,,ii  #aag? ,,congress  #b;d ,session   
,s4 #dfac  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,july #bf1 #bjbb,mr4   
,braun 7= himself1 ,mr4 ,burr1 ,mr4     
,tub]ville1 ,mr4 ,m>%all1 ,ms4 ,lummis1 
,mr4 ,wick]1 ,mr4 ,da9es1 & ,mr4 ,inh(e7
 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 !         
,maximize ,am]icans' ,retirem5t         
,security ,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 bas$1 
except z provid$ 9 subp>agraph 7,b71    
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   
furni%es to p>ticipants docum5tation on 
! foll[+3 7i7 ,:y pecuni>y factors 7 n  
suffici5t to select or ma9ta9 !         
inve/m5t4  7ii7 ,h[ ! inve/m5t comp>es  
to ! alt]native inve/m5ts ) reg>d to--  
7,i7 ! composition ( ! inve/m5ts ( !    
plan ) reg>d to div]sification2  7,,ii7 
! liquidity & curr5t return ( !         
inve/m5ts ( ! plan relative to !        
anticipat$ ca% fl[ requirem5ts ( ! plan2
 &  7,,iii7 ! project$ return ( !       
inve/m5ts ( ! plan relative to ! fund+  
objectives ( ! plan4  7iii7 ,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 ,= purposes ( ?is        
p>agraph1 ! 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  4  7b7 ,effective
 date ,! am5dm5t made by ?is section    
%all apply to inve/m5ts made aft] ! date
 t is #fj days aft] ! date ( enactm5t ( 
?is ,act4