,,ii #aag? ,,congress #b;d ,session ,s4 #dcec ,,9 ,,! ,,s5ate ,,( ,,! ,,unit$ ,,/ates ,june #g1 #bjbb,mrs4 ,murray 7= h]self & ,mr4 ,burr7 introduc$ ! foll[+ bill2 :i* 0 read twice & ref]r$ to ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions ,a ,,bill ,to am5d ! ,employee ,retirem5t ,income ,security ,act ( #aigd & ! ,int]nal ,rev5ue ,code ( #aihf to improve retirem5t plan provisions1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,retirem5t ,improvem5t & ,sav+s ,enhancem5t to ,supplem5t ,heal?y ,inve/m5ts = ! ,ne/ ,egg ,act or ! ,,rise ,,%9e ,act4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4,,title ,i--,retirem5t ,improvem5t & ,sav+s ,enhancem5t 7,,rise7,sec4 #aja4 ,updat+ doll> limit = m&atory di/ributions4,sec4 #ajb4 ,multiple employ] #djc7;b7 plans4,sec4 #ajc4 ,p]=mance b5*m>ks = asset allocation funds4,sec4 #ajd4 ,pool$ employ] plans modification4,sec4 #aje4 ,review ( p5sion risk transf] int]pretive bullet94,sec4 #ajf4 ,review & report to ,congress relat+ to report+ & disclosure requirem5ts4,sec4 #ajg4 ,elim9at+ unnecess>y plan requirem5ts relat$ to un5roll$ p>ticipants4,sec4 #ajh4 ,recov]y ( retirem5t plan ov]paym5ts4,sec4 #aji4 ,improv+ cov]age = "p-"t work]s4,,title ,,ii--,em]g5cy ,sav+s ,act ( #bjbb,sec4 #bja4 ,%ort title4,sec4 #bjb4 ,em]g5cy sav+s acc\nts l9k$ to def9$ contribution plans4,,title ,,iii--,notice & disclosure,sec4 #cja4 ,def9$ contribution plan fee disclosure improvem5ts4,sec4 #cjb4 ,consolidation ( def9$ contribution plan notices4,sec4 #cjc4 ,in=mation ne$$ = ,f9ancial ,options ,risk ,mitigation ,act4,sec4 #cjd4 ,def9$ b5efit annual fund+ notices4,,title ,,iv--,modernization,sec4 #dja4 ,automatic re5rollm5t "u qualifi$ automatic contribution arrangem5ts & eligible automatic contribution arrangem5ts4,sec4 #djb4 ,incid5tal plan exp5ses4,,title ,v--,am5dm5ts to plans (f]$ by multiple employers,sec4 #eja4 ,report on pool$ employ] plans4,sec4 #ejb4 ,annual audits = gr\p ( plans4,,title ,,vi--,def9$ b5efit plan provisions,sec4 #fja4 ,ca% balance4,sec4 #fjb4 ,t]m9ation ( v>iable rate premium index+4,sec4 #fjc4 ,enhanc+ retiree heal? b5efits 9 p5sion plans4,,title ,,vii--,additional retirem5t enhancements,sec4 #gja4 ,provisions relat+ to plan am5dm5ts4,sec4 #gjb4 ,work] ,own]%ip1 ,read9ess1 & ,k 7,,"w7 ,act4 ,i ,retirem5t ,improvem5t & ,sav+s ,enhancem5t 7,,rise7 #aja4 ,updat+ doll> limit = m&atory di/ributions 7a7 ,9 g5]al ,section #bjc7;e77#a7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajec7;e77#a77 & sections #dja7;a77#ca77;,b77ii7 & #daa7;a77#aa77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf are ea* am5d$ by /rik+ #e1jjj & ins]t+ #g1jjj4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to di/ributions made aft] ,decemb] #ca1 #bjbc4 #ajb4 ,multiple employ] #djc7;b7 plans 7a7 ,9 g5]al ,section #c7dc77;,a7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajjb7dc77;,a77 is am5d$-- 7#a7 9 clause 7ii71 by /rik+ section #eja7;a7 ( su* ,code or & ins]t+ section #eja7;a7 ( su* ,code1 a plan t consi/s ( contracts describ$ 9 section #djc7;b7 ( su* ,code1 or2 & 7#b7 9 ! flu% text at ! end1 by /rik+ ! plan4 & ins]t+ ! plan1 b su* t]m %all include any program 7o!r ?an a gov]nm5tal plan7 ma9ta9$ = ! b5efit ( ! employees ( m ?an #a employ] t consi/s ( contracts describ$ 9 section #djc7;b7 ( su* ,code & t meets ! requirem5ts ( subp>agraph 7,a7 or 7,b7 ( section #dac7;e77#a7 ( su* ,code44 7b7 ,con=m+ am5dm5ts ,sections #c7dc77;,b77v77,,ii7 & #c7dd77;,a77i77,i7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajjb7dc77;,b77v77,,ii7 & #ajjb7dd77;,a77i77,i77 are ea* am5d$ by /rik+ section #dja7;a7 ( su* ,code or & ins]t+ section #dja7;a7 ( su* ,code1 a plan t consi/s ( contracts describ$ 9 section #djc7;b7 ( su* ,code1 or4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjbb4 #ajc4 ,p]=mance b5*m>ks = asset allocation funds 7a7 ,9 g5]al ,n lat] ?an #b ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,labor %all promulgate regulations provid+ t1 9 ! case ( a designat$ inve/m5t alt]native t conta9s a mix ( asset classes1 ! adm9i/rator ( a plan may1 b is n requir$ to1 use a b5*m>k t is a bl5d ( diff]5t broad-bas$ securities m>ket indices if-- 7#a7 ! bl5d is reasonably repres5tative ( ! asset class hold+s ( ! designat$ inve/m5t alt]native2 7#b7 = purposes ( det]m9+ ! bl5d's returns = #a-1 #e-1 & #aj-;cal5d>-ye> p]iods 7or = ! life ( ! alt]native1 if %ort]71 ! bl5d is modifi$ at lea/ once p] ye> to reflect *anges 9 ! asset class hold+s ( ! designat$ inve/m5t alt]native2 7#c7 ! bl5d is furni%$ to p>ticipants & b5efici>ies 9 a mann] t is reasonably design$ to be und]/&able2 & 7#d7 ea* securities m>ket index t is us$ = an associat$ asset class w\ld sep>ately satisfy ! requirem5ts ( su* regulation = su* asset class4 7b7 ,/udy ,n lat] ?an #c ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,labor %all deliv] a report to ! ,committees on ,f9ance & ,heal?1 ,education1 ,labor1 & ,p5sions ( ! ,s5ate & ! ,committees on ,ways & ,means & ,education & ,labor ( ! ,h\se ( ,repres5tatives reg>d+ ! utilization1 effectiv5ess1 & p>ticipants' und]/&+ ( ! b5*m>k+ requirem5ts "u ?is section4 #ajd4 ,pool$ employ] plans modification 7a7 ,9 g5]al ,section #c7dc77;,b77ii7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajjb7dc77;,b77ii77 is am5d$ to read z foll[s3 7ii7 designate a nam$ fiduci>y 7o!r ?an an employ] 9 ! plan7 to be responsible = collect+ contributions to ! plan & require su* fiduci>y to implem5t writt5 contribution collection proc$ures t are reasonable1 dilig5t1 & sy/ematic2 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjbb4 #aje4 ,review ( p5sion risk transf] int]pretive bullet9 ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,labor %all-- 7#a7 review section #beji4ie-a ( title #bi1 ,code ( ,f$]al ,regulations 7relat+ to ! fiduci>y /&>ds "u ! ,employee ,retirem5t ,income ,security ,act ( #aigd :5 select+ an annuity provid] = a def9$ b5efit p5sion plan7 & consult ) ! ,advisory ,c\ncil on ,employee ,welf>e & ,p5sion ,b5efit ,plans 7e/abli%$ "u section #eab ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #aadb771 to det]m9e :e!r am5dm5ts to section #beji4ie-a ( title #bi1 ,code ( ,f$]al ,regulations are w>rant$2 & 7#b7 report to ,congress on ! f9d+s ( su* review & consultation1 includ+ an assessm5t ( any risk to p>ticipants4 #ajf4 ,review & report to ,congress relat+ to report+ & disclosure requirem5ts 7a7 ,/udy ,z soon z practicable aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,labor1 ! ,secret>y ( ! ,treasury1 & ! ,director ( ! ,p5sion ,b5efit ,gu>anty ,corporation %all review ! report+ & disclosure requirem5ts1 z applicable to ea* su* ag5cy head1 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd applicable to p5sion plans 7z def9$ 9 section #c7b7 ( su* ,act 7#bi ,u4,s4,c4 #ajjb7b7774 7b7 ,report 7#a7 ,9 g5]al ,n lat] ?an #c ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,labor1 ! ,secret>y ( ! ,treasury1 & ! ,director ( ! ,p5sion ,b5efit ,gu>anty ,corporation1 jo9tly1 & aft] consultation ) a balanc$ gr\p ( p>ticipant & employ] repres5tatives1 %all ) respect to plans ref]5c$ 9 subsection 7a7 report on ! effectiv5ess ( ! applicable report+ & disclosure requirem5ts & make su* recomm5dations z may be appropriate to ! ,committee on ,education & ,labor & ! ,committee on ,ways & ,means ( ! ,h\se ( ,repres5tatives & ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions & ! ,committee on ,f9ance ( ! ,s5ate to consolidate1 simplify1 /&>dize1 & improve su* requirem5ts s z to simplify report+ = su* plans & ensure t plans c furni% & p>ticipants & b5efici>ies timely receive & bett] und]/& ! in=mation !y ne$ to monitor _! plans1 plan = retirem5t1 & obta9 ! b5efits !y h e>n$4 7#b7 ,analysis ( effectiv5ess ,to assess ! effectiv5ess ( ! applicable report+ & disclosure requirem5ts1 ! report %all include an analysis1 bas$ on plan data1 ( h[ p>ticipants & b5efici>ies are provid+ pref]r$ contact in=mation1 ! me?ods by :i* plan sponsors & plans are furni%+ disclosures1 & ! rate at :i* p>ticipants & b5efici>ies 7gr\p$ by key demographics7 are receiv+1 access+1 und]/&+1 & reta9+ disclosures4 7#c7 ,collection ( in=mation ,! ag5cies %all conduct appropriate surveys & data collection to obta9 any ne$$ in=mation4 #ajg4 ,elim9at+ unnecess>y plan requirem5ts relat$ to un5roll$ p>ticipants 7a7 ,am5dm5t ( ,employee ,retirem5t ,income ,security ,act ( #aigd 7#a7 ,9 g5]al ,"p #a ( subtitle ,b ( title ,i ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajba et seq47 is am5d$ by r$esignat+ section #aaa z section #aab & by ins]t+ aft] section #aaj ! foll[+ new section3 #aaa4 ,elim9at+ unnecess>y plan requirem5ts relat$ to un5roll$ p>ticipants 7a7 ,9 g5]al ,not)/&+ any o!r provision ( ?is title1 ) respect to any individual acc\nt plan1 no disclosure1 notice1 or o!r plan