,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #ajaa  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #c1 #bjai,mr4   
,cotton 7= himself1 ,mr4 ,"y1 & ,mr4    
,jones7 introduc$ ! foll[+ bill2 :i* 0  
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf & ! ,employee     
,retirem5t ,income ,security ,act (     
#aigd to modify ! requirem5ts = multiple
 employ] plans1 & = o!r purposes4  #a4  
,multiple employ] plans  7a7            
,qualification requirem5ts  7#a7 ,9     
g5]al ,section #dac ( ! ,int]nal ,rev5ue
 ,code ( #aihf is am5d$ by add+ at ! end
 ! foll[+ new subsection3  7e7          
,application ( qualification requirem5ts
 = c]ta9 multiple employ] plans ) pool$ 
plan provid]s  7#a7 ,9 g5]al ,except z  
provid$ 9 p>agraph 7#b71 if a def9$     
contribution plan to :i* subsection 7c7 
applies-- 7,a7 is sponsor$ by employ]s  
all ( :i* h bo? a common int]e/ o!r ?an 
hav+ adopt$ ! plan & control ( ! plan1  
or  7,b7 9 ! case ( a plan n describ$ 9 

subp>agraph 7,a71 has a pool$ plan      
provid]1  !n ! plan %all n be treat$ z  
fail+ to meet ! requirem5ts "u ?is title
 applicable to a plan describ$ 9 section
 #dja7;a7 or to a plan t consi/s (      
individual retirem5t acc\nts describ$ 9 
section #djh 7includ+ by reason (       
subsection 7c7 !re(71 :i*ev] is         
applicable1 m]ely because "o or m       
employ]s ( employees cov]$ by ! plan    
fail to take su* actions z are requir$ (
 su* employ]s = ! plan to meet su*      
requirem5ts4  7#b7 ,limitations  7,a7 ,9
 g5]al ,p>agraph 7#a7 %all n apply to   
any plan unless ! t]ms ( ! plan provide 
t 9 cases ( employ]s fail+ to take !    
actions describ$ 9 p>agraph 7#a7-- 7i7 !
 assets ( ! plan attributable to        
employees ( ! employ] w be transf]r$ to 
a plan ma9ta9$ only by ! employ] 7or its
 successor71 to an eligible retirem5t   
plan z def9$ 9 section #djb7;c77#h77;,b7
 = ea* individual ^: acc\nt is          
transf]r$1 or to any o!r arrangem5t t ! 
,secret>y det]m9es is appropriate1      

unless ! ,secret>y det]m9es x is 9 ! be/
 int]e/s ( su* employees to reta9 !     
assets 9 ! plan1 &  7ii7 ! employ]      
describ$ 9 clause 7i7 7& n ! plan )     
respect to :i* ! failure occurr$ or any 
o!r p>ticipat+ employ] 9 su* plan7 %all1
 except to ! ext5t provid$ by !         
,secret>y1 be liable = any liabilities )
 respect to su* plan attributable to    
employees ( ! employ]4  7,b7 ,failures  
by pool$ plan provid]s ,if ! pool$ plan 
provid] ( a plan describ$ 9 p>agraph    
7#a77;,b7 does n p]=m sub/antially all (
 ! adm9i/rative duties :i* are requir$ (
 ! provid] "u p>agraph 7#c77;,a77i7 =   
any plan ye>1 ! ,secret>y1 9 !          
,secret>y's own discretion1 may provide 
t ! det]m9ation z to :e!r ! plan meets !
 requirem5ts "u ?is title applicable to 
a plan describ$ 9 section #dja7;a7 or to
 a plan t consi/s ( individual retirem5t
 acc\nts describ$ 9 section #djh        
7includ+ by reason ( subsection 7c7     
!re(71 :i*ev] is applicable1 %all be    
made 9 ! same mann] z w\ld be made )\t  

