,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #cidb  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,june #i1 #bjbc,mr4   
,norcross 7= himself & ,mr4 ,walb]g7    
introduc$ ! foll[+ bill2 :i* 0 ref]r$ to
 ! ,committee on ,education & ! ,work=ce
  ,a ,,bill  ,to am5d ! ,employee       
,retirem5t ,income ,security ,act (     
#aigd to p]mit default inve/m5t         
arrangem5ts 9 annuities1 & = o!r        
purposes4  #a4 ,%ort title ,?is ,act may
 be cit$ z ! ,lifetime ,income ,=       
,employees ,act4  #b4 ,default inve/m5t 
9 annuity contracts  7a7 ,9 g5]al       
,section #djd7;c77#e7 ( ! ,employee     
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #aajd7;c77#e77 is  
am5d$--  7#a7 9 subp>agraph 7,a7-- 7,a7 
by ins]t+ or subp>agraph 7,c71 z        
appropriate1 aft] subp>agraph 7,b72 &   
7,b7 by ins]t+ or 9 a cov]$ annuity     
contract aft] by ! ,secret>y2 &  7#b7 by
 add+ at ! end ! foll[+3  7,c7 ,cov]$   
annuity contract  7i7 ,9 g5]al ,=       
purposes ( ?is p>agraph1 ! t]m cov]$    

annuity contract means an inve/m5t 9 an 
annuity contract t meets ! foll[+       
requirem5ts3 7,i7 ,! annuity contract   
does n impose a liquidity re/riction on 
! transf] ( inve/$ am\nts dur+ !        
#ahj-;day p]iod beg9n+ on ! date ( !    
initial inve/m5t 9 su* contract by !    
p>ticipant or b5efici>y4  7,,ii7 ,!     
fiduci>y ensures t ea* p>ticipant or    
b5efici>y is provid$ notice 9 writ+ 9   
accordance ) clause 7ii74  7,,iii7 ,!   
fiduci>y allocates n m ?an #ej p]c5t (  
any p]iodic contribution or1 imm$iately 
aft] a rebalanc+ ( acc\nt inve/m5ts1 #ej
 p]c5t ( ! value ( ! assets ( ! acc\nt1 
to ! annuity contract 7or1 z applicable1
 to ! portion !re( to :i* a liquidity   
re/riction applies aft] ! #ahj-;day     
p]iod 9 subclause 7,i774  7ii7 ,notice  
requirem5t ,= ! purposes ( ?is          
subp>agraph1 ea* p>ticipant or b5efici>y
 %all be provid$ notice 9 writ+ 9 a     
mann] t is reasonably design$ to be     
und]/ood by ! av]age plan p>ticipant1 z 
foll[s3 7,i7 ,n lat] ?an #cj days 9     

advance ( ! initial inve/m5t1 a notice t
 includes--  7aa7 an explanation ( !    
circum/ances "u :i* assets 9 ! acc\nt   
may be inve/$ on behalf ( ! p>ticipant  
or b5efici>y 9 ! annuity contract1      
includ+ an explanation ( ! t>get$ range 
& maximum am\nt or p]c5tage ( su* assets
 to be inve/$2  7bb7 an explanation ( ! 
rights1 & any limitations or re/rictions
 !reon1 ( a p>ticipant or b5efici>y to  
direct or transf] am\nts inve/$1 or to  
be inve/$1 9 an annuity contract to o!r 
inve/m5t alt]natives available "u !     
plan2  7cc7 a g5]al description ( !     
annuity contract1 includ+ ! duration (  
gu>ante$ paym5ts & id5tification ( !    
insur]2  7dd7 an explanation ( h[ a     
p>ticipant or b5efici>y may obta9       
additional in=mation 9 writ+ ab\t _!    
inve/m5t alt]natives2 &  7ee7 a         
description ( h[ to obta9 a copy ( !    
annuity contract4  7,,ii7 ,n lat] ?an   
#cj days be=e ! date ( ! imposition ( a 
liquidity re/riction describ$ 9         
subclause 7i77,i71 t includes--  7aa7 a 

/atem5t expla9+ t ! p>ticipant's or     
b5efici>ies' contributions w %ortly     
become subject to liquidity re/rictions2
  7bb7 an explanation ( ! rights ( !    
p>ticipant or b5efici>y to direct or    
transf] am\nts to be inve/$ 9           
alt]natives "u ! plan2 &  7cc7 an       
explanation ( h[ a p>ticipant or        
b5efici>y may obta9 additional in=mation
 ab\t _! inve/m5t alt]natives4  7iii7   
,def9ition ( annuity contract ,=        
purposes ( ?is subp>agraph1 ! t]m       
annuity contract means a contract 7or   
provision or feature !re(7 t--  7,i7 is 
issu$ by an insur] qualifi$ to d bus9ess
 9 a ,/ate2 &  7,,ii7 provides = !      
paym5t ( gu>ante$ b5efits annually 7or m
 frequ5tly7 = a fix$ t]m or = ! rema9d] 
( ! life ( ! p>ticipant or b5efici>y or 
! jo9t lives ( ! p>ticipant & !         
p>ticipant's designat$ b5efici>y4  4    
7b7 ,effective date ,! am5dm5ts made by 
subsection 7a7 %all apply ) respect to  
inve/m5ts made on or aft] ! date (      
enactm5t ( ?is ,act4