,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #gaea  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #ah1 #bjbb,mr4   
,b>r 7= himself & ,mr4 ,all57 introduc$ 
! foll[+ bill2 :i* 0 ref]r$ to !        
,committee on ,education & ,labor1 & 9  
addition to ! ,committee on ,f9ancial   
,s]vices1 = 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 am5d ! ,inve/m5t ,advis]s  
,act ( #aidj & ! ,employm5t ,retirem5t  
,income ,security ,act ( #aigd to       
specify t only pecuni>y factors are to  
be tak5 into acc\nt 9 det]m9+ be/       
int]e/1 & = o!r purposes4  #a4 ,%ort    
title ,?is ,act may be cit$ z ! ,ensur+ 
,s\nd ,guidance ,act4  #b4 ,inve/m5t    
,advisors ,act ( #aidj am5dm5t  7a7 ,9  
g5]al ,section #baa7;g7 ( ! ,inve/m5t   
,advis]s ,act ( #aidj 7#ae ,u4,s4,c4    
#hj;b-#aa7;g77 is am5d$ by add+ at ! end
 ! foll[+3  7#c7 ,be/ int]e/ bas$ on    
pecuni>y factors ,= purposes ( p>agraph 

7#a71 ! be/ int]e/ ( a cu/om] %all be   
det]m9$ us+ only pecuni>y factors1      
unless ! cu/om] specifically reque/s t  
non-pecuni>y factors be consid]$4  4    
7b7 ,rulemak+ ,n lat] ?an ! end ( !     
#ab-mon? p]iod beg9n+ on ! date (       
enactm5t ( ?is ,act1 ! ,securities &    
,ex*ange ,commission %all revise or     
issue su* rules z may be necess>y to    
implem5t ! am5dm5t made by subsection   
7a74  #c4 ,employee ,retirem5t ,income  
,security ,act ( #aigd am5dm5t ,section 
#djd7;a7 ( ! ,employee ,retirem5t       
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #aajd7;a77 is am5d$ by add+ at
 ! end ! foll[+3  7#c7 ,int]e/ bas$ on  
pecuni>y factors  7,a7 ,9 g5]al ,=      
purposes ( p>agraph 7#a71 a fiduci>y ( a
 plan %all be consid]$ to act solely 9 !
 int]e/ ( ! p>ticipants & b5efici>ies ( 
! plan ) respect to a plan inve/m5t or  
inve/m5t c\rse ( action only if !       
fiduci>y's action ) respect to su*      
inve/m5t is bas$ only on pecuni>y       
factors4 ,! fiduci>y may n subord9ate ! 

int]e/s ( ! p>ticipants & b5efici>ies 9 
_! retirem5t income or f9ancial b5efits 
"u ! plan to o!r objectives & may n     
sacrifice inve/m5t return or take on    
additional inve/m5t risk to promote     
non-pecuni>y b5efits or goals4 ,! weight
 giv5 to any pecuni>y factor by a       
fiduci>y %\ld appropriately reflect a   
prud5t assessm5t ( ! impact ( su* factor
 on risk-return4  7,b7 ,inve/m5t        
alt]natives = p>ticipant-direct$        
individual acc\nt plans ,9 select+      
inve/m5t options = a p5sion plan        
describ$ 9 subsection 7c77#a77;,a71 a   
fiduci>y is n prohibit$ f consid]+ or   
includ+ an inve/m5t option on ! basis t 
su* inve/m5t option promotes            
non-pecuni>y b5efits or goals1 provid$ t
 ! fiduci>y-- 7i7 satisfies !           
requirem5ts ( p>agraph 7#a7 &           
subp>agraph 7,a7 9 consid]+ or includ+  
any su* inve/m5t option2 &  7ii7 does n 
consid] or include su* inve/m5t option z
 a default inve/m5t 7z def9$ 9 !        
regulations issu$ by ! ,secret>y "u     

subsection 7c77#e77;,a771 or a compon5t 
!re(4  7,c7 ,pecuni>y factor def9$ ,= ! 
purposes ( ?is p>agraph1 ! t]m pecuni>y 
factor means a factor t a fiduci>y      
prud5tly det]m9es is expect$ to h a     
mat]ial effect on ! risk & return ( an  
inve/m5t bas$ on appropriate inve/m5t   
horizons consi/5t ) ! plan's inve/m5t   
objectives & ! fund+ policy e/abli%$    
pursuant to section #djb7;b77#a74  4    
#d4 ,prohibition ( rule relat$ to       
fiduci>y prud5ce & loyalty ,! ,secret>y 
( ,labor may n f9alize1 implem5t1       
adm9i/]1 or en=ce ! propos$ rule entitl$
 8,prud5ce & ,loyalty 9 ,select+ ,plan  
,inve/m5ts & ,ex]cis+ ,%>ehold] ,rights0
 7#hf ,f$4 ,reg4 #egbgb7 & dat$ ,octob] 
#ad1 #bjba4