docum5t 7o!r ?an ! notices & docum5ts describ$ 9 p>agraphs 7#a7 & 7#b77 %all be requir$ to be furni%$ "u ?is title to any un5roll$ p>ticipant if ! un5roll$ p>ticipant is furni%$-- 7#a7 an annual rem9d] notice ( su* p>ticipant's eligibility to p>ticipate 9 su* plan & any applicable election deadl9es "u ! plan2 & 7#b7 any docum5t reque/$ by su* p>ticipant t ! p>ticipant w\ld be entitl$ to receive not)/&+ ?is section4 7b7 ,un5roll$ p>ticipant ,= purposes ( ?is section1 ! t]m un5roll$ p>ticipant means an employee :o-- 7#a7 is eligible to p>ticipate 9 an individual acc\nt plan2 7#b7 has be5 furni%$-- 7,a7 ! summ>y plan description pursuant to section #ajd7;b72 & 7,b7 any o!r notices relat$ to eligibility "u ! plan requir$ to be furni%$ "u ?is title1 or ! ,int]nal ,rev5ue ,code ( #aihf1 9 connection ) su* p>ticipant's initial eligibility to p>ticipate 9 su* plan2 7#c7 does n h an acc\nt balance 9 ! plan2 & 7#d7 satisfies su* o!r crit]ia z ! ,secret>y ( ,labor may det]m9e appropriate1 z prescrib$ 9 guidance issu$ 9 consultation ) ! ,secret>y ( ! ,treasury4 ,= purposes ( ?is section1 any eligibility to p>ticipate 9 ! plan foll[+ any p]iod = :i* su* employee 0 n eligible to p>ticipate %all be treat$ z initial eligibility4 7c7 ,annual rem9d] notice ,= purposes ( ?is section1 ! t]m annual rem9d] notice means a notice provid$ 9 accordance ) section #bebj4ajd;b-#a ( title #bi1 ,code ( ,f$]al ,regulations 7or any successor regulation71 :i*-- 7#a7 is furni%$ 9 connection ) ! annual op5 season election p]iod ) respect to ! plan or1 if !re is no su* p]iod1 is furni%$ )9 a reasonable p]iod prior to ! beg9n+ ( ea* plan ye>2 7#b7 notifies ! un5roll$ p>ticipant (-- 7,a7 ! un5roll$ p>ticipant's eligibility to p>ticipate 9 ! plan2 & 7,b7 ! key b5efits & rights "u ! plan1 ) a focus on employ] contributions & ve/+ provisions2 & 7#c7 provides su* in=mation 9 a prom95t mann] & calculat$ to be und]/ood by ! av]age p>ticipant4 4 7#b7 ,cl]ical am5dm5t ,! table ( cont5ts 9 section #a ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd is am5d$ by /rik+ ! item relat+ to section #aaa & by ins]t+ aft] ! item relat+ to section #aaj ! foll[+ new items3 ,sec4 #aaa4 ,elim9at+ unnecess>y plan requirem5ts relat$ to un5roll$ p>ticipants4,sec4 #aab4 ,repeal & effective date4 4 7b7 ,am5dm5t ( ,int]nal ,rev5ue ,code ( #aihf ,section #dad ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by add+ at ! end ! foll[+ new subsection3 7aa7 ,elim9at+ unnecess>y plan requirem5ts relat$ to un5roll$ p>ticipants 7#a7 ,9 g5]al ,not)/&+ any o!r provision ( ?is title1 ) respect to any def9$ contribution plan1 no disclosure1 notice1 or o!r plan docum5t 7o!r ?an ! notices & docum5ts describ$ 9 subp>agraphs 7,a7 & 7,b77 %all be requir$ to be furni%$ "u ?is title to any un5roll$ p>ticipant if ! un5roll$ p>ticipant is furni%$-- 7,a7 an annual rem9d] notice ( su* p>ticipant's eligibility to p>ticipate 9 su* plan & any applicable election deadl9es "u ! plan1 & 7,b7 any docum5t reque/$ by su* p>ticipant t ! p>ticipant w\ld be entitl$ to receive not)/&+ ?is subsection4 7#b7 ,un5roll$ p>ticipant ,= purposes ( ?is subsection1 ! t]m un5roll$ p>ticipant means an employee :o-- 7,a7 is eligible to p>ticipate 9 a def9$ contribution plan1 7,b7 has be5 furni%$-- 7i7 ! summ>y plan description pursuant to section #ajd7;b7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd1 & 7ii7 any o!r notices relat$ to eligibility "u ! plan & requir$ to be furni%$ "u ?is title1 or ! ,employee ,retirem5t ,income ,security ,act ( #aigd1 9 connection ) su* p>ticipant's initial eligibility to p>ticipate 9 su* plan1 7,c7 does n h an acc\nt balance 9 ! plan1 & 7,d7 satisfies su* o!r crit]ia z ! ,secret>y ( ! ,treasury may det]m9e appropriate1 z prescrib$ 9 guidance issu$ 9 consultation ) ! ,secret>y ( ,labor4 ,= purposes ( ?is subsection1 any eligibility to p>ticipate 9 ! plan foll[+ any p]iod = :i* su* employee 0 n eligible to p>ticipate %all be treat$ z initial eligibility4 7#c7 ,annual rem9d] notice ,= purposes ( ?is subsection1 ! t]m annual rem9d] notice means ! notice describ$ 9 section #aaa7;c7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjbb4 #ajh4 ,recov]y ( retirem5t plan ov]paym5ts 7a7 ,ov]paym5ts "u ,,erisa ,section #bjf ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajef7 is am5d$ by add+ at ! end ! foll[+ new subsection3 7h7 ,special rules applicable to b5efit ov]paym5ts 7#a7 ,g5]al rule ,9 ! case ( an inadv]t5t b5efit ov]paym5t by any p5sion plan1 ! responsible plan fiduci>y %all n be consid]$ to h fail$ to comply ) ! requirem5ts ( ?is title m]ely because su* fiduci>y det]m9es1 9 ! ex]cise ( its fiduci>y discretion1 n to seek recov]y ( all or "p ( su* ov]paym5t f-- 7,a7 any p>ticipant or b5efici>y1 7,b7 any plan sponsor (1 or contribut+ employ] to-- 7i7 an individual acc\nt plan1 provid$ t ! am\nt ne$$ to prev5t or re/ore any imp]missible =feiture f any p>ticipant's or b5efici>y's acc\nt aris+ 9 connection ) ! ov]paym5t is1 sep>ately f & indep5d5tly ( ! ov]paym5t1 allocat$ to su* acc\nt pursuant to ! non=feitability requirem5ts ( section #bjc 7= example1 out ( ! plan's =feiture acc\nt1 additional employ] contributions1 or recov]ies f ^? responsible = ! ov]paym5t71 or 7ii7 a def9$ b5efit p5sion plan subject to ! fund+ rules 9 "p #c ( ?is subtitle ,b1 unless ! responsible plan fiduci>y det]m9es1 9 ! ex]cise ( its fiduci>y discretion1 t failure to recov] all or "p ( ! ov]paym5t fa/] ?an requir$ "u su* fund+ rules w\ld mat]ially affect ! plan's ability to pay b5efits due to o!r p>ticipants & b5efici>ies1 or 7,c7 any fiduci>y ( ! plan1 o!r ?an a fiduci>y 7includ+ a plan sponsor or contribut+ employ] act+ 9 a fiduci>y capacity7 ^: brea* ( its fiduci>y duties result$ 9 su* ov]paym5t1 provid$ t if ! plan has e/abli%$ prud5t proc$ures to prev5t & m9imize ov]paym5t ( b5efits & ! relevant plan fiduci>ies h foll[$ su* proc$ures1 an inadv]t5t b5efit ov]paym5t w n give rise to a brea* ( fiduci>y duty4 7#b7 ,r$uction 9 future b5efit paym5ts & recov]y f responsible p>ty ,p>agraph 7#a7 %all n fail to apply ) respect to any inadv]t5t b5efit ov]paym5t m]ely because1 aft] discov]+ su* ov]paym5t1 ! responsible plan fiduci>y-- 7,a7 r$uces future b5efit paym5ts to ! correct am\nt provid$ = "u ! t]ms ( ! plan1 or 7,b7 seeks recov]y f ! p]son or p]sons responsible = ! ov]paym5t4 7#c7 ,employ] fund+ obligations ,no?+ 9 ?is subsection %all relieve an employ] ( any obligation impos$ on x to make contributions to a plan to meet ! m9imum fund+ /&>ds "u "p #c ( ?is subtitle ,b or to prev5t or re/ore an imp]missible =feiture 9 accordance ) section #bjc4 7#d7 ,rec\pm5t f p>ticipants & b5efici>ies ,if ! responsible plan fiduci>y1 9 ! ex]cise ( its fiduci>y discretion1 decides to seek rec\pm5t f a p>ticipant or b5efici>y ( all or "p ( an inadv]t5t b5efit ov]paym5t made by ! plan to su* p>ticipant or b5efici>y1 x may d s1 subject to ! foll[+ conditions3 7,a7 ,no int]e/ or o!r additional am\nts 7su* z collection co/s or fees7 are s\ght on ov]paid am\nts = any p]iod4 7,b7 ,if ! plan seeks to rec\p pa/ ov]paym5ts ( a non-decreas+ p]iodic b5efit by r$uc+ future b5efit paym5ts-- 7i7 ! r$uction ceases aft] ! plan has recov]$ ! full doll> am\nt ( ! ov]paym5t1 7ii7 ! am\nt rec\p$ ea* cal5d> ye> does n exce$ #aj p]c5t ( ! full doll> am\nt ( ! ov]paym5t1 & 7iii7 future b5efit paym5ts are n r$uc$ to bel[ #ij p]c5t ( ! p]iodic am\nt o!rwise payable "u ! t]ms ( ! plan4 ,alt]natively1 if ! plan seeks to rec\p pa/ ov]paym5ts ( a non-decreas+ p]iodic b5efit ?r\gh "o or m in/allm5t paym5ts1 ! sum ( su* in/allm5t paym5ts 9 any cal5d> ye> does n exce$ ! sum ( ! r$uctions t w\ld be p]mitt$ 9 su* ye> "u ! prec$+ s5t5ce4 7,c7 ,if ! plan seeks to rec\p pa/ ov]paym5ts ( a b5efit o!r ?an a non-decreas+ p]iodic b5efit1 ! plan satisfies requirem5ts develop$ by ! ,secret>y = purposes ( ?is subp>agraph4 7,d7 ,ef=ts to rec\p ov]paym5ts are-- 7i7 n accompani$ by ?reats ( litigation1 unless ! responsible plan fiduci>y reasonably believes x c\ld prevail 9 a civil action br\ght 9 ,f$]al or ,/ate c\rt to rec\p ! ov]paym5ts1 & 7ii7 n made ?r\gh a collection ag5cy or simil> ?ird p>ty1 unless ! p>ticipant or b5efici>y ignores or rejects ef=ts to rec\p ! ov]paym5t foll[+ ei!r a f9al judgm5t 9 ,f$]al or ,/ate c\rt or a settlem5t betwe5 ! p>ticipant or b5efici>y & ! plan1 9 ei!r case au?oriz+ su* rec\pm5t4 7,e7 ,rec\pm5t ( pa/ ov]paym5ts to a p>ticipant is n s\ght f any b5efici>y ( ! p>ticipant1 includ+ a sp\se1 surviv+ sp\se1 =m] sp\se1 or o!r b5efici>y4 7,f7 ,rec\pm5t may n be s\ght if ! fir/ ov]paym5t occurr$ m ?an #c ye>s be=e ! p>ticipant or b5efici>y is fir/ notifi$ 9 writ+ ( ! error4 7,g7 ,a p>ticipant or b5efici>y f :om rec\pm5t is s\ght is entitl$ to conte/ all or "p ( ! rec\pm5t pursuant to ! plan's claims proc$ures4 7,h7 ,9 det]m9+ ! am\nt ( rec\pm5t to seek1 ! responsible plan fiduci>y %all take into acc\nt ! h>d%ip t rec\pm5t likely w\ld impose on ! p>ticipant or b5efici>y4 7#e7 ,effect ( culpability ,subp>agraphs 7,a7 ?r\gh 7,f7 ( p>agraph 7#d7 %all n apply to protect a p>ticipant or b5efici>y :o is culpable4 ,= purposes ( ?is p>agraph1 a p>ticipant or b5efici>y is culpable if ! individual be>s responsibility = ! ov]paym5t 7su* z ?r\gh misrepres5tations or omissions t l$ to ! ov]paym5t71 or if ! individual knew1 or _h good reason to "k "u ! circum/ances1 t ! b5efit paym5t or paym5ts 7 mat]ially 9 excess ( ! correct am\nt4 ,not)/&+ ! prec$+ s5t5ce1 an individual is n culpable m]ely because ! individual believ$ ! b5efit paym5t or paym5ts 7 or might be 9 excess ( ! correct am\nt1 if ! individual rais$ t "q ) an au?oriz$ plan repres5tative & 0 told ! paym5t or paym5ts 7 n 9 excess ( ! correct am\nt4 ,) respect to a culpable p>ticipant or b5efici>y1 ef=ts to rec\p ov]paym5ts %all n be made ?r\gh ?reats ( litigation1 unless a lawy] = ! plan makes a det]m9ation t !re is a reasonable likelihood ( success to recov] an am\nt t w\ld be great] ?an ! co/ ( recov]y4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply z ( ! date ( enactm5t ( ?is ,act4 7c7 ,c]ta9 actions be=e date ( enactm5t ,plans1 fiduci>ies1 employ]s1 & plan sponsors are entitl$ to rely on-- 7#a7 a good fai? int]pretation ( !n exi/+ adm9i/rative guidance = inadv]t5t b5efit ov]paym5t rec\pm5ts & recov]ies t comm5c$ be=e ! date ( enactm5t ( ?is ,act1 & 7#b7 det]m9ations made be=e ! date ( enactm5t ( ?is ,act by ! responsible plan fiduci>y1 9 ! ex]cise ( its fiduci>y discretion1 n to seek rec\pm5t or recov]y ( all or "p ( an inadv]t5t b5efit ov]paym5t4 ,9 ! case ( a b5efit ov]paym5t t occurr$ prior to ! date ( enactm5t ( ?is ,act1 any in/allm5t paym5ts by ! p>ticipant or b5efici>y to ! plan or any r$uction 9 p]iodic b5efit paym5ts to ! p>ticipant or b5efici>y1 :i* 7 made 9 rec\pm5t ( su* ov]paym5t & :i* comm5c$ prior to su* date1 may cont9ue aft] su* date4 ,no?+ 9 ?is subsection %all relieve a fiduci>y f responsibility = an ov]paym5t t result$ f a brea* ( its fiduci>y duties4 #aji4 ,improv+ cov]age = "p-"t work]s 7a7 ,9 g5]al ,section #bjb ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajeb7 is am5d$ by add+ at ! end ! foll[+ new subsection3 7c7 ,special rule = c]ta9 "p-,"t employees 7#a7 ,9 g5]al ,a p5sion plan t includes ei!r a qualifi$ ca% or def]r$ arrangem5t 7z def9$ 9 section #dja7k7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 or a sal>y r$uction agreem5t 7z describ$ 9 section #djc7;b7 ( su* ,code7 %all n require1 z a condition ( p>ticipation 9 ! arrangem5t or agreem5t1 t an employee complete a p]iod ( s]vice ) ! employ] 7or employ]s7 ma9ta9+ ! plan ext5d+ beyond ! close ( ! e>li] (-- 7,a7 ! p]iod p]mitt$ "u subsection 7a77#a7 7det]m9$ )\t reg>d to subp>agraph 7,b77i7 !re(72 or 7,b7 ! fir/ #bd-mon? p]iod-- 7i7 consi/+ ( #b consecutive #ab-mon? p]iods dur+ ea* ( :i* ! employee has at lea/ #ejj h\rs ( s]vice2 & 7ii7 by ! close ( :i* ! employee has atta9$ ! age ( #ba4 7#b7 ,exception ,p>agraph 7#a77;,b7 %all n apply to any employee describ$ 9 section #daj7;b77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 7#c7 ,coord9ation ) o!r rules 7,a7 ,9 g5]al ,9 ! case ( employees :o are eligible to p>ticipate 9 ! arrangem5t or agreem5t solely by reason ( p>agraph 7#a77;,b73 7i7 ,exclusions ,an employ] may elect to exclude su* employees f ! application ( subsections 7a77#d71 7k77#c71 7k77#ab71 7k77#ac71 & 7m77#b7 ( section #dja ( ! ,int]nal ,rev5ue ,code ( #aihf & section #daj7;b7 ( su* ,code4 7ii7 ,nondiscrim9ation rules ,not)/&+ p>agraph 7#a71 section #dja7k77#ae77;,b77i77,i7 ( su* ,code %all apply4 7iii7 ,"t ( p>ticipation ,! rules ( subsection 7a77#d7 %all apply to su* employees4 7,b7 ,top-heavy rules ,an employ] may elect to exclude all employees :o are eligible to p>ticipate 9 a plan ma9ta9$ by ! employ] solely by reason ( p>agraph 7#a77;,b7 f ! application ( ! ve/+ & b5efit requirem5ts "u subsections 7b7 & 7c7 ( section #daf ( ! ,int]nal ,rev5ue ,code ( #aihf4 7#d7 #ab-mon? p]iod ,= purposes ( ?is subsection1 #ab-mon? p]iods %all be det]m9$ 9 ! same mann] z "u ! la/ s5t5ce ( subsection 7a77#c77;,a71 except t #ab-mon? p]iods beg9n+ be=e ,janu>y #a1 #bjbb1 %all n be tak5 into acc\nt4 4 7b7 ,ve/+ ,section #bjc7;b7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajec7;b77 is am5d$ by r$esignat+ p>agraph 7#d7 z p>agraph 7#e7 & by ins]t+ aft] p>agraph 7#c7 ! foll[+ new p>agraph3 7#d7 ,"p-"t employees ,= purposes ( det]m9+ :e!r an employee :o is eligible to p>ticipate 9 a qualifi$ ca% or def]r$ arrangem5t or a sal>y r$uction agreem5t "u a plan solely by reason ( section #bjb7;c77#a77;,b7 has a non=feitable "r to employ] contributions-- 7,a7 except z provid$ 9 subp>agraph 7,b71 ea* #ab-mon? p]iod = :i* ! employee has at lea/ #ejj h\rs ( s]vice %all be treat$ z a ye> ( s]vice2 & 7,b7 p>agraph 7#c7 %all be appli$ by sub/itut+ at lea/ #ejj h\rs ( s]vice = m ?an #ejj h\rs ( s]vice 9 subp>agraph 7,a7 !re(4 ,= purposes ( ?is p>agraph1 #ab-mon? p]iods %all be det]m9$ 9 ! same mann] z "u ! la/ s5t5ce ( section #bjb7;a77#c77;,a71 except t #ab-mon? p]iods beg9n+ be=e ,janu>y #a1 #bjbb1 %all n be tak5 into acc\nt4 4 7c7 ,effective dates ,except z provid$ 9 p>agraph 7#b71 ! am5dm5ts made by ?is section %all apply to plan ye>s beg9n+ at lea/ #a ye> aft] f9al regulations implem5t+ ?is section are promulgat$4 ,,ii ,em]g5cy ,sav+s ,act ( #bjbb #bja4 ,%ort title ,?is title may be cit$ z ! ,em]g5cy ,sav+s ,act ( #bjbb4 #bjb4 ,em]g5cy sav+s acc\nts l9k$ to def9$ contribution plans 7a7 ,employee p5sion b5efit plans ,section #c ( ! ,employee ,retirem5t ,income ,security ,act 7#bi ,u4,s4,c4 #ajjb7 is am5d$-- 7#a7 9 p>agraph 7#b77;,a71 by ins]t+ aft] ! fir/ s5t5ce ! foll[+3 ,a p5sion plan may include a p5sion-l9k$ em]g5cy sav+s acc\nt42 & 7#b7 by add+ at ! end ! foll[+3 7#de7 ,p5sion-,l9k$ em]g5cy sav+s acc\nt ,! t]m p5sion-l9k$ em]g5cy sav+s acc\nt means an acc\nt e/abli%$ or ma9ta9$ by a sponsor ( a def9$ contribution plan = purposes ( (f]+ or provid+ a p>ticipant ( su* plan ! opportunity to ma9ta9 a %ort-t]m sav+s acc\nt t-- 7,a7 is (f]$ z "p ( su* def9$ contribution plan2 7,b7 accepts only-- 7i7 p>ticipant contributions :i* are treat$ 9 ! same mann] z ,ro? contributions = purposes ( inclusion 9 gross income2 & 7ii7 employ] contributions :i* are includible 9 gross income ( ! p>ticipant = purposes ( ! ,int]nal ,rev5ue ,code ( #aihf2 & 7,c7 meets ! requirem5ts ( "p #h ( subtitle ,b4 4 7b7 ,p5sion-,l9k$ em]g5cy sav+s acc\nts 7#a7 ,9 g5]al ,subtitle ,b ( title ,i ( ! ,employee ,retirem5t ,income ,security ,act 7#bi ,u4,s4,c4 #ajba et seq47 is am5d$ by add+ at ! end ! foll[+3 #h ,p5sion-l9k$ em]g5cy sav+s acc\nts #hja4 ,p5sion-l9k$ em]g5cy sav+s acc\nts 7a7 ,9 g5]al ,a plan sponsor ( a def9$ contribution plan may make available to p>ticipants ( su* p5sion plan a p5sion-l9k$ em]g5cy sav+s acc\nt4 ,a plan sponsor t (f]s p>ticipants a p5sion-l9k$ em]g5cy sav+s acc\nt may d$uct am\nts f ea* p>ticipat+ employee's comp5sation 9 accordance ) subsection 7c7 & deposit su* am\nts1 & any employ] contributions "u su* subsection1 to an acc\nt t meets ! requirem5ts ( subsection 7b74 7b7 ,acc\nt requirem5ts 7#a7 ,9 g5]al ,a p5sion-l9k$ em]g5cy sav+s acc\nt (f]$ 9 accordance ) subsection 7a7 %all-- 7,a7 n h a m9imum acc\nt balance requirem5t2 7,b7 all[ = )drawal by ! p>ticipant ( ! acc\nt balance1 9 :ole or 9 "p at ! discretion ( ! p>ticipant1 at lea/ once p] cal5d> mon? & = di/ribution ( su* )drawal to ! p>ticipant z soon z practicable b1 o!r ?an 9 exceptional circum/ances1 n lat] ?an #a week f ! date on :i* ! p>ticipant elects to make su* )drawal2 7,c7 be held z ca%1 9 an int]e/-be>+ deposit acc\nt1 or 9 an inve/m5t or insurance product design$ to pres]ve pr9cipal & provide a reasonable rate ( return1 :e!r or n su* return is gu>ante$1 consi/5t ) liquidity2 & 7,d7 n be subject to-- 7i7 any unreasonable fees1 re/rictions1 exp5ses1 or *>ges 9 connection ) su* p5sion-l9k$ em]g5cy sav+s acc\nt2 & 7ii7 any fees 9 connection ) ! )drawal ( funds f su* p5sion-l9k$ em]g5cy sav+s acc\nt o!r ?an reasonable reimbursem5t fees impos$ = pap] mail+s & ! h&l+ ( pap] *ecks relat$ to su* p5sion-l9k$ em]g5cy sav+s acc\nt4 7#b7 ,e/abli%m5t & t]m9ation ( acc\nt 7,a7 ,e/abli%m5t ( acc\nt ,! e/abli%m5t ( a p5sion-l9k$ em]g5cy sav+s acc\nt %all be includ$ 9 ! def9$ contribution plan docum5t ( ! associat$ def9$ contribution plan4 7,b7 ,t]m9ation ( acc\nt ,a plan sponsor may t]m9ate ! p5sion-l9k$ em]g5cy sav+s acc\nt feature ( an associat$ def9$ contribution plan at any "t4 ,su* t]m9ation %all be treat$ z if a t]m9ation ( employm5t _h occurr$ 9 accordance ) subsection 7d71 except ! reasonable "t describ$ 9 su* subsection %all be z soon z practicable n lat] ?an #fj days