,,ib ,union ,cal5d> ,no4 #ahf #aah?     
,,congress  #a/ ,session  ,h4 ,r4 #eccg 
,report ,no4 #aah-bbg ,,9 ,,! ,,h\se ,,(
 ,,repres5tatives  ,septemb] #e1        
#bjbc,mrs4 ,h\*9 introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,committee on   
,education & ! ,work=ce  ,septemb] #bf1 
#bjbc;,additional sponsors3 ,mr4        
,huiz5ga1 ,mr4 ,sessions1 ,mr4 ,gro?man1
 ,mr4 ,wilson ( ,s\? ,c>ol9a1 ,mr4      
,e/es1 ,mr4 ,b>r1 ,mr4 ,flood1 & ,mr4   
,ow5s  ,septemb] #bf1 #bjbc,report$ ) an
 am5dm5t1 committ$ to ! ,committee ( !  
,:ole ,h\se on ! ,/ate ( ! ,union1 &    
ord]$ to be printed,strike out all aft] 
! enact+ clause & ins]t ! "p pr9t$ 9    
italic,for text ( introduc$ bill1 see   
copy ( bill z introduc$ on ,septemb] #e1
 #bjbc  ,a ,,bill  ,to am5d ! ,employee 
,retirem5t ,income ,security ,act (     
#aigd to cl>ify ! application ( prud5ce 
& exclusive purpose duties to ! ex]cise 
( %>ehold] rights4  #a4 ,%ort title ,?is
 ,act may be cit$ z ! ,retirem5t ,proxy 
,protection ,act4  #b4 ,ex]cise (       

%>ehold] rights  7a7 ,9 g5]al ,section  
#djd ( ! ,employee ,retirem5t ,income   
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#aajd7 is am5d$ by add+ at ! end !      
foll[+ new subsection3  7f7 ,ex]cise (  
%>ehold] rights  7#a7 ,au?ority to      
ex]cise %>ehold] rights  7,a7 ,9 g5]al  
,! fiduci>y duty to manage plan assets t
 are %>es ( /ock includes ! managem5t ( 
%>ehold] rights appurt5ant to ^? %>es1  
includ+ ! "r to vote proxies4 ,:5 decid+
 :e!r to ex]cise a %>ehold] "r & 9      
ex]cis+ su* "r1 includ+ ! vot+ (        
proxies1 a fiduci>y mu/ act prud5tly &  
solely 9 ! int]e/s ( p>ticipants &      
b5efici>ies & = ! exclusive purpose (   
provid+ b5efits to p>ticipants &        
b5efici>ies & defray+ ! reasonable      
exp5ses ( adm9i/]+ ! plan4 ,! fiduci>y  
duty to manage %>ehold] rights          
appurt5ant to %>es ( /ock does n require
 ! vot+ ( e proxy or ! ex]cise ( e      
%>ehold] "r4  7,b7 ,exception ,?is      
subsection %all n apply to vot+1 t5d]1 &
 simil> rights ) respect to securities t

 are pass$ ?r\gh pursuant to ! t]ms ( an
 individual acc\nt plan to p>ticipants &
 b5efici>ies ) acc\nts hold+ su*        
securities4  7#b7 ,requirem5ts = ex]cise
 ( %>ehold] rights ,a fiduci>y1 :5      
decid+ :e!r to ex]cise a %>ehold] "r &  
:5 ex]cis+ a %>ehold] "r-- 7,a7 %all--  
7i7 act solely 9 accordance ) ! economic
 int]e/ ( ! plan & its p>ticipants &    
b5efici>ies2  7ii7 consid] any co/s     
involv$2  7iii7 evaluate mat]ial facts t
 =m ! basis = any p>ticul> proxy vote or
 ex]cise ( %>ehold] rights2 &  7iv7     
ma9ta9 a record ( any proxy vote1 proxy 
vot+ activity1 or o!r ex]cise ( a       
%>ehold] "r1 includ+ any attempt to     
influ5ce managem5t2 &  7,b7 %all n      
subord9ate ! int]e/s ( p>ticipants &    
b5efici>ies 9 _! retirem5t income or    
f9ancial b5efits "u ! plan to any       
non-pecuni>y objective1 or promote      
non-pecuni>y b5efits or goals unrelat$  
to ^? f9ancial int]e/s ( ! plan's       
p>ticipants & b5efici>ies4  7#c7        
,monitor+ ,a fiduci>y %all ex]cise      

