,,ii  #aagth ,,congress  #b;d ,session  
,s4 #ddhd  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,june #bc1     
#bjbb,mr4 ,daines introduced the        
following bill2 which was read twice and
 referred to the ,committee on ,health1 
,education1 ,labor1 and ,pensions  ,a   
,,bill  ,to amend the ,employee         
,retirement ,income ,security ,act of   
#aigd to clarify the fiduciary duty of  
plan administrators to select and       
maintain investments based solely on    
pecuniary factors1 and for other        
purposes4  #a4 ,short title ,this ,act  
may be cited as the ,securing ,employee 
,retirement ,returns ,act4  #b4         
,fiduciary duty regarding the           
consideration of certain factors in     
investment decisions for employee       
benefit plans  7a7 ,in general          
,subsection 7a7 of section #djd of the  
,employee ,retirement ,income ,security 
,act of #aigd 7#bi ,u4,s4,c4 #aajd7 is  
amended by adding at the end the        
following new paragraph3  7#c7 7,a7 ,the

 duties under paragraph 7#a7 shall      
include the duty to select and maintain 
investments 7including designated       
investment alternatives for purposes of 
a defined contribution plan7 based1     
except as provided in subparagraph 7,b7 
or 7,c71 solely on pecuniary factors4   
7,b7 ,notwithstanding subparagraph 7,a71
 when choosing between or among         
investment alternatives that a fiduciary
 is unable to distinguish on the basis  
of pecuniary factors alone1 the         
fiduciary may use non-pecuniary factors 
as the deciding factor in the selection 
or maintenance of an investment if the  
fiduciary documents the following3 7i7  
,why pecuniary factors were not         
sufficient to select or maintain the    
investment4  7ii7 ,how the chosen       
non-pecuniary factor is consistent with 
the interests of participants and       
beneficiaries in their retirement income
 or financial benefits under the plan4  
7,c7 ,notwithstanding subparagraph 7,a71
 when selecting or maintaining          

designated investment alternatives for  
purposes of a defined contribution plan 
that permits a participant or           
beneficiary to choose from a broad range
 of designated investment alternatives1 
a fiduciary may select or maintain an   
investment in an investment fund1       
product1 or model portfolio that        
considers1 or indicates the use of1     
non-pecuniary factors1 if-- 7i7 in      
selecting or maintaining such           
investment1 the fiduciary otherwise     
satisfies the duties under paragraph    
7#a7 7including1 as applicable1         
subparagraph 7,b7 of this paragraph72   
and  7ii7 the investment is not added or
 retained as1 or as a component of1 a   
qualified default investment alternative
 of the defined contribution plan4  7,d7
 ,for purposes of this paragraph3 7i7   
,the term broad range has the meaning   
given such term in section              
#beej4djd;c-#a7;b77#c7 of title #bi1    
,code of ,federal ,regulations 7or      
successor regulations74  7ii7 ,the term 

pecuniary factor means a factor that a  
fiduciary prudently determines is       
expected to have a material effect on   
the risk or return of an investment     
based on appropriate investment horizons
 consistent with the plan's investment  
objectives and the plan's funding policy
 established pursuant to section        
#djb7;b77#a74  7iii7 ,the term qualified
 default investment alternative has the 
meaning given such term in section      
#beej4djd;c-#e7;e77#d7 of title #bi1    
,code of ,federal ,regulations 7or      
successor regulations74  4  7b7         
,effective date ,the amendment made by  
this section shall apply to investments 
made after the date of enactment of this
 ,act4