aft] ! date ( su* t]m9ation ( ! p5sion-l9k$ em]g5cy sav+s acc\nt feature ( su* associat$ def9$ contribution plan4 7c7 ,acc\nt contributions 7#a7 ,employ] contributions 7,a7 ,9 g5]al ,subject to ! maximum acc\nt balance "u p>agraph 7#c71 a plan sponsor may1 )\t reg>d to any election o!rwise by a p>ticipant1 deposit to ! p5sion-l9k$ em]g5cy sav+s acc\nt ( ! p>ticipant an am\nt 9 addition to ! am\nt contribut$ by ! p>ticipant "u p>agraph 7#b74 7,b7 ,employ] contributions ,employ] contributions %all be includ$ 9 ! gross income ( a p>ticipant = purposes ( ! ,int]nal ,rev5ue ,code ( #aihf4 7#b7 ,p>ticipant contributions 7,a7 ,9 g5]al ,subject to ! maximum acc\nt balance "u p>agraph 7#c7-- 7i7 a plan sponsor may automatically enroll a p>ticipant 9 ! p5sion-l9k$ em]g5cy sav+s acc\nt at a p>ticipant contribution rate select$ by ! plan sponsor1 :i*1 unless ! p>ticipant affirmatively elects a diff]5t p]c5tage ( ! comp5sation ( ! p>ticipant to be contribut$ to ! p5sion-l9k$ em]g5cy sav+s acc\nt1 may n exce$ #c p]c5t ( ! comp5sation ( ! p>ticipant2 or 7ii7 a p>ticipant may enroll 9 ! p5sion-l9k$ em]g5cy sav+s acc\nt at a p>ticipant contribution rate select$ by ! p>ticipant4 7,b7 ,control ( transf] ,a p>ticipant1 at any "t 7subject to su* reasonable advance notice z is requir$ by ! plan adm9i/rator71 may-- 7i7 adju/ ! p>ticipant contribution rate "u subp>agraph 7,a7 to ! p5sion-l9k$ em]g5cy sav+s acc\nt ( ! p>ticipant2 or 7ii7 opt out ( or pause = a specifi$ p]iod ( "t su* contributions4 7,c7 ,adju/m5t ( p>ticipant contribution rate by plan sponsor ,a plan sponsor may adju/ ! p>ticipant contribution rate select$ by su* plan sponsor describ$ 9 subp>agraph 7,a77i7 n m ?an once annually4 7#c7 ,acc\nt limits 7,a7 ,9 g5]al ,subject to subp>agraph 7,b71 no contributions "u p>agraphs 7#a7 & 7#b7 %all be accept$ to ! ext5t su* contributions w\ld cause ! balance ( ! p5sion-l9k$ em]g5cy sav+s acc\nt to exce$ ! less] (-- 7i7 #b1ejj2 or 7ii7 an am\nt det]m9$ by ! plan sponsor ( ! p5sion-l9k$ em]g5cy sav+s acc\nt4 ,9 ! case ( contributions made 9 taxable ye>s beg9n+ aft] ,decemb] #a1 #bjbc1 ! ,secret>y %all adju/ ! am\nt "u clause 7i7 at ! same "t & 9 ! same mann] z ! adju/m5t made by ! ,secret>y ( ! ,treasury "u section #dae7;d7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 except t ! base p]iod %all be ! cal5d> qu>t] beg9n+ ,july #a1 #bjbb4 ,any increase "u ! prec$+ s5t5ce :i* is n a multiple ( #ajj %all be r\nd$ to ! next l[e/ multiple ( #ajj4 7,b7 ,excess contributions direct$ to plan ,to ! ext5t any elect$ contributions "u p>agraphs 7#a7 & 7#b7 to ! p5sion-l9k$ em]g5cy sav+s acc\nt ( a p>ticipant = a taxable ye> w\ld cause ! balance ( ! p5sion-l9k$ em]g5cy sav+s acc\nt to exce$ ! maximum acc\nt balance describ$ 9 subp>agraph 7,a7-- 7i7 ! p>ticipant may be treat$ z hav+ elect$ to increase ! p>ticipant's contributions to ! associat$ def9$ contribution plan by an am\nt n m ?an ! rate at :i* contributions 7 be+ made to ! p5sion-l9k$ em]g5cy sav+s acc\nt1 & 7ii7 any su* contributions %all be treat$ z elective def]rals 7z su* t]m is def9$ 9 section #djb7;g77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 "u su* plan & %all be contribut$ to ! plan on behalf ( ! p>ticipant in/ead ( to ! p5sion-l9k$ em]g5cy sav+s acc\nt4 7#d7 ,disclosure by plan sponsor ( transf] 7,a7 ,9 g5]al ,n less ?an #ae days prior to ! date on :i* ! fir/ transf] "u ?is subsection occurs1 ! p]c5tage ( comp5sation & am\nt ( ! p>ticipant's comp5sation transf]r$ "u p>agraph 7#a7 is adju/$1 or ! plan sponsor adju/s ! p]c5tage ( comp5sation ( ! automatic p>ticipant contribution "u p>agraph 7#b77;,a77i71 ! plan sponsor %all provide to ! p>ticipant notice (-- 7i7 ! purpose ( ! acc\nt be+ = %ort-t]m1 em]g5cy sav+s2 7ii7 ! am\nt ( ! int5d$ contribution or ! *ange 9 ! p]c5tage ( ! comp5sation ( ! p>ticipant ( su* contribution2 7iii7 9 accordance ) p>agraph 7#b77;,b71 ! in/ructions on h[ to-- 7,i7 adju/ ! p>ticipant contribution rate "u p>agraph 7#b77;,a7 to ! p5sion-l9k$ em]g5cy sav+s acc\nt ( ! p>ticipant2 or 7,,ii7 opt out ( or pause = a specifi$ p]iod ( "t su* contributions2 7iv7 h[ su* contributions w be inve/$2 7v7 ! limits on1 & tax treatm5t (1 su* contributions2 7vi7 any fees1 exp5ses1 or *>ges associat$ ) su* p5sion-l9k$ em]g5cy sav+s acc\nt2 & 7vii7 proc$ures = p>ticipant )drawals f su* p5sion-l9k$ em]g5cy sav+s acc\nt1 includ+ any limits on frequ5cy4 7,b7 ,consolidat$ notices ,! requir$ notices "u subp>agraph 7,a7 may be includ$ ) any o!r notice "u ?is ,act1 includ+ "u section #djd7;c77#e77;,b7 or #ead7;e77#c71 or "u section #dja7k77#ac77;,e7 or #dad7w77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 if su* o!r notice is provid$ to ! p>ticipant n less ?an #ae days prior to ! date describ$ 9 su* subp>agraph & n m ?an #fj days prior to ! date on :i* ! fir/ transf] "u ?is subsection occurs4 7#e7 ,employ] mat*+ contributions to a def9$ contribution plan = employee contributions to a p5sion-l9k$ em]g5cy sav+s acc\nt 7,a7 ,9 g5]al ,if an employ] makes any mat*+ contributions to a def9$ contribution plan ( :i* a p5sion-l9k$ em]g5cy sav+s acc\nt is "p-- 7i7 any contribution "u p>agraph 7#b7 to a p5sion-l9k$ em]g5cy sav+s acc\nt ( ! p>ticipant %all be treat$ z an elective def]ral = purposes ( mat*+ contributions by su* employ] to su* def9$ contribution plan2 & 7ii7 su* employ] %all make mat*+ contributions on behalf ( su* p>ticipant to ! associat$ def9$ contribution plan on acc\nt ( su* contributions "u p>agraph 7#b7 at ! same rate z any o!r mat*+ contribution on acc\nt ( an elective def]ral by su* p>ticipant4 ,to ! ext5t any su* mat*+ contribution exce$s ! maximum acc\nt balance "u p>agraph 7#c77;,a71 su* contributions %all be contribut$ to ! plan z provid$ 9 p>agraph 7#c77;,b74 7,b7 ,def9itions ,= purposes ( subp>agraph 7,a71 ! t]ms mat*+ contribution & elective def]ral %all h ! mean+s giv5 su* t]ms 9 section #dja7m77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf4 7d7 ,acc\nt balance aft] t]m9ation ( employm5t ,^u t]m9ation ( employm5t ( ! p>ticipant1 ! p5sion-l9k$ em]g5cy sav+s acc\nt ( su* p>ticipant %all-- 7#a7 all[1 z relevant1 = transf] by ! p>ticipant ( ! acc\nt balance ( su* acc\nt1 9 :ole or 9 "p1 into ! designat$ ,ro? acc\nt 7)9 ! mean+ ( section #djb;,a ( ! ,int]nal ,rev5ue ,code ( #aihf7 ( ! p>ticipant "u ! associat$ def9$ contribution plan2 & 7#b7 = any am\nts 9 su* acc\nt n transf]r$ "u p>agraph 7#a71 make su* am\nts available )9 a reasonable "t n lat] ?an ! e>li] ( ! date on :i* ! employ] contribut+ to ! plan makes ! f9al comp5sation paym5t relat$ to su* employm5t or #fj days aft] ! date ( su* t]m9ation-- 7,a7 to ! p>ticipant or ! b5efici>y2 or 7,b7 z a direct rollov] to a ,ro? ,,ira 7z def9$ 9 section #djh;,a7b7 ( ! ,int]nal ,rev5ue ,code ( #aihf7 ( su* p>ticipant4 7e7 ,coord9ation ) plan h>d%ip rules ,"u ! t]ms ( ! plan ( :i* a p5sion-l9k$ em]g5cy sav+s acc\nt is a "p1 a p>ticipant %all be requir$ to )draw all am\nts 9 a p5sion-l9k$ em]g5cy sav+s acc\nt ( ! p>ticipant be=e receiv+ any plan di/ribution :i* is bas$ on f9ancial h>d%ip or any loan f ! plan4 #hjb4 ,annual notice = p5sion-l9k$ em]g5cy sav+s acc\nt 7a7 ,9 g5]al ,at lea/ annually1 ! plan sponsor ( a p5sion-l9k$ em]g5cy sav+s acc\nt %all provide to ! p5sion-l9k$ em]g5cy sav+s acc\nt p>ticipant a notice conta9+ su* in=mation z ! ,secret>y may require1 includ+ a description (-- 7#a7 ! purpose & tax treatm5t ( ! p5sion-l9k$ em]g5cy sav+s acc\nt & contributions2 7#b7 proc$ures = opt+ out ( ! p5sion-l9k$ em]g5cy sav+s acc\nt1 *ang+ p>ticipant contribution rates = su* acc\nt1 & mak+ )drawals f su* acc\nt1 & limits on contributions & )drawals2 7#c7 designat$ inve/m5t options = am\nts contribut$ to ! p5sion-l9k$ em]g5cy sav+s acc\nt2 7#d7 ! options "u section #hja7;d7 = ! acc\nt balance ( ! p5sion-l9k$ em]g5cy sav+s acc\nt aft] t]m9ation ( ! employm5t ( ! p>ticipant2 7#e7 any fees1 exp5ses1 or *>ges associat$ ) su* p5sion-l9k$ em]g5cy sav+s acc\nt2 & 7#f7 ! am\nt t a p>ticipant has contribut$ to ! p5sion-l9k$ em]g5cy sav+s acc\nt & ! am\nt ! plan sponsor has contribut$ to su* p5sion-l9k$ em]g5cy sav+s acc\nt = ! plan ye>1 & ! acc\nt balance4 7b7 ,consolidat$ notices ,! requir$ notice "u subp>agraph 7,a7 may be includ$ ) any o!r notice "u ?is ,act if su* o!r notice is provid$ to ! p>ticipant at lea/ annually4 #hjc4 ,preemption ( ,/ate anti-g>ni%m5t laws ,not)/&+ any o!r provision ( law1 ?is "p %all sup]s$e any law ( a ,/ate :i* w\ld directly or indirectly prohibit or re/rict ! use ( an automatic contribution arrangem5t1 9 accordance ) section #hja7;c77#b71 = a p5sion-l9k$ em]g5cy sav+s acc\nt4 ,! ,secret>y may promulgate regulations to e/abli% m9imum /&>ds t su* an arrangem5t w\ld be requir$ to satisfy 9 ord] = ?is subsection to apply ) respect to su* an acc\nt4 #hjd4 ,report+ & disclosure requirem5ts ,! ,secret>y %all prescribe su* regulations z may be necess>y to address report+ & disclosure requirem5ts = p5sion-l9k$ em]g5cy sav+s acc\nts 9 ord] to prev5t unnecess>y report+ & disclosure = su* acc\nts "u ?is ,act1 includ+ = purposes ( any report+ or disclosure relat$ to p5sion plans requir$ by ?is title or title ,,iv or "u ! ,int]nal ,rev5ue ,code ( #aihf4 #hje4 ,report to ,congress on maximum acc\nt balance limits ,! ,secret>y ( ,labor & ! ,secret>y ( ! ,treasury %all-- 7#a7 conduct a /udy on ! use ( em]g5cy sav+s f a p5sion-l9k$ em]g5cy sav+s acc\nt reg>d+-- 7,a7 :e!r ! maximum acc\nt balance "u section #hja7;c77#c7 is suffici5t2 7,b7 :e!r ! limitation on contributions "u sections #hja7;c77#b77;,a77i7 are appropriate2 & 7,c7 ! p>ticipation rate ( su* acc\nts by plan sponsors & p>ticipants & ! result+ impact on p>ticipant retirem5t sav+s1 includ+ ! impact on retirem5t sav+s leakage & ! effect ( su* acc\nts on retirem5t plan p>ticipation by l[- & mod]ate-income h\seholds2 & 7#b7 n lat] ?an #g ye>s aft] ! date ( enactm5t ( ! ,,rise ,,%9e ,act1 submit to ,congress a report on ! f9d+s ( ! /udy "u p>agraph 7#a74 4 7#b7 ,cl]ical am5dm5t ,! table ( cont5ts 9 section #a ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajja note7 is am5d$ by ins]t+ aft] ! item relat+ to section #gcd ! foll[+ new items3 ,"p #h4 ,p5sion-,l9k$ em]g5cy sav+s acc\nts#hja4 ,p5sion-l9k$ em]g5cy sav+s acc\nts4#hjb4 ,annual notice = p5sion-l9k$ em]g5cy sav+s acc\nt4#hjc4 ,preemption ( ,/ate anti-g>ni%m5t laws4#hjd4 ,report+ & disclosure requirem5ts4#hje4 ,report to ,congress on maximum acc\nt balance limits4 4 7c7 ,report+ = a p5sion-,l9k$ em]g5cy sav+s acc\nt 7#a7 ,alt]native me?ods ( compliance ,section #aaj7;a7 ( ! ,employee ,retirem5t ,income ,security ,act 7#bi ,u4,s4,c4 #ajcj7;a77 is am5d$ by ins]t+ 7includ+ p5sion-l9k$ em]g5cy sav+s acc\nts (f]$ 9 conjunction ) a p5sion plan7 aft] class ( p5sion plans4 7#b7 ,m9imiz$ report+ burd5 = p5sion-l9k$ em]g5cy sav+s acc\nts ,section #aja ( su* ,act 7#bi ,u4,s4,c4 #ajba7 is am5d$-- 7,a7 by r$esignat+ subsection 7n7 z subsection 7o72 & 7,b7 by ins]t+ aft] subsection 7m7 ! foll[+3 7n7 ,p5sion-,l9k$ em]g5cy sav+s acc\nts 7#a7 ,9 g5]al ,! requirem5ts ( subsection 7a7 %all n apply to a p5sion-l9k$ em]g5cy sav+s acc\nt made available "u section #hja4 7#b7 ,simplifi$ report+ ,no?+ 9 ?is subsection %all preclude ! ,secret>y f provid+1 by regulations or o!rwise1 simplifi$ report+ proc$ures or requirem5ts = su* a p5sion-l9k$ em]g5cy sav+s acc\nt4 4 7d7 ,fiduci>y duty ,section #djd7;c7 ( ! ,employee ,retirem5t ,income ,security ,act 7#bi ,u4,s4,c4 #aajd7;c77 is am5d$ by add+ at ! end ! foll[+3 7#f7 ,default inve/m5t arrangem5ts = a p5sion-l9k$ em]g5cy sav+s acc\nt ,= purposes ( p>agraph 7#a71 a p>ticipant 9 a p5sion-l9k$ em]g5cy sav+s acc\nt %all be treat$ z ex]cis+ control ov] ! assets 9 ! acc\nt ) respect to ! am\nt ( contributions & e>n+s :i* are inve/$ 9 accordance ) section #hja7;b77#a77;,c74 4 7e7 ,jo9t regulatory au?ority ,! ,secret>y ( ,labor & ! ,secret>y ( ! ,treasury 7or a delegate ( ei!r su* ,secret>y7 %all h au?ority to issue jo9t regulations or o!r guidance1 or to coord9ate 9 develop+ regulations or o!r guidance1 to c>ry out ! purposes ( ?is title1 includ+ adju/m5t ( ! maximum b5efit "u section #hja7;c77#c7 ( ! ,employee ,retirem5t ,income ,security ,act1 z add$ by ?is title1 to acc\nt = inflation1 z well z expansion ( corrections programs1 if necess>y4 ,,iii ,notice & disclosure #cja4 ,def9$ contribution plan fee disclosure improvem5ts ,n lat] ?an #c ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,labor %all-- 7#a7 review section #beej4djd;a-#e ( title #bi1 ,code ( ,f$]al ,regulations 7relat+ to fiduci>y requirem5ts = disclosure 9 p>ticipant-direct$ individual acc\nt plans72 7#b7 explore1 ?r\gh a public reque/ = in=mation or o!rwise1 h[ ! cont5ts & design ( ! disclosures describ$ 9 su* section may be improv$ to enhance p>ticipants' und]/&+ ( fees & exp5ses relat$ to a def9$ contribution plan 7z def9$ 9 section #c ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajjb77 z well z ! cumulative effect ( su* fees & exp5ses on retirem5t sav+s ov] "t2 & 7#c7 report to ! ,committee on ,heal?1 ,education1 ,labor1 & ,p5sions ( ! ,s5ate & ! ,committee on ,education & ,labor ( ! ,h\se ( ,repres5tatives on ! f9d+s ( ! exploration describ$ 9 p>agraph 7#b71 includ+ b5eficial education = consum]s on f9ancial lit]acy concepts z relat$ to retirem5t plan fees & recomm5dations = legislative *anges ne$$ to address su* f9d+s4 #cjb4 ,consolidation ( def9$ contribution plan notices ,n lat] ?an #b ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,labor & ! ,secret>y ( ! ,treasury 7or su* ,secret>ies' delegates7 %all adopt regulations provid+ t a plan 7z def9$ 9 section #c ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajjb77 may1 b is n requir$ to1 consolidate #b or m ( ! notices requir$ "u sections #djd7;c77#e77;,b7 & #ead7;e77#c7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #aajd7;c77#e77;,b7 & #bi ,u4,s4,c4 #aadd7;e77#c77 & sections #dja7k77#ab77;,d71 #dja7k77#ac77;,e71 & #dad7w77#d7 ( ! ,int]nal ,rev5ue ,code ( #aihf into a s+le notice s long z ! comb9$ notice-- 7#a7 includes ! requir$ cont5t2 7#b7 cle>ly id5tifies ! issues address$ !re92 7#c7 is furni%$ at ! "t & ) ! frequ5cy requir$ = ea* su* notice2 & 7#d7 is pres5t$ 9 a mann] t is reasonably calculat$ to be und]/ood by ! av]age plan p>ticipant & t does n obscure or fail to highlight ! prim>y in=mation requir$ = ea* notice4 #cjc4 ,in=mation ne$$ = ,f9ancial ,options ,risk ,mitigation ,act 7a7 ,%ort title ,?is section may be cit$ z ! ,in=mation ,ne$$ = ,f9ancial ,options ,risk ,mitigation ,act or ! ,,in=m ,act4 7b7 ,9 g5]al ,"p #a ( subtitle ,b ( title ,i ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajba et seq471 z am5d$ by section #ajg1 is am5d$ by add+ at ! end ! foll[+3 #aac4 ,notice & disclosure requirem5ts ) respect to lump sum w9d[s 7a7 ,9 g5]al ,a plan adm9i/rator ( a p5sion plan t am5ds ! plan to provide a p]iod ( "t dur+ :i* a p>ticipant or b5efici>y may elect to receive a lump sum "u clause 7i7 ( section #dja7;a77#i77;,a7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 in/ead ( future mon?ly paym5ts "u clause 7ii7 ( su* section1 %all furni% notice-- 7#a7 to ea* p>ticipant or b5efici>y (f]$ su* lump sum am\nt1 9 ! mann] 9 :i* ! p>ticipant & b5efici>y receives ! lump sum (f] f ! plan sponsor1 n lat] ?an #ij days prior to ! fir/ day on :i* ! p>ticipant or b5efici>y may make an election ) respect to su* lump sum2 & 7#b7 to ! ,secret>y & ! ,p5sion ,b5efit ,gu>anty ,corporation1 n lat] ?an #cj days prior to ! fir/ day on :i* p>ticipants & b5efici>ies may make an election ) respect to su* lump sum4 7b7 ,notice to p>ticipants & b5efici>ies 7#a7 ,cont5t ,! notice requir$ "u subsection 7a77#a7 %all include ! foll[+3 7,a7 ,available b5efit options1 includ+ ! e/imat$ mon?ly b5efit t ! p>ticipant or b5efici>y w\ld receive at normal retirem5t age 7if n already 9 pay /atus71 :e!r !re is a subsidiz$ e>ly retirem5t option or qualifi$ jo9t & survivor annuity t is fully subsidiz$ 79 accordance ) section #dag7;a77#e7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 ! mon?ly b5efit am\nt if paym5ts beg9 imm$iately1 & ! lump sum am\nt available if ! p>ticipant or b5efici>y takes ! option4 7,b7 ,an explanation ( h[ ! lump sum 0 calculat$1 includ+ ! int]e/ rate1 mortality assumptions1 & :e!r any additional plan b5efits 7 includ$ 9 ! lump sum1 su* z e>ly retirem5t subsidies4 7,c7 ,9 a mann] consi/5t ) ! mann] 9 :i* a writt5 explanation is requir$ to be giv5 "u #dag7;a77#c7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 ! relative value ( ! lump sum option = a t]m9at$ ve/$ p>ticipant comp>$ to ! value (-- 7i7 ! s+le life annuity1 7or o!r /&>d =m ( b5efit72 & 7ii7 ! qualifi$ jo9t & survivor annuity 7z def9$ 9 section #bje7;d77#a774 7,d7 ,:e!r x w\ld be reasonably likely to replicate ! plan's /ream ( paym5ts by pur*as+ a comp>able retail annuity us+ ! lump sum4 7,e7 ,! pot5tial ramifications ( accept+ ! lump sum1 includ+ longevity risks1 loss ( protections gu>ante$ by ! ,p5sion ,b5efit ,gu>anty ,corporation 7) an explanation ( ! mon?ly b5efit am\nt t w\ld be protect$ by ! ,p5sion ,b5efit ,gu>anty ,corporation if ! plan is t]m9at$ ) insuffici5t assets to pay b5efits71 loss ( protection f cr$itors1 loss ( sp\sal protections1 & o!r protections "u ?is ,act t w\ld be lo/4 7,f7 ,g5]al tax rules relat$ to accept+ a lump sum1 includ+ rollov] options & e>ly di/ribution p5alties ) a disclaim] t ! plan does n provide tax1 legal1 or acc\nt+ advice1 & a sugge/ion t p>ticipants & b5efici>ies consult ) _! own tax1 legal1 & acc\nt+ advisors be=e det]m9+ :e!r to accept ! (f]4 7,g7 ,h[ to accept or reject ! (f]1 ! deadl9e = response1 & :e!r a sp\se is requir$ to