by a bank consi/+ solely (      
assets ( "o or m ( su* tru/s1 gov]nm5t  
plans1 or *ur* plans1 companies or      

acc\nts t are exclud$ f ! def9ition ( an
 inve/m5t company "u p>agraph 7#ad7 (   
?is subsection2  7,e7 plan :i* meets !  
requirem5ts ( section #djc7;b7 ( !      
,int]nal ,rev5ue ,code ( #aihf if-- 7i7 
su* plan is subject to title ,i ( !     
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #ajja et    
seq472  7ii7 any employ] mak+ su* plan  
available agrees to s]ve z a fiduci>y = 
! plan ) respect to ! selection ( !     
plan's inve/m5ts among :i* p>ticipants c
 *oose2 or  7iii7 su* plan is a         
gov]nm5tal plan 7z def9$ 9 section      
#dad7;d7 ( su* ,code72 or  7,f7 sep>ate 
acc\nt ! assets ( :i* are d]iv$ solely  
f-- 7i7 contributions "u p5sion or      
pr(it-%>+ plans :i* meet ! requirem5ts (
 section #dja ( ! ,int]nal ,rev5ue ,code
 ( #aihf or ! requirem5ts = d$uction ( !
 employ]'s contribution "u section      
#djd7;a77#b7 ( su* ,code2  7ii7         
contributions "u gov]nm5tal plans 9     
connection ) :i* int]e/s1 p>ticipations1
 or securities are exempt$ f !          

regi/ration provisions ( section #e ( ! 
,securities ,act ( #aicc by section     
#c7;a77#b77;,c7 ( su* ,act2  7iii7      
advances made by an insurance company 9 
connection ) ! op]ation ( su* sep>ate   
acc\nt2 &  7iv7 contributions to a plan 
describ$ 9 subp>agraph 7,e74  4  7c7    
,am5dm5ts to ! ,securities ,act ( #aicc 
,section #c7;a77#b7 ( ! ,securities ,act
 ( #aicc 7#ae ,u4,s4,c4 #gg;c7a77#b77 is
 am5d$-- 7#a7 by /rik+ or 7,d7 & ins]t+ 
7,d7 a plan :i* meets ! requirem5ts (   
section #djc7;b7 ( su* ,code if 7i7 su* 
plan is subject to title ,i ( !         
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #ajja et    
seq471 7ii7 any employ] mak+ su* plan   
available agrees to s]ve z a fiduci>y = 
! plan ) respect to ! selection ( !     
plan's inve/m5ts among :i* p>ticipants c
 *oose1 or 7iii7 su* plan is a          
gov]nm5tal plan 7z def9$ 9 section      
#dad7;d7 ( su* ,code72 or 7,e72  7#b7 by
 /rik+ 7,c71 or 7,d7 & ins]t+ 7,c71     
7,d71 or 7,e72 &  7#c7 by /rik+ 7iii7   

:i* is a plan fund$ & ins]t+ 7iii7 9 !  
case ( a plan n describ$ 9 subp>agraph  
7,d71 :i* is a plan fund$4  7d7         
,am5dm5ts to ! ,securities ,ex*ange ,act
 ( #aicd ,section #c7;a77#ab77;,c7 ( !  
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a77#ab77;,c77 is am5d$--
 7#a7 by /rik+ or 7iv7 & ins]t+ 7iv7 a  
plan :i* meets ! requirem5ts ( section  
#djc7;b7 ( su* ,code if 7,i7 su* plan is
 subject to title ,i ( ! ,employee      
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajja et seq471    
7,,ii7 any employ] mak+ su* plan        
available agrees to s]ve z a fiduci>y = 
! plan ) respect to ! selection ( !     
plan's inve/m5ts among :i* p>ticipants c
 *oose1 or 7,,iii7 su* plan is a        
gov]nm5tal plan 7z def9$ 9 section      
#dad7;d7 ( su* ,code71 or 7v72  7#b7 by 
/rik+ 7ii71 or 7iii7 & ins]t+ 7ii71     
7iii71 or 7iv72 &  7#c7 by /rik+ 7,,ii7 
is a plan fund$ & ins]t+ 7,,ii7 9 ! case
 ( a plan n describ$ 9 clause 7iv71 is a
 plan fund$4