reg>d to p>agraph 7#a74  7#c7 ,pool$    
plan provid] ,= purposes ( ?is          
subsection-- 7,a7 ,9 g5]al ,! t]m pool$ 
plan provid] means1 ) respect to any    
plan1 a p]son :o-- 7i7 is designat$ by !
 t]ms ( ! plan z a nam$ fiduci>y 7)9 !  
mean+ ( section #djb7;a77#b7 ( !        
,employee ,retirem5t ,income ,security  
,act ( #aigd71 z ! plan adm9i/rator1 & z
 ! p]son responsible to p]=m all        
adm9i/rative duties 7includ+ conduct+   
prop] te/+ ) respect to ! plan &        
employees ( ea* p>ticipat+ employ]7 :i* 
are reasonably necess>y to ensure t--   
7,i7 ! plan meets any requirem5t        
applicable "u ! ,employee ,retirem5t    
,income ,security ,act ( #aigd or ?is   
title to a plan describ$ 9 section      
#dja7;a7 or to a plan t consi/s (       
individual retirem5t acc\nts describ$ 9 
section #djh 7includ+ by reason (       
subsection 7c7 !re(71 :i*ev] is         
applicable1 &  7,,ii7 ea* p>ticipat+    
employ] takes su* actions z ! ,secret>y 
or su* p]son det]m9es are necess>y = !  

plan to meet ! requirem5ts describ$ 9   
subclause 7,i71 includ+ provid+ to su*  
p]son any disclosures or o!r in=mation  
:i* ! ,secret>y may require or :i* su*  
p]son o!rwise det]m9es is necess>y to   
adm9i/] ! plan or to all[ ! plan to meet
 su* requirem5ts1  7ii7 regi/]s z a     
pool$ plan provid] ) ! ,secret>y1 &     
provides su* o!r in=mation to !         
,secret>y z ! ,secret>y may require1    
be=e beg9n+ op]ations z a pool$ plan    
provid]1  7iii7 ackn[l$ges 9 writ+ t su*
 p]son is a nam$ fiduci>y 7)9 ! mean+ ( 
section #djb7;a77#b7 ( ! ,employee      
,retirem5t ,income ,security ,act (     
#aigd71 & ! plan adm9i/rator1 ) respect 
to ! plan1 &  7iv7 is responsible =     
ensur+ t all p]sons :o h&le assets (1 or
 :o are fiduci>ies (1 ! plan are bond$ 9
 accordance ) section #dab ( ! ,employee
 ,retirem5t ,income ,security ,act (    
#aigd4  7,b7 ,audits1 exam9ations1 &    
inve/igations ,! ,secret>y may p]=m     
audits1 exam9ations1 & inve/igations (  
pool$ plan provid]s z may be necess>y to

 en=ce & c>ry out ! purposes ( ?is      
subsection4  7#d7 ,guidance  7,a7 ,9    
g5]al ,! ,secret>y %all issue su*       
guidance z ! ,secret>y det]m9es         
appropriate to c>ry out ?is subsection1 
includ+ guidance-- 7i7 to id5tify !     
adm9i/rative duties & o!r actions       
requir$ to be p]=m$ by a pool$ plan     
provid] "u ?is subsection1  7ii7 :i*    
describes ! proc$ures to be tak5 to     
t]m9ate a plan :i* fails to meet !      
requirem5ts to be a plan describ$ 9     
p>agraph 7#a71 includ+ ! prop] treatm5t 
(1 & actions ne$$ to be tak5 by1 any    
p>ticipat+ employ] ( ! plan & ! assets &
 liabilities ( ! plan ) respect to      
employees ( t employ]1 &  7iii7 id5tify+
 appropriate cases to :i* ! rules (     
p>agraph 7#b77;,a7 w apply to employ]s  
fail+ to take ! actions describ$ 9      
p>agraph 7#a74  ,! ,secret>y %all take  
into acc\nt "u clause 7iii7 :e!r !      
failure ( an employ] or pool$ plan      
provid] to provide any disclosures or   
o!r in=mation1 or to take any o!r       