prud5ce & dilig5ce 9 ! selection &      
monitor+ ( a p]son1 if any1 select$ to  
advise or o!rwise assi/ ) ! ex]cise (   
%>ehold] rights1 includ+ by provid+     
rese>* & analysis1 recomm5dations on    
ex]cise ( proxy vot+ or o!r %>ehold]    
rights1 adm9i/rative s]vices ) respect  
to vot+ proxies1 & recordkeep+ & report+
 s]vices4  7#d7 ,inve/m5t manag]s &     
proxy advisory firms ,:]e ! au?ority to 
vote proxies or ex]cise o!r %>ehold]    
rights has be5 delegat$ to an inve/m5t  
manag] pursuant to section #djc7;a71 or 
a proxy vot+ advisory firm or o!r p]son 
:o p]=ms advisory s]vices z to ! vot+ ( 
proxies or ! ex]cise ( o!r %>ehold]     
rights1 a responsible plan fiduci>y %all
 prud5tly monitor ! proxy vot+          
activities ( su* inve/m5t manag] or     
advisory firm & det]m9e :e!r su*        
activities are 9 compliance ) p>agraphs 
7#a7 & 7#b74  7#e7 ,vot+ policies  7,a7 
,9 g5]al ,9 decid+ :e!r to vote a proxy 
pursuant to ?is subsection1 ! plan      
fiduci>y may adopt a proxy vot+ policy1 

includ+ a safe h>bor proxy vot+ policy  
describ$ 9 subp>agraph 7,b71 provid+ t !
 au?ority to vote a proxy %all be       
ex]cis$ pursuant to specific p>amet]s   
design$ to s]ve ! economic int]e/ ( !   
plan4  7,b7 ,safe h>bor vot+ policy ,)  
respect to a decision n to vote a proxy1
 a fiduci>y %all satisfy ! fiduci>y     
responsibilities "u ?is subsection if   
su* fiduci>y adopts & is foll[+ a safe  
h>bor proxy vot+ policy t-- 7i7 limits  
vot+ res\rces to p>ticul> types (       
proposals t ! fiduci>y has prud5tly     
det]m9$ are sub/antially relat$ to !    
bus9ess activities ( ! issu] or are     
expect$ to h a mat]ial effect on ! value
 ( ! plan inve/m5t2 or  7ii7 e/abli%es t
 ! fiduci>y w refra9 f vot+ on proposals
 or p>ticul> types ( proposals :5 !     
assets ( a plan inve/$ 9 ! issu]        
relative to ! total assets ( su* plan   
are bel[ #e p]c5t 7or1 9 ! ev5t su*     
assets are "u managem5t1 :5 ! assets "u 
managem5t inve/$ 9 ! issu] are bel[ #e  
p]c5t ( ! total assets "u managem5t74   

7,c7 ,exception ,no proxy vot+ policy   
adopt$ pursuant to ?is p>agraph %all    
preclude a fiduci>y f submitt+ a proxy  
vote :5 ! fiduci>y det]m9es t ! matt]   
be+ vot$ on is expect$ to h a mat]ial   
economic effect on ! inve/m5t p]=mance (
 a plan's portfolio 7or ! inve/m5t      
p]=mance ( assets "u managem5t 9 ! case 
( an inve/m5t manag]72 provid$1 h[ev]1 t
 9 all cases compliance ) a safe h>bor  
vot+ policy %all be presum$ to satisfy  
fiduci>y responsibilities ) respect to  
decisions n to vote4  7#f7 ,review ,a   
fiduci>y %all p]iodically review any    
policy adopt$ "u ?is subsection4  4  7b7
 ,effective date ,! am5dm5ts made by    
subsection 7a7 %all apply to an ex]cise 
( %>ehold] rights occurr+ on or aft]    
,janu>y #a1 #bjbd4  ,septemb] #bf1      
#bjbc,report$ ) an am5dm5t1 committ$ to 
! ,committee ( ! ,:ole ,h\se on ! ,/ate 
( ! ,union1 & ord]$ to be pr9t$