,,ii  #aagth ,,congress  #b;d ,session  
,s4 #dfac  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #bf1     
#bjbb,mr4 ,braun 7for himself1 ,mr4     
,burr1 ,mr4 ,tuberville1 ,mr4 ,marshall1
 ,ms4 ,lummis1 ,mr4 ,wicker1 ,mr4       
,daines1 and ,mr4 ,inhofe7 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 ,maximize           
,americans' ,retirement ,security ,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 based1 except as provided in
 subparagraph 7,b71 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 furnishes to
 participants documentation on the      
following3 7i7 ,why pecuniary factors   
were not sufficient to select or        
maintain the investment4  7ii7 ,how the 
investment compares to the alternative  
investments with regard to-- 7,i7 the   
composition of the investments of the   
plan with regard to diversification2    
7,,ii7 the liquidity and current return 

of the investments of the plan relative 
to the anticipated cash flow            
requirements of the plan2 and  7,,iii7  
the projected return of the investments 
of the plan relative to the funding     
objectives of the plan4  7iii7 ,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 ,for purposes of  
this paragraph1 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  4    
7b7 ,effective date ,the amendment made 
by this section shall apply to          
investments made after the date that is 
#fj days after the date of enactment of 
this ,act4