,,ii  #aag? ,,congress  #b;d ,session   
,s4 #ddhd  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,june #bc1 #bjbb,mr4   
,da9es 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 to cl>ify ! fiduci>y duty ( plan  
adm9i/rators to select & ma9ta9         
inve/m5ts bas$ solely on pecuni>y       
factors1 & = o!r purposes4  #a4 ,%ort   
title ,?is ,act may be cit$ z ! ,secur+ 
,employee ,retirem5t ,returns ,act4  #b4
 ,fiduci>y duty reg>d+ ! consid]ation ( 
c]ta9 factors 9 inve/m5t decisions =    
employee b5efit plans  7a7 ,9 g5]al     
,subsection 7a7 ( section #djd ( !      
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #aajd7 is   
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#c7 7,a7 ,! duties "u       
p>agraph 7#a7 %all include ! duty to    
select & ma9ta9 inve/m5ts 7includ+      
designat$ inve/m5t alt]natives =        

purposes ( a def9$ contribution plan7   
bas$1 except z provid$ 9 subp>agraph    
7,b7 or 7,c71 solely on pecuni>y        
factors4  7,b7 ,not)/&+ subp>agraph     
7,a71 :5 *oos+ betwe5 or among inve/m5t 
alt]natives t a fiduci>y is unable to   
di/+ui% on ! basis ( pecuni>y factors   
alone1 ! fiduci>y may use non-pecuni>y  
factors z ! decid+ factor 9 ! selection 
or ma9t5ance ( an inve/m5t if ! fiduci>y
 docum5ts ! foll[+3 7i7 ,:y pecuni>y    
factors 7 n suffici5t to select or      
ma9ta9 ! inve/m5t4  7ii7 ,h[ ! *os5     
non-pecuni>y factor is consi/5t ) !     
int]e/s ( p>ticipants & b5efici>ies 9 _!
 retirem5t income or f9ancial b5efits "u
 ! plan4  7,c7 ,not)/&+ subp>agraph     
7,a71 :5 select+ or ma9ta9+ designat$   
inve/m5t alt]natives = purposes ( a     
def9$ contribution plan t p]mits a      
p>ticipant or b5efici>y to *oose f a    
broad range ( designat$ inve/m5t        
alt]natives1 a fiduci>y may select or   
ma9ta9 an inve/m5t 9 an inve/m5t fund1  
product1 or model portfolio t consid]s1 

or indicates ! use (1 non-pecuni>y      
factors1 if-- 7i7 9 select+ or ma9ta9+  
su* inve/m5t1 ! fiduci>y o!rwise        
satisfies ! duties "u p>agraph 7#a7     
7includ+1 z applicable1 subp>agraph 7,b7
 ( ?is p>agraph72 &  7ii7 ! inve/m5t is 
n add$ or reta9$ z1 or z a compon5t (1 a
 qualifi$ default inve/m5t alt]native ( 
! def9$ contribution plan4  7,d7 ,=     
purposes ( ?is p>agraph3 7i7 ,! t]m     
broad range has ! mean+ giv5 su* t]m 9  
section #beej4djd;c-#a7;b77#c7 ( title  
#bi1 ,code ( ,f$]al ,regulations 7or    
successor regulations74  7ii7 ,! t]m    
pecuni>y factor means a factor t a      
fiduci>y prud5tly det]m9es is expect$ to
 h a mat]ial effect on ! risk or return 
( an inve/m5t bas$ on appropriate       
inve/m5t horizons consi/5t ) ! plan's   
inve/m5t objectives & ! plan's fund+    
policy e/abli%$ pursuant to section     
#djb7;b77#a74  7iii7 ,! t]m qualifi$    
default inve/m5t alt]native has ! mean+ 
giv5 su* t]m 9 section                  
#beej4djd;c-#e7;e77#d7 ( title #bi1     

,code ( ,f$]al ,regulations 7or         
successor regulations74  4  7b7         
,effective date ,! am5dm5t made by ?is  
section %all apply to inve/m5ts made    
aft] ! date ( enactm5t ( ?is ,act4