,i  #aag? ,,congress  #b;d ,session  ,h4
 ,r4 #iaih  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,octob] #ah1 #bjbb,mr4
 ,murphy ( ,nor? ,c>ol9a 7= himself1    
,mrs4 ,mill] ( ,we/ ,virg9ia1 ,mr4      
,s*weik]t1 & ,mr4 ,smuck]7 introduc$ !  
foll[+ bill2 :i* 0 ref]r$ to !          
,committee on ,education & ,labor1 & 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 am5d ! ,employee ,retirem5t
 ,income ,security ,act ( #aigd & !     
,int]nal ,rev5ue ,code ( #aihf to limit 
fiduci>y consid]ation ( non-pecuni>y    
factors 9 inve/m5t decision-mak+4  #a4  
,fiduci>y responsibilities relat+ to    
c]ta9 non-pecuni>y objectives ,section  
#djd7;a7 ( ! ,employee ,retirem5t       
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #aajd7;a77 is am5d$ by add+ at
 ! end ! foll[+ new p>agraph3  7#c7     
,int]e/ bas$ on non-,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    
#b4 ,requirem5t t retirem5t plans       
cont9ue to (f] inve/m5ts bas$ solely on 
pecuni>y factors  7a7 ,9 g5]al ,section 
#dja7;a7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by add+ at ! end ! foll[+
 new p>agraph3  7#ci7 ,def9$            
contribution plan inve/m5t option       

requirem5ts ,9 ! case ( a tru/ =m+ "p ( 
a def9$ contribution plan :i* includes  
inve/m5t options bas$ on non-pecuni>y   
factors 7)9 ! mean+ ( section           
#djd7;a77#c7 ( ! ,employee ,retirem5t   
,income ,security ,act ( #aigd71 su*    
tru/ %all n con/itute a qualifi$ tru/   
unless ! plan includes inve/m5t options 
n bas$ on any su* factors4  4  7b7      
#djc7;b7 plans ,section #djc7;b77#g7 (  
su* ,code is am5d$ by add+ at ! end !   
foll[+ new subp>agraph3  7,d7 ,inve/m5t 
option requirem5ts ,subp>agraph 7,a7    
%all n apply to an am\nt unless "u !    
cu/odial acc\nt meets inve/m5t option   
requirem5ts simil> to ! requirem5ts (   
section #dja7;a77#ci74  4  7c7 #deg7;b7 
plans ,section #deg7;e7 ( su* ,code is  
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#ai7 ,inve/m5t option       
requirem5ts ,9 ! case ( an employ]      
describ$ 9 subsection 7e77#a77;,a71 a   
plan %all n be treat$ z meet+ !         
requirem5ts ( ?is section unless su*    
plan meets inve/m5t option requirem5ts  

simil> to ! requirem5ts ( section       
#dja7;a77#ci74  4  7d7 ,effective date  
,! am5dm5ts made by ?is section %all    
apply to plan ye>s beg9n+ aft] ! date ( 
! enactm5t ( ?is ,act4