action1 necess>y to adm9i/] a plan or to
 all[ a plan to meet requirem5ts        
applicable to ! plan "u section #dja7;a7
 or #djh1 :i*ev] is applicable1 has     
cont9u$ ov] a p]iod ( "t t cle>ly       
demon/rates a lack ( commitm5t to       
compliance4  7,b7 ,prospective          
application ,any guidance issu$ by !    
,secret>y "u ?is p>agraph %all n apply  
to any action or failure occurr+ be=e ! 
issuance ( su* guidance4  7#e7 ,model   
plan ,n lat] ?an ,june #cj1 #bjbj1 !    
,secret>y %all1 9 consultation ) !      
,secret>y ( ,labor :5 appropriate1      
publi%-- 7,a7 model plan language :i*   
may be adopt$ by a plan to :i*          
subsection 7c7 applies & :i* is n       
describ$ 9 p>agraph 7#a77;,b71 9 ord] = 
! plan to qualify = ! application ( ?is 
subsection1 &  7,b7 model plan language 
:i* meets ! requirem5ts ( ?is subsection
 & ( p>agraphs 7#dc7 & 7#dd7 ( section  
#c ( ! ,employee ,retirem5t ,income     
,security ,act ( #aigd & :i* may be     
adopt$ 9 ord] = a plan to be treat$ z a 

plan describ$ 9 p>agraph 7#a77;,b74  4  
7#b7 ,con=m+ am5dm5t ,p>agraph 7#b7 (   
section #dac7;c7 ( su* ,code is am5d$ by
 /rik+ section #dja7;a7 & ins]t+        
sections #dja7;a7 & #djh7;c74  7#c7     
,te*nical am5dm5t ,subsection 7c7 (     
section #djh ( su* ,code is am5d$ by    
ins]t+ aft] p>agraph 7#b7 ! foll[+ new  
p>agraph3  7#c7 ,!re is a sep>ate       
acc\nt+ = any int]e/ ( an employee or   
memb] 7or sp\se ( an employee or memb]7 
9 a ,ro? ,,ira4  4  7b7 ,no common      
int]e/ requir$ = pool$ employ] plans    
,section #c7b7 ( ! ,employee ,retirem5t 
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #ajjb7b77 is am5d$ by add+ at 
! end ! foll[+3  7,c7 ,a pool$ employ]  
plan %all be treat$ z-- 7i7 a s+le      
employee p5sion b5efit plan or s+le     
p5sion plan2 &  7ii7 a plan to :i*      
section #baj7;a7 applies4  4  7c7 ,pool$
 employ] plan & provid] def9$  7#a7 ,9  
g5]al ,section #c ( ! ,employee         
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajjb7 is am5d$ by 

add+ at ! end ! foll[+3  7#dc7 ,pool$   
employ] plan  7,a7 ,9 g5]al ,! t]m pool$
 employ] plan means a plan-- 7i7 :i* is 
an individual acc\nt plan e/abli%$ or   
ma9ta9$ = ! purpose ( provid+ b5efits to
 ! employees ( two or m employ]s2  7ii7 
:i* is a plan describ$ 9 section        
#dja7;a7 ( ! ,int]nal ,rev5ue ,code (   
#aihf :i* includes a tru/ exempt f tax  
"u section #eja7;a7 ( su* ,code or a    
plan t consi/s ( individual retirem5t   
acc\nts describ$ 9 section #djh ( su*   
,code 7includ+ by reason ( subsection   
7c7 !re(72 &  7iii7 ! t]ms ( :i* meet ! 
requirem5ts ( subp>agraph 7,b74  ,su*   
t]m %all n include a plan ) respect to  
:i* all ( ! p>ticipat+ employ]s h bo? a 
common int]e/ o!r ?an hav+ adopt$ ! plan
 & control ( ! plan4  7,b7 ,requirem5ts 
= plan t]ms ,! requirem5ts ( ?is        
subp>agraph are met ) respect to any    
plan if ! t]ms ( ! plan-- 7i7 designate 
a pool$ plan provid] & provide t ! pool$
 plan provid] is a nam$ fiduci>y ( !    
plan2  7ii7 designate "o or m tru/ees   