cons5t to ! election4 7,h7 ,contact in=mation = ! po9t ( contact at ! plan adm9i/rator = p>ticipants & b5efici>ies to get m in=mation or ask que/ions ab\t ! options4 7#b7 ,pla9 language ,! notice "u ?is subsection %all be writt5 9 a mann] calculat$ to be und]/ood by ! av]age plan p>ticipant4 7#c7 ,model notice ,! ,secret>y %all issue a model notice = purposes ( ! notice "u subsection 7a77#a71 includ+ = in=mation requir$ "u subp>agraphs 7,c7 ?r\gh 7,f7 ( p>agraph 7#a74 7c7 ,notice to ! ,secret>y & ,p5sion ,b5efit ,gu>anty ,corporation ,! notice requir$ "u subsection 7a77#b7 %all include ! foll[+3 7#a7 ,! total numb] ( p>ticipants & b5efici>ies eligible = su* lump sum option4 7#b7 ,! l5g? ( ! limit$ p]iod dur+ :i* ! lump sum is (f]$4 7#c7 ,an explanation ( h[ ! lump sum 0 calculat$1 includ+ ! int]e/ rate1 mortality assumptions1 & :e!r any additional plan b5efits 7 includ$ 9 ! lump sum1 su* z e>ly retirem5t subsidies4 7#d7 ,a sample ( ! notice provid$ to p>ticipants & b5efici>ies "u subsection 7a77#a74 7d7 ,po/-,(f] report to ! ,secret>y & ,p5sion ,b5efit ,gu>anty ,corporation ,n lat] ?an #ij days aft] ! conclusion ( ! limit$ p]iod dur+ :i* p>ticipants & b5efici>ies 9 a plan may accept a plan's (f] to conv]t _! annuity into a lump sum z g5]ally p]mitt$ "u section #dja7;a77#i7 ( ! ,int]nal ,rev5ue ,code ( #aihf1 a plan sponsor %all submit a report to ! ,secret>y & ! ,director ( ! ,p5sion ,b5efit ,gu>anty ,corporation t includes ! numb] ( p>ticipants & b5efici>ies :o accept$ ! lump sum (f] & su* o!r in=mation z ! ,secret>y may require4 7e7 ,public availability ,! ,secret>y %all make ! in=mation provid$ 9 ! notice to ! ,secret>y requir$ "u subsection 7a77#b7 & 9 ! po/-(f] reports submitt$ "u subsection 7d7 publicly available 9 a =m t protects ! confid5tiality ( ! in=mation provid$4 7f7 ,biannual report ,n lat] ?an #f mon?s aft] ! date ( enactm5t ( ?is section & e #f mon?s !reaft]1 s long z ! ,secret>y has receiv$ notices & po/-(f] reports "u subsections 7c7 & 7d71 ! ,secret>y %all submit to ,congress a report t summ>izes su* notices & po/-(f] reports dur+ ! applicable report+ p]iod4 4 7c7 ,cl]ical am5dm5t ,! table ( cont5ts 9 section #a ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd1 z am5d$ by section #ajg7;a77#b71 is fur!r am5d$ by ins]t+ aft] ! item relat+ to section #aab ! foll[+ new item3 ,sec4 #aac4 ,notice & disclosure requirem5ts ) respect to lump sum w9d[s4 4 7d7 ,en=cem5t ,section #ejb ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #aacb7 is am5d$-- 7#a7 9 subsection 7c77#a71 by /rik+ or section #aje7;a7 & ins]t+ 1 section #aje7;a71 or section #aab7;a72 & 7#b7 9 subsection 7a77#d71 by /rik+ #aje7;c7 & ins]t+ section #aje7;c7 or #aab7;a74 7e7 ,application ,! requirem5ts ( section #aac ( ! ,,erisa1 z add$ by subsection 7b71 %all apply beg9n+ on ! applicable effective date specifi$ 9 ! f9al regulations promulgat$ pursuant to subsection 7f74 7f7 ,regulatory au?ority ,n e>li] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,labor & ! ,secret>y ( ! ,treasury %all jo9tly issue regulations to implem5t section #aac ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd1 z add$ by subsection 7a74 ,su* regulations %all require plan sponsors to comply 9 good fai? ) ! regulations beg9n+ n lat] ?an #a ye> aft] issuance ( a f9al rule ) respect to subsections 7a77#a7 & 7b7 ( su* section #aac1 & beg9n+ n lat] ?an #f mon?s aft] issuance ( a f9al rule ) respect to subsections 7a77#b71 7c71 7d71 & 7e7 ( su* section #aac4 #cjd4 ,def9$ b5efit annual fund+ notices 7a7 ,9 g5]al ,section #aja7;f77#b77;,b7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajba7;f77#b77;,b77 is am5d$-- 7#a7 9 clause 7i77,i71 by /rik+ fund+ t>get atta9m5t p]c5tage 7z def9$ 9 section #cjc7;d77#b77 & ins]t+ p]c5tage ( plan liabilities fund$ 7z describ$ 9 clause 7ii77,i77bb772 7#b7 9 clause 7ii77,i7-- 7,a7 by /rik+ 1 a /atem5t (2 7,b7 by /rik+ item 7aa72 7,c7 by r$esignat+ item 7bb7 z item 7aa72 7,d7 9 item 7aa71 z s r$esignat$-- 7i7 by ins]t+ a /atem5t ( be=e ! value2 & 7ii7 by /rik+ & at ! end2 & 7,e7 by add+ at ! end ! foll[+3 7bb7 a /atem5t ( ! p]c5tage ( plan liabilities fund$1 calculat$ z ! ratio betwe5 ! value ( ! plan's assets & liabilities1 z det]m9$ "u item 7aa71 = ! plan ye> to :i* ! notice relates & = ! #b prec$+ plan ye>s1 & 7cc7 if ! in=mation 9 7aa7 & 7bb7 is pres5t$ 9 tabul> =m1 a /atem5t t describes t 9 ! ev5t ( a plan t]m9ation ! corporation's calculation ( plan liabilities may be great] & t ref]5ces ! section ( ! notice ) ! in=mation requir$ "u clause 7x71 & 2 7#c7 9 clause 7iii71 9 ! matt] prec$+ subclause 7,i71 by ins]t+ = ! plan ye> to :i* ! notice relates z ( ! la/ day ( su* plan ye> & ! prec$+ #b plan ye>s1 9 tabul> =mat1 aft] p>ticipants2 7#d7 9 clause 7iv7-- 7,a7 by /rik+ plan & ! asset & ins]t+ plan1 ! asset2 & 7,b7 by ins]t+ 1 & ! av]age return on assets = ! plan ye>1 aft] assets72 7#e7 by r$esignat+ clauses 7ix7 ?r\gh 7xi7 z clause 7x7 ?r\gh 7xii71 respectively2 7#f7 by ins]t+ aft] clause 7viii7 ! foll[+3 7ix7 9 ! case ( a s+le-employ] plan1 a /atem5t z to :e!r ! plan's fund$ /atus1 bas$ on ! plan's liabilities describ$ "u subclause 7,,ii7 = ! plan ye> to :i* ! notice relates1 & = ! #b prec$+ plan ye>s1 is at lea/ #ajj p]c5t 7&1 if n1 ! actual p]c5tages71 t includes-- 7,i7 ! plan's assets1 z ( ! la/ day ( ! plan ye> & = ! #b prec$+ plan ye>s1 z det]m9$ "u clause 7ii77,i77aa71 7,,ii7 ! plan's liabilities1 z ( ! la/ day ( ! plan ye> & = ! #b prec$+ plan ye>s1 z det]m9$ "u clause 7ii77#a77;aa71 & 7,,iii7 ! fund$ /atus ( ! plan1 det]m9$ z ! ratio ( ! plan's assets & liabilities calculat$ "u subclauses 7,i7 & 7,,ii71 = ! plan ye> to :i* ! notice relates1 & = ! #b prec$+ plan ye>s1 2 & 7#g7 9 clause 7x71 z s r$esignat$1 by /rik+ ! comma at ! end & ins]t+ ! foll[+3 & a /atem5t t1 9 ! case ( a s+le-employ] plan-- 7,i7 if plan assets are suffici5t to pay ve/$ b5efits t are n gu>ante$ by ! ,p5sion ,b5efit ,gu>anty ,corporation1 p>ticipants & b5efici>ies may receive b5efits 9 excess ( ! gu>ante$ am\nt1 & 7,,ii7 9 det]m9+ valuation ( gu>ante$ b5efits1 ! ,p5sion ,b5efit ,gu>anty ,corporation uses1 z ( ! date ( enactm5t ( ! ,,rise ,,%9e ,act1 a valuation me?odology t-- 7aa7 places a high] value on ! future co/ ( b5efits ?an any valuation me?odology requir$ "u ,f$]al /atute1 & 7bb7 makes x less likely t p>ticipants & b5efici>ies w receive am\nts 9 excess ( ! gu>ante$ am\nt "u ,f$]al law1 4 7b7 ,effective date ,! am5dm5ts made by subsection 7a7 %all apply ) respect to plan ye>s beg9n+ aft] ,decemb] #ca1 #bjbc4 ,,iv ,mod]nization #dja4 ,automatic re5rollm5t "u qualifi$ automatic contribution arrangem5ts & eligible automatic contribution arrangem5ts 7a7 ,eligible automatic contribution arrangem5ts ,section #ead7;e77#b7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #aadd7;e77#b77 is am5d$-- 7#a7 by r$esignat+ subp>agraphs 7,a7 ?r\gh 7,c7 z clauses 7i7 ?r\gh 7iii71 respectively1 & by mov+ su* clauses #b ems to ! "r2 7#b7 by /rik+ 7#b7 ,= purposes ( & ins]t+ 7#b77;,a7 ,= purposes (2 & 7#c7 by add+ at ! end ! foll[+3 7,b7 ,9 ! case ( an automatic contribution arrangem5t tak+ effect aft] ,decemb] #ca1 #bjbd1 ! requirem5ts ( subp>agraph 7,a77ii7 %all be treat$ z met only if1 "u ! arrangem5t1 at lea/ e #c plan ye>s b n m ?an once annually ea* employee-- 7i7 :o is eligible to p>ticipate 9 ! arrangem5t2 & 7ii7 :o1 at ! "t ( ! det]m9ation1 has 9 effect an affirmative election pursuant to subp>agraph 7,a77ii7 n to h any contributions describ$ 9 su* subp>agraph made1 is treat$ z hav+ made ! election at ! uni=m p]c5tage ( comp5sation describ$ 9 subp>agraph 7,a77ii7 unless ! employee makes a new election "u su* subp>agraph4 ,su* det]m9ation may be made at "o "t = all employees describ$ 9 ! prec$+ s5t5ce = a plan ye>1 reg>dless ( individual employee dates ( enrollm5t4 4 7b7 ,effective date ,! am5dm5ts made by ?is section %all apply to arrangem5ts tak+ effect aft] ,decemb] #ca1 #bjbd4 #djb4 ,incid5tal plan exp5ses 7a7 ,f9d+s ,congress f9ds ! foll[+3 7#a7 ,retirem5t plan sponsors engage advisors to assi/ 9 adm9i/]+ _! retirem5t plans4 ,su* advisors & o!r s]vice provid]s are paid via mon?ly or annual reta9]s to advise on plan adm9i/ration or ! inve/m5t fund l9eup4 ,su* reta9]s are *>g$ to ! retirem5t plan4 7#b7 ,o!r1 incid5tal exp5ses incurr$ relat$ to plan design1 may n be *>g$ to ! plan because !y are deem$ settlor functions4 ,= example1 if a plan sponsor 7 to inquire ab\t a b5eficial plan design feature1 su* z automatic enrollm5t & re5rollm5t or automatic escalation1 ! advisor or o!r s]vice provid] w\ld bill ! employ] a sep>ate am\nt t c\ld n be *>g$ back to ! plan4 ,because ^! inquiries result 9 additional co/s1 _m employ]s1 especially small employ]s1 *oose to =ego ^! incid5tal plan design features1 ev5 :5 !y might g5]ate trem5d\s b5efits = _! employees4 