,,ii  #aag? ,,congress  #b;d ,session   
,s4 #dcfa  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #h 7legislative  
day1 ,june #g71 #bjbb,mr4 ,lujn         
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,heal?1 ,education1 ,labor1 & ,p5sions  
,a ,,bill  ,to require reports to       
,congress on report+ & disclosure       
requirem5ts relat$ to retirem5t plans1 &
 = o!r purposes4  #a4 ,%ort title ,?is  
,act may be cit$ z ! ,savvy ,sav] ,act4 
#b4 ,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$]al ,regulations2  7#b7 /udy1
 ?r\gh a public reque/ = in=mation or   
o!rwise1 h[ ! cont5t & design ( !       
disclosures describ$ 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 ( fees & exp5ses on retirem5t    
sav+s ov] "t2 &  7#c7 submit a report to
 ! ,committee on ,heal?1 ,education1    
,labor1 & ,p5sions ( ! ,s5ate & !       
,committee on ,education & ,labor ( !   
,h\se ( ,repres5tatives on ! f9d+s ( !  
/udy describ$ 9 p>agraph 7#b71 includ+  
b5eficial education = consum]s on       
f9ancial lit]acy concepts z relat$ to   
retirem5t plan fees1 & recomm5dations = 
legislative *anges ne$$ to address su*  
f9d+s4  #c4 ,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      
requirem5ts z applicable to ea* su*     
ag5cy head1 (-- 7#a7 ! ,employee        
,retirem5t ,income ,security ,act (     
#aigd applicable to p5sion plans 7z     

def9$ 9 section #c7b7 ( su* ,act 7#bi   
,u4,s4,c4 #ajjb7b772 &  7#b7 ! ,int]nal 
,rev5ue ,code ( #aihf applicable to     
qualifi$ retirem5t plans 7z def9$ 9     
section #digd7;c7 ( su* ,code1 )\t reg>d
 to p>agraphs 7#d7 & 7#e7 ( su*         
section74  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