meet+ ! requirem5ts ( section           
#djh7;a77#b7 ( ! ,int]nal ,rev5ue ,code 
( #aihf 7o!r ?an a p>ticipat+ employ]7  
to be responsible = collect+            
contributions to1 & hold+ ! assets (1 ! 
plan & require su* tru/ees to implem5t  
writt5 contribution collection proc$ures
 t are reasonable1 dilig5t1 & sy/ematic2
  7iii7 except z provid$ 9 section      
#djd7;e71 provide t ea* p>ticipat+      
employ] reta9s fiduci>y responsibility  
=-- 7,i7 ! selection & monitor+ 9       
accordance ) section #djd7;a7 ( ! p]son 
designat$ z ! pool$ plan provid] & any  
o!r p]son :o1 9 addition to ! pool$ plan
 provid]1 is designat$ z a nam$ fiduci>y
 ( ! plan2 &  7,,ii7 to ! ext5t n       
o!rwise delegat$ to ano!r fiduci>y by ! 
pool$ plan provid] & subject to !       
provisions ( section #djd7;c71 !        
inve/m5t & managem5t ( t portion ( !    
plan's assets attributable to !         
employees ( t p>ticipat+ employ]2  7iv7 
provide t a p>ticipat+ employ]1 or a    
p>ticipant or b5efici>y1 is n subject to

 unreasonable re/rictions1 fees1 or     
p5alties ) reg>d to ceas+ p>ticipation1 
receipt ( di/ributions1 or o!rwise      
transf]r+ assets ( ! plan 9 accordance )
 section #bjh or p>agraph               
7#dd77;,c77i77,,ii72  7v7 require-- 7,i7
 ! pool$ plan provid] to provide to     
p>ticipat+ employ]s any disclosures or  
o!r in=mation :i* ! ,secret>y may       
require1 includ+ any disclosures or o!r 
in=mation to facilitate ! selection or  
any monitor+ ( ! pool$ plan provid] by  
p>ticipat+ employ]s2 &  7,,ii7 ea*      
p>ticipat+ employ] to take su* actions z
 ! ,secret>y or ! pool$ plan provid]    
det]m9es are necess>y to adm9i/] ! plan 
or = ! plan to meet any requirem5t      
applicable "u ?is ,act or ! ,int]nal    
,rev5ue ,code ( #aihf to a plan describ$
 9 section #dja7;a7 ( su* ,code or to a 
plan t consi/s ( individual retirem5t   
acc\nts describ$ 9 section #djh ( su*   
,code 7includ+ by reason ( subsection   
7c7 !re(71 :i*ev] is applicable1 includ+
 provid+ any disclosures or o!r         

in=mation :i* ! ,secret>y may require or
 :i* ! pool$ plan provid] o!rwise       
det]m9es is necess>y to adm9i/] ! plan  
or to all[ ! plan to meet su*           
requirem5ts2 &  7vi7 provide t any      
disclosure or o!r in=mation requir$ to  
be provid$ "u clause 7v7 may be provid$ 
9 electronic =m & w be design$ to ensure
 only reasonable co/s are impos$ on     
pool$ plan provid]s & p>ticipat+        
employ]s4  7,c7 ,exceptions ,! t]m pool$
 employ] plan does n include-- 7i7 a    
multiemploy] plan2  7ii7 a plan e/abli%$
 be=e ,janu>y #a1 #bjaf1 unless ! plan  
adm9i/rator elects t ! plan w be treat$ 
z a pool$ employ] plan & ! plan meets ! 
requirem5ts ( ?is title applicable to a 
pool$ employ] plan e/abli%$ on or aft]  
su* date2 &  7iii7 a plan ) respect to  
:i* all ( ! p>ticipat+ employ]s h bo? a 
common int]e/ o!r ?an hav+ adopt$ ! plan
 & control ( ! plan4  7#dd7 ,pool$ plan 
provid]  7,a7 ,9 g5]al ,! t]m pool$ plan
 provid] means a p]son :o-- 7i7 is      
designat$ by ! t]ms ( a pool$ employ]   