7#c7 ,accord+ to ! #bjba ,plan ,sponsor ,c\ncil ( ,am]ica's ,annual ,survey ( ,pr(it ,%>+ & #dja7k7 ,plans1 only #cj4e p]c5t ( employ]s ) few] ?an #ej work]s h an automatic enrollm5t feature 9 _! retirem5t plan1 comp>$ to ov] #gg p]c5t ( employ]s ) m ?an #a1jjj work]s4 ,small employ]s ne$ additional res\rces to improve _! retirem5t plan design4 7b7 ,facilitat+ ! implem5tation ( b5eficial plan features 7#a7 ,plan assets ,section #djc7;c77#a7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #aajc7;c77#a77 is am5d$ by ins]t+ 7includ+ incid5tal exp5ses solely = ! b5efit ( ! p>ticipants & _! b5efici>ies7 be=e ! p]iod4 7#b7 ,fiduci>y /&>d ( c>e ,section #djd7;a77#a77;,a77ii7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #aajd7;a77#a77;,a77ii77 is am5d$ by ins]t+ 7includ+ incid5tal exp5ses solely = ! b5efit ( ! p>ticipants & _! b5efici>ies7 be=e ! semicolon4 ,v ,am5dm5ts to plans (f]$ by multiple employ]s #eja4 ,report on pool$ employ] plans ,! ,secret>y ( ,labor %all-- 7#a7 conduct a /udy on ! pool$ employ] plan 7z su* t]m is def9$ 9 section #c7dc7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajjb7dc777 indu/ry1 includ+ on-- 7,a7 ! legal "n & numb] ( pool$ employ] plans2 7,b7 ! numb] ( p>ticipants 9 su* plans2 7,c7 ! range ( inve/m5t options provid$ 9 su* plans2 7,d7 ! fees assess$ 9 su* plans2 7,e7 ! mann] 9 :i* employ]s select & monitor su* plans2 7,f7 ! disclosures provid$ to p>ticipants 9 su* plans2 7,g7 ! numb] & nature ( any en=cem5t actions by ! ,secret>y ( ,labor on su* plans2 7,h7 ! ext5t to :i* su* plans h increas$ retirem5t sav+s cov]age 9 ! ,unit$ ,/ates2 & 7,i7 any additional in=mation z ! ,secret>y det]m9es is necess>y2 & 7#b7 n lat] ?an #e ye>s aft] ! date ( enactm5t ( ?is ,act1 & e #e ye>s !reaft]1 submit to ,congress & make available on a publicly accessible website ( ! ,dep>tm5t ( ,labor1 a report on ! f9d+s ( ! /udy "u p>agraph 7#a71 includ+ recomm5dations on h[ pool$ employ] plans c be improv$1 ?r\gh legislation1 to s]ve & protect retirem5t plan p>ticipants4 #ejb4 ,annual audits = gr\p ( plans ,section #bjb7;a7 ( ! ,sett+ ,e ,community ,up = ,retirem5t ,enhancem5t ,act ( #bjai 7,public ,law #aaf-id2 #bf ,u4,s4,c4 #fjeh note7 is am5d$-- 7#a7 by /rik+ s t all memb]s & ins]t+ ! foll[+3 s t-- 7#a7 all memb]s 2 7#b7 by /rik+ ! p]iod & ins]t+ 2 &2 & 7#c7 by add+ at ! end ! foll[+3 7#b7 any op9ions requir$ by section #ajc7;a77#c7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajbc7;a77#c77 %all relate only to ea* individual plan :i* w\ld o!rwise be subject to ! requirem5ts ( su* section #ajc7;a77#c74 4 ,,vi ,def9$ b5efit plan provisions #fja4 ,ca% balance 7a7 ,am5dm5t ( ,int]nal ,rev5ue ,code ( #aihf ,section #dad ( ! ,int]nal ,rev5ue ,code ( #aihf1 z am5d$ by ! prec$+ sections ( ?is ,act1 is fur!r am5d$ by add+ at ! end ! foll[+ new subsection3 7bb7 ,project$ int]e/ cr$it+ rate ,= purposes ( ?is "p1 9 ! case ( an applicable def9$ b5efit plan 7z def9$ 9 section #daa7;a77#ac77;,b77 :i* provides v>iable int]e/ cr$it+ rates1 ! int]e/ cr$it+ rate :i* is treat$ z 9 effect & z ! project$ int]e/ cr$it+ rate %all be a reasonable projection ( su* v>iable int]e/ cr$it+ rate1 n to exce$ #f p]c5t4 4 7b7 ,am5dm5t ( ,employee ,retirem5t ,income ,security ,act ( #aigd ,section #baj ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajfj7 is am5d$ by add+ at ! end ! foll[+ new subsection3 7g7 ,project$ int]e/ cr$it+ rate ,= purposes ( ?is title1 9 ! case ( an applicable def9$ b5efit plan 7)9 ! mean+ ( section #bjc7;f77#c77 :i* provides v>iable int]e/ cr$it+ rates1 ! int]e/ cr$it+ rate :i* is treat$ z 9 effect & z ! project$ int]e/ cr$it+ rate %all be a reasonable projection ( su* v>iable int]e/ cr$it+ rate1 n to exce$ #f p]c5t4 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply ) respect to ye>s beg9n+ aft] ! date ( enactm5t ( ?is ,act4 #fjb4 ,t]m9ation ( v>iable rate premium index+ 7a7 ,9 g5]al ,p>agraph 7#h7 ( #djjf7;a7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #acjf7;a77 is am5d$ by-- 7#a7 9 subp>agraph 7,a7-- 7,a7 9 clause 7vi71 by /rik+ &2 7,b7 9 clause 7vii71 by /rik+ ! p]iod at ! end & ins]t+ 2 &2 & 7,c7 by add+ at ! end ! foll[+3 7viii7 = plan ye>s beg9n+ aft] cal5d> ye> #bjbb1 #dh4 2 7#b7 9 subp>agraph 7,b71 9 ! matt] prec$+ clause 7i71 by ins]t+ & be=e #bjbc aft] #bjab2 & 7#c7 9 subp>agraph 7,d77vii71 by ins]t+ & be=e #bjbc aft] #bjai4 7b7 ,te*nical am5dm5t ,clause 7i7 ( section #djjf7;a77#c77;,e7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #acjf7;a77#c77;,e77 is am5d$ by /rik+ subp>agraph 7,h7 & ins]t+ subp>agraph 7,i74 #fjc4 ,enhanc+ retiree heal? b5efits 9 p5sion plans 7a7 ,ext5sion ( transf]s ( excess p5sion assets to retiree heal? acc\nts "u ! ,int]nal ,rev5ue ,code ( #aihf ,p>agraph 7#d7 ( section #dbj7;b7 ( ! ,int]nal ,rev5ue ,code ( #aihf is am5d$ by /rik+ ,decemb] #ca1 #bjbe & ins]t+ ,decemb] #ca1 #bjcb4 7b7 ,ext5sion ( transf]s ( excess p5sion assets to retiree heal? acc\nts "u ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#a7 ,def9itions ,section #aja7;e77#c7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajba7;e77#c77 is am5d$ by /rik+ 7z 9 effect on ! date ( ! enactm5t ( ! ,surface ,transportation & ,vet]ans ,heal? ,c>e ,*oice ,improvem5t ,act ( #bjae7 & ins]t+ 7z 9 effect on ! date ( enactm5t ( ! ,,rise ,,%9e ,act74 7#b7 ,use ( assets ,section #djc7;c77#a7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #aajc7;c77#a77 is am5d$ by /rik+ 7z 9 effect on ! date ( ! enactm5t ( ! ,surface ,transportation & ,vet]ans ,heal? ,c>e ,*oice ,improvem5t ,act ( #bjae7 & ins]t+ 7z 9 effect on ! date ( enactm5t ( ! ,,rise ,,%9e ,act74 7#c7 ,exemption ,section #djh7;b77#ac7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #aajh7;b77#ac77 is am5d$-- 7,a7 by /rik+ ,janu>y #a1 #bjbf & ins]t+ ,janu>y #a1 #bjcc2 & 7,b7 by /rik+ 7z 9 effect on ! date ( ! enactm5t ( ! ,surface ,transportation & ,vet]ans ,heal? ,c>e ,*oice ,improvem5t ,act ( #bjae7 & ins]t+ 7z 9 effect on ! date ( enactm5t ( ! ,,rise ,,%9e ,act74 7c7 ,effective date ,! am5dm5ts made by ?is section %all apply to transf]s made aft] ! date ( enactm5t ( ?is ,act4 ,,vii ,additional retirem5t enhancem5ts #gja4 ,provisions relat+ to plan am5dm5ts 7a7 ,9 g5]al ,"p #b ( subtitle ,b ( title ,i ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #ajba et seq47 is am5d$-- 7#a7 by r$esignat+ section #baa z section #bab2 & 7#b7 by ins]t+ aft] section #baj ! foll[+ new section3 #baa4 ,plan am5dm5ts due to ! ,,rise ,,%9e ,act 7a7 ,9 g5]al ,if ?is section applies to any retirem5t plan or contract am5dm5t-- 7#a7 su* retirem5t plan or contract %all be treat$ z be+ op]at$ 9 accordance ) ! t]ms ( ! plan dur+ ! p]iod describ$ 9 subsection 7b77#b77;,a72 & 7#b7 except z provid$ by ! ,secret>y ( ! ,treasury 7or ! ,secret>y's delegate7 & ! ,secret>y ( ,labor 7or ! ,secret>y's delegate71 su* retirem5t plan %all n fail to meet ! requirem5ts ( section #daa7;d77#f7 ( ! ,int]nal ,rev5ue ,code ( #aihf & section #bjd7;g7 ( ?is ,act by reason ( su* am5dm5t4 7b7 ,am5dm5ts to :i* section applies 7#a7 ,9 g5]al ,?is section %all apply to any am5dm5t to any retirem5t plan or annuity contract :i* is made-- 7,a7 pursuant to any am5dm5t made by ! ,,rise ,,%9e ,act or pursuant to any regulation issu$ by ! ,secret>y ( ! ,treasury or ! ,secret>y ( ,labor 7or a delegate ( ei!r su* ,secret>y7 "u ! ,,rise ,,%9e ,act2 & 7,b7 on or be=e ! la/ day ( ! fir/ plan ye> beg9n+ on or aft] ,janu>y #a1 #bjbe4 7#b7 ,conditions ,?is section %all n apply to any am5dm5t unless-- 7,a7 dur+ ! p]iod-- 7i7 beg9n+ on ! date ! legislative or regulatory am5dm5t describ$ 9 p>agraph 7#a77;,a7 takes effect 7or 9 ! case ( a plan or contract am5dm5t n requir$ by su* legislative or regulatory am5dm5t1 ! effective date specifi$ by ! plan72 & 7ii7 end+ on ! date describ$ 9 p>agraph 7#a77;,b7 7or1 if e>li]1 ! date ! plan or contract am5dm5t is adopt$71 ! plan or contract is op]at$ z if su* plan or contract am5dm5t 7 9 effect2 & 7,b7 su* plan or contract am5dm5t applies retroactively = su* p]iod4 4 7b7 ,cl]ical am5dm5t ,! table ( cont5ts 9 section #a ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd is am5d$ by /rik+ ! item relat+ to section #baa & by ins]t+ aft] ! item relat+ to section #baj ! foll[+ new items3 ,sec4 #baa4 ,plan am5dm5ts due to ! ,,rise ,,%9e ,act4,sec4 #bab4 ,effective dates4 4 #gjb4 ,work] ,own]%ip1 ,read9ess1 & ,k 7,,"w7 ,act 7a7 ,%ort title ,?is section may be cit$ z ! ,work] ,own]%ip1 ,read9ess1 & ,k ,act or ! ,,"w ,act4 7b7 ,def9itions ,9 ?is section3 7#a7 ,exi/+ program ,! t]m exi/+ program means a program1 design$ to promote employee own]%ip1 t exi/s on ! date on :i* ! ,secret>y is c>ry+ out a responsibility au?oriz$ "u ?is section4 7#b7 ,initiative ,! t]m ,initiative means ! ,employee ,own]%ip ,initiative e/abli%$ "u subsection 7c74 7#c7 ,new program ,! t]m new program means a program1 design$ to promote employee own]%ip1 t does n exi/ on ! date on :i* ! ,secret>y is c>ry+ out a responsibility au?oriz$ "u ?is section4 7#d7 ,secret>y ,! t]m ,secret>y means ! ,secret>y ( ,labor4 7#e7 ,/ate ,! t]m ,/ate has ! mean+ giv5 ! t]m "u section #c ( ! ,work=ce ,innovation & ,opportunity ,act 7#bi ,u4,s4,c4 #cajb74 7c7 ,employee own]%ip initiative 7#a7 ,e/abli%m5t ,! ,secret>y %all e/abli% )9 ! ,dep>tm5t ( ,labor an ,employee ,own]%ip ,initiative to promote employee own]%ip4 7#b7 ,functions ,9 c>ry+ out ! ,initiative1 ! ,secret>y %all-- 7,a7 support )9 ! ,/ates exi/+ programs design$ to promote employee own]%ip2 & 7,b7 facilitate )9 ! ,/ates ! =mation ( new programs design$ to promote employee own]%ip4 7#c7 ,duties ,to c>ry out ! functions enum]at$ 9 p>agraph 7#b71 ! ,secret>y %all-- 7,a7 support new programs & exi/+ programs by-- 7i7 mak+ ,f$]al grants au?oriz$ "u subsection 7e72 & 7ii7 7,i7 act+ z a cle>+h\se on te*niques employ$ by new programs & exi/+ programs )9 ! ,/ates1 & dissem9at+ in=mation relat+ to ^? te*niques to ! programs2 or 7,,ii7 fund+ projects = in=mation ga!r+ on ^? te*niques1 & dissem9ation ( t in=mation to ! programs1 by gr\ps outside ! ,dep>tm5t ( ,labor2 & 7,b7 facilitate ! =mation ( new programs1 9 ways t include hold+ or fund+ an annual conf]5ce ( repres5tatives f ,/ates ) exi/+ programs1 repres5tatives f ,/ates develop+ new programs1 & repres5tatives f ,/ates )\t exi/+ programs4 7d7 ,programs reg>d+ employee own]%ip 7#a7 ,e/abli%m5t ( program ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all e/abli% a program to enc\rage new programs & exi/+ programs )9 ! ,/ates to fo/] employee own]%ip ?r\gh\t ! ,unit$ ,/ates4 7#b7 ,purpose ( program ,! purpose ( ! program e/abli%$ "u p>agraph 7#a7 is to enc\rage new & exi/+ programs )9 ! ,/ates t focus on-- 7,a7 provid+ education & outrea* to in=m employees & employ]s ab\t ! possibilities & b5efits ( employee own]%ip & bus9ess own]%ip succession plann+1 includ+ provid+ in=mation ab\t f9ancial education1 employee teams1 op5-book managem5t1 & o!r tools t enable employees to %>e ideas & in=mation ab\t h[ _! bus9esses c succe$2 7,b7 provid+ te*nical assi/ance to assi/ employee ef=ts to become bus9ess own]s1 to enable employ]s & employees to explore & assess ! feasibility ( transf]r+ full or p>tial own]%ip to employees1 & to enc\rage employees & employ]s to />t new employee-own$ bus9esses2 7,c7 tra9+ employees & employ]s ) respect to me?ods ( employee p>ticipation 9 op5-book managem5t1 "w teams1 committees1 & o!r approa*es = seek+ great] employee input2 & 7,d7 tra9+ o!r entities to apply = fund+ "u ?is subsection1 to e/abli% new programs1 & to c>ry out program activities4 7#c7 ,program details ,! ,secret>y may include1 9 ! program e/abli%$ "u p>agraph 7#a71 provisions t-- 7,a7 9 ! case ( activities describ$ 9 p>agraph 7#b77;,a7-- 7i7 t>get key gr\ps1 su* z retir+ bus9ess own]s1 s5ior manag]s1 labor organizations1 trade associations1 community organizations1 & economic developm5t organizations2 7ii7 enc\rage coop]ation 9 ! organization ( work%ops & conf]5ces2 & 7iii7 prep>e & di/ribute mat]ials conc]n+ employee own]%ip1 & bus9ess own]%ip succession plann+2 7,b7 9 ! case ( activities describ$ 9 p>agraph 7#b77;,b7-- 7i7 provide prelim9>y te*nical assi/ance to employee gr\ps1 manag]s1 & retir+ own]s explor+ ! possibility ( employee own]%ip2 7ii7 provide = ! p]=mance ( prelim9>y feasibility assessm5ts2 7iii7 assi/ 9 ! fund+ ( objective ?ird-p>ty feasibility /udies & prelim9>y bus9ess valuations1 & 9 select+ & monitor+ pr(essionals qualifi$ to conduct su* /udies2 & 7iv7 provide a data bank to help employees f9d legal1 f9ancial1 & te*nical advice 9 connection ) bus9ess own]%ip2 7,c7 9 ! case ( activities describ$ 9 p>agraph 7#b77;,c7-- 7i7 provide = c\rses on employee p>ticipation2 & 7ii7 provide = ! developm5t & fo/]+ ( networks ( employee-own$ companies to spread ! use ( successful p>ticipation te*niques2 & 7,d7 9 ! case ( tra9+ describ$ 9 p>agraph 7#b77;,d7-- 7i7 provide = visits to exi/+ programs by /aff f new programs receiv+ fund+ "u ?is section2 & 7ii7 provide mat]ials to be us$ = su* tra9+4 7#d7 ,guidance ,! ,secret>y %all issue =mal guidance1 =-- 7,a7 recipi5ts ( grants aw>d$ "u subsection 7e7 & "o-/op p>tn]s 7z def9$ 9 section #c ( ! ,work=ce ,innovation & ,opportunity ,act 7#bi ,u4,s4,c4 #cajb77 affiliat$ ) ! work=ce developm5t sy/ems 7z s def9$7 ( ! ,/ates1 propos+ t programs & o!r activities fund$ "u ?is section be-- 7i7 proactive 9 enc\rag+ actions & activities t promote employee own]%ip ( bus9esses2 & 7ii7 compreh5sive 9 emphasiz+ bo? employee own]%ip ( bus9esses s z to increase productivity & broad5 capital own]%ip2 & 7,b7 acceptable /&>ds & proc$ures to e/abli% good fai? fair m>ket value = %>es ( a bus9ess to be acquir$ by an employee /ock own]%ip plan 7z def9$ 9 section #djg7;d77#f7 ( ! ,employee ,retirem5t ,income ,security ,act ( #aigd 7#bi ,u4,s4,c4 #aajg7;d77#f7774 7e7 ,grants 7#a7 ,9 g5]al ,9 c>ry+ out ! program e/abli%$ "u subsection 7d71 ! ,secret>y may make grants = use 9 connection ) new programs & exi/+ programs )9 a ,/ate = any ( ! foll[+ activities3 7,a7 ,education & outrea* z provid$ 9 subsection 7d77#b77;,a74 7,b7 ,te*nical assi/ance z provid$ 9 subsection 7d77#b77;,b74 7,c7 ,tra9+ activities = employees & employ]s z provid$ 9 subsection 7d77#b77;,c74 7,d7 ,activities facilitat+ coop]ation among employee-own$ firms4 7,e7 ,tra9+ z provid$ 9 subsection 7d77#b77;,d7 = new programs provid$ by p>ticipants 9 exi/+ programs d$icat$ to ! objectives ( ?is section1 except t1 = ea* fiscal ye>1 ! am\nt ( ! grants made = su* tra9+ %all n exce$ #aj p]c5t ( ! total am\nt ( ! grants made "u ?is section4 7#b7 ,am\nts & conditions ,! ,secret>y %all det]m9e ! am\nt & any conditions = a grant made "u ?is subsection4 ,! am\nt ( ! grant %all be subject to p>agraph 7#f71 & %all reflect ! capacity ( ! applicant = ! grant4 7#c7 ,applications ,ea* entity desir+ a grant "u ?is subsection %all submit an application to ! ,secret>y at su* "t1 9 su* mann]1 & accompani$ by su* in=mation z ! ,secret>y may reasonably require4 7#d7 ,/ate applications ,ea* ,/ate may sponsor & submit an application "u p>agraph 7#c7 on behalf ( any local entity consi/+ ( a unit ( ,/ate or local gov]nm5t1 ,/ate-support$ in/itution ( high] education1 or nonpr(it organization1 meet+ ! requirem5ts ( ?is section4 7#e7 ,applications by entities 7,a7 ,entity applications ,if a ,/ate fails to support or e/abli% a program pursuant to ?is section dur+ any fiscal ye>1 ! ,secret>y %all1 9 ! subsequ5t fiscal ye>s1 all[ local entities describ$ 9 p>agraph 7#d7 f t ,/ate to make applications = grants "u p>agraph 7#c7 on _! own initiative4 7,b7 ,application scre5+ ,any ,/ate fail+ to support or e/abli% a program pursuant to ?is section dur+ any fiscal ye> may submit applications "u p>agraph 7#c7 9 ! subsequ5t fiscal ye>s b may n scre5 applications by local entities describ$ 9 p>agraph 7#d7 be=e submitt+ ! applications to ! ,secret>y4 7#f7 ,limitations ,a recipi5t ( a grant made "u ?is subsection %all n receive1 dur+ a fiscal ye>1 9 ! aggregate1 m ?an ! foll[+ am\nts3 7,a7 ,= fiscal ye> #bjbd1 #cjj1jjj4 7,b7 ,= fiscal ye> #bjbe1 #ccj1jjj4 7,c7 ,= fiscal ye> #bjbf1 #cfc1jjj4 7,d7 ,= fiscal ye> #bjbg1 #cii1cjj4 7,e7 ,= fiscal ye> #bjbh1 #dci1bjj4 7#g7 ,annual report ,= ea* ye>1 ea* recipi5t ( a grant "u ?is subsection %all submit to ! ,secret>y a report describ+ h[ grant funds allocat$ pursuant to ?is subsection 7 exp5d$ dur+ ! #ab-mon? p]iod prec$+ ! date ( ! submission ( ! report4 7f7 ,evaluations ,! ,secret>y is au?oriz$ to res]ve n m ?an #aj p]c5t ( ! funds appropriat$ = a fiscal ye> to c>ry out ?is section1 = ! purposes ( conduct+ evaluations ( ! grant programs id5tifi$ 9 subsection 7e7 & to provide relat$ te*nical assi/ance4 7g7 ,report+ ,n lat] ?an ! expiration ( ! #cf-mon? p]iod foll[+ ! date ( enactm5t ( ?is ,act1 ! ,secret>y %all prep>e & submit to ,congress a report-- 7#a7 on progress relat$ to employee own]%ip 9 bus9esses 9 ! ,unit$ ,/ates2 & 7#b7 conta9+ an analysis ( critical co/s & b5efits ( activities c>ri$ out "u ?is section4 7h7 ,au?orizations ( appropriations 7#a7 ,9 g5]al ,!re are au?oriz$ to be appropriat$ = ! purpose ( mak+ grants pursuant to subsection 7e7 ! foll[+3 7,a7 ,= fiscal ye> #bjbd1 #d1jjj1jjj4 7,b7 ,= fiscal ye> #bjbe1 #g1jjj1jjj4 7,c7 ,= fiscal ye> #bjbf1 #aj1jjj1jjj4 7,d7 ,= fiscal ye> #bjbg1 #ac1jjj1jjj4 7,e7 ,= fiscal ye> #bjbh1 #af1jjj1jjj4 7#b7 ,adm9i/rative exp5ses ,!re are au?oriz$ to be appropriat$ = ! purpose ( fund+ ! adm9i/rative exp5ses relat$ to ! ,initiative1 = ea* ( fiscal ye>s #bjbb ?r\gh #bjbf1 an am\nt n 9 excess ( ! less] (-- 7,a7 #cej1jjj2 or 7,b7 #e4j p]c5t ( ! maximum am\nt available "u p>agraph 7#a7 = t fiscal ye>4