,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #hiij  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,decemb] #af1         
#bjbj,mr4 ,norcross 7= himself & ,mr4   
,walb]g7 introduc$ ! foll[+ bill2 :i* 0 
ref]r$ to ! ,committee on ,education &  
,labor  ,a ,,bill  ,to am5d ! ,employee 
,retirem5t ,income ,security ,act (     
#aigd to p]mit default inve/m5t         
arrangem5ts 9 annuities1 & = o!r        
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,lifetime ,income ,=       
,employees ,act4  #b4 ,default inve/m5t 
9 annuity contracts ,section            
#djd7;c77#e7 ( ! ,employee ,retirem5t   
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #aajd7;c77#e77 is am5d$-- 7#a7
 9 subp>agraph 7,a71 by add+ at ! end ! 
foll[+3 ,default inve/m5ts made "u ?is  
subp>agraph may include a cov]$ annuity 
contract42 &  7#b7 by add+ at ! end !   
foll[+3  7,c7 ,cov]$ annuity contract   
7i7 ,9 g5]al ,! t]m cov]$ annuity       
contract means an inve/m5t 9 an annuity 
contract t meets ! foll[+ requirem5ts3  

7,i7 ,! annuity contract does n impose a
 liquidity re/riction on ! transf] (    
inve/$ am\nts dur+ ! #ahj-;day p]iod    
beg9n+ on ! date ( ! initial inve/m5t 9 
su* contract by ! p>ticipant or         
b5efici>y4  7,,ii7 ,! fiduci>y ensures t
 ea* p>ticipant or b5efici>y is provid$ 
n lat] ?an #cj days be=e ! date ( !     
imposition ( a liquidity re/riction     
describ$ 9 subclause 7,i7 writt5 notice 
9 a mann] t is reasonably design$ to be 
und]/ood by ! av]age plan p>ticipant1 t 
includes-- 7aa7 an explanation ( !      
circum/ances "u :i* assets 9 ! acc\nt   
may be inve/$ on behalf ( ! p>ticipant  
or b5efici>y 9 ! annuity contract1      
includ+ an explanation ( ! t>get$ range 
& maximum am\nt or p]c5tage ( su* assets
 to be inve/$2  7bb7 an explanation ( ! 
rights1 & any limitations or re/rictions
 !reon1 ( a p>ticipant or b5efici>y to  
direct or transf] am\nts inve/$1 or to  
be inve/$1 9 an annuity contract to o!r 
inve/m5t alt]natives available "u !     
plan2  7cc7 a g5]al description ( !     

annuity contract1 includ+ ! duration (  
gu>ante$ paym5ts & id5tification ( !    
insur]2  7dd7 an explanation ( h[ a     
p>ticipant or b5efici>y may obta9       
additional in=mation1 9 writ+ or        
electronically1 ab\t _! inve/m5t        
alt]natives2 &  7ee7 a copy ( ! annuity 
contract4  7,,iii7 ,! fiduci>y allocates
 n m ?an #ej p]c5t ( any p]iodic        
contribution or1 imm$iately aft] a      
rebalanc+ ( acc\nt inve/m5ts1 #ej p]c5t 
( ! value ( ! assets ( ! acc\nt1 to !   
annuity contract 7or1 z applicable1 to !
 portion !re( to :i* a liquidity        
re/riction applies aft] ! #ahj-;day     
p]iod 9 subclause 7,i774  7ii7          
,def9ition ( annuity contract ,=        
purposes ( ?is p>agraph1 ! t]m annuity  
contract means a contract 7or provision 
or feature !re(7 t-- 7,i7 is issu$ by an
 insur] qualifi$ to d bus9ess 9 a ,/ate2
 &  7,,ii7 provides = ! paym5t (        
gu>ante$ b5efits annually 7or m         
frequ5tly7 = a fix$ t]m or = ! rema9d] (
 ! life ( ! p>ticipant or b5efici>y or !

 jo9t lives ( ! p>ticipant & !          
p>ticipant's designat$ b5efici>y4  7,d7 
,effective date ,! am5dm5ts made by     
subsection 7a7 %all take effect on !    
date ( ! enactm5t ( ! ,lifetime ,income 
,= ,employees ,act4  4