plan z a nam$ fiduci>y1 z ! plan        
adm9i/rator1 & z ! p]son responsible = !
 p]=mance ( all adm9i/rative duties     
7includ+ conduct+ prop] te/+ ) respect  
to ! plan & employees ( ea* p>ticipat+  
employ]7 :i* are reasonably necess>y to 
ensure t-- 7,i7 ! plan meets any        
requirem5t applicable "u ?is ,act or !  
,int]nal ,rev5ue ,code ( #aihf to a plan
 describ$ 9 section #dja7;a7 ( su* ,code
 or to a plan t consi/s ( individual    
retirem5t acc\nts describ$ 9 section    
#djh ( su* ,code 7includ+ by reason (   
subsection 7c7 !re(71 :i*ev] is         
applicable2 &  7,,ii7 ea* p>ticipat+    
employ] takes su* actions z ! ,secret>y 
or pool$ plan provid] det]m9es are      
necess>y = ! plan to meet ! requirem5ts 
describ$ 9 subclause 7,i71 includ+      
provid+ ! disclosures & in=mation       
describ$ 9 p>agraph 7#dc77;,b77v77,,ii72
  7ii7 regi/]s z a pool$ plan provid] ) 
! ,secret>y1 & provides to ! ,secret>y  
su* o!r in=mation z ! ,secret>y may     
require1 be=e beg9n+ op]ations z a pool$

 plan provid]2  7iii7 ackn[l$ges 9 writ+
 t su* p]son is a nam$ fiduci>y1 & !    
plan adm9i/rator1 ) respect to ! pool$  
employ] plan2 &  7iv7 is responsible =  
ensur+ t all p]sons :o h&le assets (1 or
 :o are fiduci>ies (1 ! pool$ employ]   
plan are bond$ 9 accordance ) section   
#dab4  7,b7 ,audits1 exam9ations1 &     
inve/igations ,! ,secret>y may p]=m     
audits1 exam9ations1 & inve/igations (  
pool$ plan provid]s z may be necess>y to
 en=ce & c>ry out ! purposes ( ?is      
p>agraph & p>agraph 7#dc74  7,c7        
,guidance  7i7 ,9 g5]al ,! ,secret>y    
%all issue su* guidance z ! ,secret>y   
det]m9es appropriate to c>ry out ?is    
p>agraph & p>agraph 7#dc71 includ+      
guidance-- 7,i7 to id5tify !            
adm9i/rative duties & o!r actions       
requir$ to be p]=m$ by a pool$ plan     
provid] "u ei!r su* p>agraph2 &  7,,ii7 
:i* requires 9 appropriate cases t if a 
p>ticipat+ employ] fails to take !      
actions requir$ "u subp>agraph          
7,a77i77,,ii7-- 7aa7 ! assets ( ! plan  

attributable to employees ( ! p>ticipat+
 employ] are transf]r$ to a plan ma9ta9$
 only by ! p>ticipat+ employ] 7or its   
successor71 to an eligible retirem5t    
plan z def9$ 9 section #djb7;c77#h77;,b7
 ( ! ,int]nal ,rev5ue ,code ( #aihf =   
ea* individual ^: acc\nt is transf]r$1  
or to any o!r arrangem5t t ! ,secret>y  
det]m9es is appropriate 9 su* guidance2 
&  7bb7 ! p>ticipat+ employ] describ$ 9 
item 7aa7 7& n ! plan ) respect to :i* !
 failure occurr$ or any o!r p>ticipat+  
employ] 9 su* plan7 %all1 except to !   
ext5t provid$ 9 su* guidance1 be liable 
= any liabilities ) respect to su* plan 
attributable to employees ( ! p>ticipat+
 employ]4  ,! ,secret>y %all take into  
acc\nt "u subclause 7,,ii7 :e!r !       
failure ( an employ] or pool$ plan      
provid] to provide any disclosures or   
o!r in=mation1 or to take any o!r       
action1 necess>y to adm9i/] a plan or to
 all[ a plan to meet requirem5ts        
describ$ 9 subp>agraph 7,a77i77,,ii7 has
 cont9u$ ov] a p]iod ( "t t cle>ly      

