,,ii  #aag? ,,congress  #b;d ,session   
,s4 #djig  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,april #bg1 #bjbb,mr4  
,ka9e 7= himself1 ,mr4 ,book]1 ,mrs4    
,murray1 ,mr4 ,m55dez1 & ,mr4 ,w>n]7    
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,heal?1 ,education1 ,labor1 & ,p5sions  
,a ,,bill  ,to improve access =         
div]se-own$ asset managem5t firms1 & =  
o!r purposes4  #a4 ,%ort title ,?is ,act
 may be cit$ z ! ,too ,n>r[ to ,succe$  
,act4  #b4 ,purpose ,! purpose ( ?is    
,act is to improve access = div]se-own$1
 includ+ wom5- & m9ority-own$1 asset    
managem5t firms by-- 7#a7 increas+      
transp>5cy reg>d+ ! asset managem5t firm
 selection processes ( ,f$]al           
in/itutional inve/ors2  7#b7 id5tify+   
common & pot5tial b>ri]s t limit bus9ess
 opportunities = div]se-own$ asset      
managem5t firms & develop+ /rategies to 
remove ^! b>ri]s2 &  7#c7 enabl+ bo?    
public & private retirem5t funds to     
adopt broad] & m inclusive selection    

processes to r$uce sy/emic risk &       
maximize returns1 consi/5t )            
adm9i/rators' fiduci>y responsibilities4
  #c4 ,def9itions ,9 ?is ,act3 7#a7     
,asset managem5t firm ,! t]m asset      
managem5t firm means any inve/m5t firm  
t-- 7,a7 manages a portfolio (          
securities or o!r assets = a def9$      
b5efit plan or o!r in/itutional inve/or2
 or  7,b7 (f]s inve/m5t options1 su* z  
mutual1 private equity1 real e/ate1 or  
o!r comm+l$ funds1 to p>ticipate 9 a    
def9$ contribution or o!r comp>able     
retirem5t plan4  7#b7 ,div]se-own$ ,!   
t]m div]se-own$1 :5 us$ ) respect to an 
asset managem5t firm1 means any ?re%old 
or o!r requirem5ts det]m9$ appropriate  
by ! ,secret>y "u section #d7;a77#c74   
7#c7 ,f$]al in/itutional inve/or ,! t]m 
,f$]al in/itutional inve/or means ea* ( 
! foll[+3 7,a7 ,! ,f$]al ,retirem5t     
,?rift ,inve/m5t ,bo>d4  7,b7 ,! entity 
t adm9i/]s-- 7i7 ! funds ( ! ,p5sion    
,b5efit ,gu>anty ,corporation e/abli%$  
"u section #djje ( ! ,employee          

,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #acje72  7ii7 !    
funds ( ! ,national ,railroad ,retirem5t
 ,inve/m5t ,tru/ e/abli%$ "u section    
#ae7;j7 ( ! ,railroad ,retirem5t ,act ( 
#aigd 7#de ,u4,s4,c4 #bcan7j772  7iii7 !
 funds ( ! ,f$]al ,res]ve ,sy/em        
,retirem5t ,plan2  7iv7 ! funds ( !     
,f$]al ,res]ve ,sy/em ,?rift ,plan2  7v7
 ! funds ( ! ,t5nessee ,valley ,au?ority
 ,retirem5t ,sy/em2  7vi7 ! funds ( !   
,t5nessee ,valley ,au?ority ,retirem5t  
,sy/em ,sav+s & ,def]ral ,retirem5t     
,plan2  7vii7 ! funds ( ! ,army & ,air  
,=ce ,ex*ange ,s]vice ,retirem5t ,sy/em2
  7viii7 ! funds ( ! ,navy ,ex*ange     
,s]vice ,comm& ,retirem5t ,plan2 or     
7ix7 ! end[m5t funds ( ! ,smi?sonian    
,in/itution4  7,c7 ,any o!r ,f$]al      
entity t adm9i/]s a fund-- 7i7 ) m ?an  
#a1jjj1jjj1jjj 9 assets inve/$ = :i* !  
entity uses ! s]vices (1 or contracts )1
 an asset managem5t firm2 &  7ii7 t !   
,secret>y det]m9es is simil> to ! ,?rift
 ,sav+s ,fund or a fund describ$ 9      

subp>agraph 7,b74  7#d7 ,f$]al inve/m5ts
 ,! t]m ,f$]al inve/m5ts means inve/m5ts
 ( sums 9 a fund adm9i/]$ by a ,f$]al   
in/itutional inve/or4  7#e7 ,secret>y ,!
 t]m ,secret>y means ! ,secret>y (      
,labor4  7#f7 ,subcontractor asset      
managem5t firm ,! t]m subcontractor     
asset managem5t firm means an asset     
managem5t firm t-- 7,a7 ent]s into a    
contract 7includ+ a subcontract7 ) an   
asset managem5t firm t is ! prim>y      
manag] ( ,f$]al inve/m5ts1 ?r\gh ! use (
 s]vices or by contract1 = a ,f$]al     
in/itutional inve/or2 &  7,b7 "u ! t]ms 
( ! contract1 manages ,f$]al inve/m5ts (
 ! ,f$]al in/itutional inve/or4  #d4    
,improv+ access = div]se-own$ asset     
managem5t firms  7a7 ,annual reports by 
,f$]al in/itutional inve/ors t inve/ 9  
ext]nally manag$ assets  7#a7 ,annual   
reports  7,a7 ,reports requir$ ,by n    
lat] ?an ,decemb] #ca1 #bjbb1 & annually
 !reaft]1 ea* ,f$]al in/itutional       
inve/or t uses ! s]vices (1 or contracts
 )1 an asset managem5t firm to manage   