demon/rates a lack ( commitm5t to       
compliance4 ,! ,secret>y may waive !    
requirem5ts ( subclause 7,,ii77aa7 9    
appropriate circum/ances if ! ,secret>y 
det]m9es x is 9 ! be/ int]e/s ( !       
employees ( ! p>ticipat+ employ]        
describ$ 9 su* clause to reta9 ! assets 
9 ! plan ) respect to :i* ! employ]'s   
failure occurr$4  7ii7 ,prospective     
application ,any guidance issu$ by !    
,secret>y "u ?is subp>agraph %all n     
apply to any action or failure occurr+  
be=e ! issuance ( su* guidance4  7,d7   
,aggregation rules ,= purposes ( ?is    
p>agraph-- 7i7 ,9 g5]al ,9 det]m9+ :e!r 
a p]son meets ! requirem5ts ( ?is       
p>agraph to be a pool$ plan provid] )   
respect to any plan1 all p]sons :o are  
memb]s ( ! same controll$ gr\p & :o p]=m
 s]vices = ! plan %all be treat$ z "o   
p]son4  7ii7 ,memb]s ( common gr\p      
,p]sons %all be treat$ z memb]s ( ! same
 controll$ gr\p if su* p]sons are treat$
 z a s+le employ] "u subsection 7c7 or  
7d7 ( section #baj4  4  7#b7 ,bond+     

requirem5ts = pool$ employ] plans ,! la/
 s5t5ce ( section #dab7;a7 ( ! ,employee
 ,retirem5t ,income ,security ,act (    
#aigd 7#bi ,u4,s4,c4 #aaab7;a77 is am5d$
 by ins]t+ or 9 ! case ( a pool$ employ]
 plan 7z def9$ 9 section #c7dc77 aft]   
section #djg7;d77#a774  7#c7 ,con=m+ &  
te*nical am5dm5ts ,section #c ( !       
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #ajjb7 is   
am5d$-- 7,a7 9 p>agraph 7#af77;,b7-- 7i7
 by /rik+ or at ! end ( clause 7ii72 &  
7ii7 by /rik+ ! p]iod at ! end & ins]t+ 
1 or 7iv7 9 ! case ( a pool$ employ]    
plan1 ! pool$ plan provid]42 &  7,b7 by 
/rik+ ! second p>agraph 7#da74  7d7     
,effective date  7#a7 ,9 g5]al ,!       
am5dm5ts made by ?is section %all apply 
to ye>s beg9n+ aft] ,decemb] #ca1 #bjbj4
  7#b7 ,rule ( con/ruction ,no?+ 9 !    
am5dm5ts made by subsection 7a7 %all be 
con/ru$ z limit+ ! au?ority ( !         
,secret>y ( ! ,treasury or ! ,secret>y's
 delegate 7det]m9$ )\t reg>d to su*     
am5dm5t7 to provide = ! prop] treatm5t (

 a failure to meet any requirem5t       
applicable "u ! ,int]nal ,rev5ue ,code (
 #aihf ) respect to "o employ] 7& its   
employees7 9 a multiple employ] plan4   
#b4 ,limitation on employ] liability    
,section #djd ( ! ,employee ,retirem5t  
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #aajd7 is am5d$ by add+ at !  
end ! foll[+ new subsection3  7e7 7#a7  
,except z provid$ 9 p>agraph 7#b71 an   
eligible employ] 7z def9$ 9 section     
#djh7p77#b77;,c77i7 ( ! ,int]nal ,rev5ue
 ,code ( #aihf7 p>ticipat+ 9 a regi/]$  
pool$ employ] plan %all n be treat$ z a 
fiduci>y ) respect to su* plan1 includ+ 
) respect to ! selection or monitor+ (  
any plan s]vice provid] or any inve/m5t 
"u ! plan1 if-- 7,a7 ! employ] select$ !
 regi/]$ pool$ employ] plan f !         
,dep>tm5t ( ,labor ,int]net website     
e/abli%$ "u p>agraph 7#f72  7,b7 ! pool$
 plan provid] ( su* plan receives no m  
?an reasonable comp5sation = its        
s]vices2 &  7,c7 ! employ] is n ! pool$ 
plan provid] or a plan s]vice provid] = 

! plan4  7#b7 ,not)/&+ p>agraph 7#a71   
eligible employ]s p>ticipat+ 9 su* a    
regi/]$ pool$ employ] plan %all be      
responsible =-- 7,a7 ensur+1 at ! "t (  
ent]+ into ! p>ticipation agreem5t &    
p]iodically !reaft] 7n less frequ5tly   
?an annually & ^u any agre$-to *ange 9 !
 comp5sation ( ! pool$ plan provid]71 t 
! comp5sation receiv$ by ! pool$ plan   
provid] pursuant to ! p>ticipation      
agreem5t is reasonable2  7,b7 meet+ !   
enrollm5t requirem5ts applicable to su* 
employ] "u ! plan2  7,c7 transmitt+     
contributions to ! plan 9 a timely mann]
 9 accordance ) ! t]ms ( ! plan2  7,d7  
provid+ su* in=mation & assi/ance z is  
)9 ! sole control ( ! eligible employ] &
 is ne$$ by ! plan to op]ate 9          
accordance ) ! plan docum5t2 &  7,e7    
provid+ su* o!r in=mation or assi/ance z
 may be requir$ 9 regulations prescrib$ 
by ! ,secret>y4  7#c7 ,= purposes ( ?is 
subsection1 ! t]m regi/]$ pool$ employ] 
plan means a pool$ employ] plan if !    
pool$ plan provid]-- 7,a7 agrees 9 !    

plan docum5t to-- 7i7 comply ) all      
requirem5ts applicable to a pool$ plan  
provid] "u ?is title & ! ,int]nal       
,rev5ue ,code ( #aihf2  7ii7 assume all 
fiduci>y responsibility = ! plan 7except
 z reta9$ by ! eligible employ] "u      
p>agraph 7#b77 ) respect to su* eligible
 employ]1 includ+ = ! prud5t selection &
 monitor+ ( inve/m5ts & negotiation (   
reasonable fees2  7iii7 s]ve z ! plan   
sponsor = purposes ( ?is title2 &  7iv7 
notify ! eligible employ] reasonably 9  
advance ( ! obligations ( bo? ! employ] 
& ! pool$ plan provid] "u ! pool$       
employ] plan2  7,b7 submits all key plan
 in=mation reque/$ by ! ,secret>y "u    
p>agraph 7#e72  7,c7 w\ld n be preclud$ 
= any o!r reason f act+ z a fiduci>y ( !
 plan "u ?is title2 &  7,d7 ei!r-- 7i7  
has fiduci>y liability insurance ) a    
p]-claim limit :i* is at lea/-- 7,i7 !  
great] ( #e p]c5t ( plan assets or      
#a1jjj1jjj2 or  7,,ii7 su* o!r am\nt z  
is det]m9$ by ! ,secret>y by regulation2
 or  7ii7 is-- 7,i7 a bank1 z def9$ 9   

section #bjb7;a77#b7 ( ! ,inve/m5t      
,advis]s ,act ( #aidj1 t has ! p[] to   
manage1 acquire1 or dispose ( assets ( a
 plan1 & t has1 z ( ! la/ day ( its mo/ 
rec5t fiscal ye>1 equity capital 9      
excess ( #a1jjj1jjj2  7,,ii7 a sav+s &  
loan association1 ! acc\nts ( :i* are   
insur$ by ! ,f$]al ,sav+s & ,loan       
,insurance ,corporation1 t has made     
application = & be5 grant$ tru/ p[]s to 
manage1 acquire1 or dispose ( assets (  
any plan by a ,/ate or ,f$]al au?ority  
hav+ sup]vision ov] sav+s & loan        
associations1 & t has1 z ( ! la/ day (  
its mo/ rec5t fiscal ye>1 equity capital
 or net wor? 9 excess ( #a1jjj1jjj2     
7,,iii7 an insurance company subject to 
sup]vision & exam9ation by a ,/ate      
au?ority hav+ sup]vision ov] insurance  
companies t is qualifi$ "u ! laws ( m   
?an #a ,/ate to manage1 acquire1 or     
dispose ( assets ( a plan1 & t has1 z ( 
! la/ day ( its mo/ rec5t fiscal ye>1   
net wor? 9 excess ( #a1jjj1jjj2 or      
7,,iv7 an inve/m5t advis] regi/]$ "u !  