,f$]al inve/m5ts %all prep>e & submit a 
report to ! ,secret>y on ! usage (      
div]se-own$ asset managem5t firms by !  
,f$]al in/itutional inve/or4  7,b7      
,inclusion ( subcontractor asset        
managem5t firms ,! report "u subp>agraph
 7,a7 %all also include all             
subcontractor asset managem5t firms ( ! 
,f$]al in/itutional inve/or4  7#b7      
,cont5t ( reports ,ea* report describ$ 9
 p>agraph 7#a7 %all include1 ) respect  
to any fund adm9i/]$ by ! ,f$]al        
in/itutional inve/or t uses ! s]vices (1
 or contracts )1 an asset managem5t     
firm-- 7,a7 ! am\nts ( assets 9 su* fund
 t are manag$ by non-div]se-own$ asset  
managem5t firms & by div]se-own$ asset  
managem5t firms1 z det]m9$ by !         
,secret>y "u p>agraph 7#c71 disaggregat$
 by race1 e?nicity1 & g5d]2  7,b7 !     
*all5ges1 if any1 ! ,f$]al in/itutional 
inve/or faces 9 report+ on div]se-own$ &
 non-div]se-own$ asset managem5t firms2 
7,c7 ! *all5ges ! ,f$]al in/itutional   
inve/or faces 9 select+ div]se-own$     

asset managem5t firms 7includ+ ?r\gh    
subcontractor asset managem5t firms7 to 
manage inve/m5ts ( sums 9 ! fund        
adm9i/]$ by ! ,f$]al in/itutional       
inve/or2  7,d7 ! actions tak5 dur+ !    
report+ p]iod1 or plann$ to be tak51 by 
! ,f$]al in/itutional inve/or to        
alleviate b>ri]s t limit p>ticipation ( 
div]se-own$ asset managem5t firms2 &    
7,e7 ! actions tak5 dur+ ! report+      
p]iod1 or plann$ to be tak51 by ! ,f$]al
 in/itutional inve/or to increase       
opportunities = div]se-own$ asset       
managem5t firms to compete = contracts4 
7#c7 ,div]se-own$ ,! ,secret>y %all     
evaluate indu/ry b5*m>ks to det]m9e !   
?re%old or o!r requirem5ts necess>y = an
 asset managem5t firm to qualify z      
div]se-own$4  7#d7 ,public availability 
,! ,secret>y %all make ea* report       
submitt$ "u p>agraph 7#a7 publicly      
available4  7b7 ,s5se ( ,congress relat+
 to div]se-,own$ asset managem5t firms &
 cov]$ private sector plans ,x is ! s5se
 ( ,congress t ! ,advisory ,c\ncil on   

,employee ,welf>e & ,p5sion ,b5efit     
,plans 7commonly kn[n z ! ,,erisa       
,advisory ,c\ncil7 r\t9ely consid]      
b>ri]s to ! usage ( div]se-own$ asset   
managem5t firms among cov]$ private     
sector plans1 & me?ods to ov]come su*   
b>ri]s4  7c7 ,survey ( fund managem5t   
be/ practices  7#a7 ,9 g5]al ,!         
,secret>y %all-- 7,a7 conduct a survey (
 ! be/ practices 9 fund asset managem5t 
) respect to increas+ ! utilization &   
capacity ( div]se-own$ asset managem5t  
firms2 &  7,b7 prep>e & submit a report 
to ,congress n less (t5 ?an e #c ye>s1  
or m frequ5tly z ! ,secret>y consid]s to
 be appropriate4  7#b7 ,requirem5ts (   
survey ,! ,secret>y %all survey a sample
 ( public & private-sector p5sion plans 
subject to ! ,employee ,retirem5t       
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #ajja et seq47 & o!r retirem5t
 funds t are engag$ 9 7or look+ to      
engage 97 /rategies to improve access   
to1 & repres5tation by1 div]se-own$     
asset managem5t firms4  7#c7 ,report ,! 

,secret>y %all make publicly available a
 report to ,congress on ! be/ practices 
( p5sion funds & o!r retirem5t funds )  
respect to implem5t+ /rategies to       
improve access to div]se-own$ asset     
managem5t firms4 ,! report %all         
include-- 7,a7 ! *all5ges p5sion funds &
 o!r retirem5t funds may face 9 adopt+  
or execut+ /rategies to engage m )      
div]se-own$ asset managem5t firms z !   
prim>y in/itutional fund manag] or z    
subcontractor asset managem5t firms1    
includ+ wom5- & m9ority-own$ asset      
managem5t firms2 &  7,b7 an             
id5tification ( ! /rategies adopt$ to   
implem5t programs4