,inve/m5t ,advis]s ,act ( #aidj t1 z ( !
 la/ day ( its mo/ rec5t fiscal ye>1 has
 total cli5t assets "u its managem5t &  
control 9 excess ( #he1jjj1jjj1 &       
%>ehold]s' or p>tn]s' equity 9 excess ( 
#a1jjj1jjj4  7#d7 7,a7 ,9 ! case ( a    
regi/]$ pool$ employ] plan t            
sub/antially fails to comply ) !        
requirem5ts ( p>agraph 7#c71 ! ,secret>y
 %all provide notification to ! pool$   
plan provid] ) an explanation ( !       
noncompliance & actions ne$$ to return  
to compliance4  7,b7 ,if ! plan fails to
 return to compliance ) p>agraph 7#c7 )9
 #ij days ( receiv+ ! notification "u   
subp>agraph 7,a71 ! ,secret>y %all      
remove ! plan f ! website e/abli%$ "u   
p>agraph 7#f7 & provide notification to 
all p>ticipat+ employ]s t ! plan no     
long] qualifies !m to be reliev$ (      
fiduci>y duty "u p>agraph 7#a71 & if !y 
desire su* relief !y mu/ select ano!r   
regi/]$ pool$ employ] plan li/$ on su*  
website4  7,c7 ,! ,secret>y %all        
promulgate regulations z necess>y to    

ensure t timely notification is provid$ 
to eligible employ]s pursuant to        
subp>agraph 7,b7 & 9 ! case ( a regi/]$ 
pool$ employ] plan t t]m9ates           
regi/ration4  7#e7 7,a7 ,! ,secret>y1 9 
consultation ) ! ,secret>y ( !          
,treasury1 %all det]m9e ! in=mation t a 
pool$ employ] plan mu/ submit 9 ord] to 
be includ$ on ! website e/abli%$ "u     
p>agraph 7#f71 includ+ suffici5t        
in=mation = employ]s & p>ticipants to   
evaluate & comp>e plans4  7,b7 ,!       
in=mation requir$ "u subp>agraph 7,a7   
may be provid$ 9 any reasonable mann] or
 pursuant to regulations issu$ by !     
,secret>y4 ,! ,secret>y %all take       
reasonable ef=ts to ensure ! collection 
( su* in=mation is n unduly burd5some = 
pool$ plan provid]s :ile balanc+ ! ne$s 
( employ]s & p>ticipants1 & to ensure t 
! in=mation reque/$ does n discrim9ate 9
 favor ( c]ta9 provid]s ) respect to !  
type ( inve/m5ts or inve/m5t /rategies  
(f]$4  7#f7 7,a7 ,n lat] ?an ! date t is
 #a ye> aft] ! date ( ! enactm5t ( ?is  

,act1 ! ,secret>y1 9 consultation ) !   
,secret>y ( ! ,treasury1 %all make      
publicly available an ,int]net website  
to provide key plan in=mation = plans t 
qualify z pool$ employ] plans 7includ+  
contact in=mation7 to employ]s se>*+ = a
 plan 9 :i* to p>ticipate4  7,b7 ,!     
website e/abli%$ "u ?is p>agraph %all   
include1 9 a timely mann]1 all plans t  
qualify z pool$ employ] plans & t h     
submitt$ 9 full1 on an annual basis & at
 ! "t ( any mat]ial *ange1 ! in=mation  
describ$ 9 p>agraph 7#e74 ,su* website  
%all enable us]s to se>* pool$ employ]  
plans bas$ on ! in=mation submitt$ "u   
p>agraph 7#e71 includ+ :e!r ! pool$ plan
 provid] ( ! plan has accept$ !         
additional fiduci>y responsibilities    
describ$ 9 p>agraph 7#c77;,a74 ,!       
,secret>y %all take reasonable ef=ts to 
ensure t ! in=mation on ! website is    
writt5 9 a mann] calculat$ to be        
und]/ood by ! av]age plan p>ticipant1 & 
is suffici5tly accurate & compreh5sive  
to reasonably apprise p>ticipants &     

b5efici>ies ( _! rights & obligations "u
 ea* plan4  7,c7 ,! submission (        
in=mation = inclusion on su* website by 
a plan %all be volunt>y1 except 9 ! case
 ( a plan seek+ treatm5t z a regi/]$    
pool$ employ] plan4  4