,,ib ,union ,cal5d> ,no4 #ahd #aah?     
,,congress  #a/ ,session  ,h4 ,r4 #ecci 
,report ,no4 #aah-bbe ,,9 ,,! ,,h\se ,,(
 ,,repres5tatives  ,septemb] #e1        
#bjbc,mr4 ,all5 introduc$ ! foll[+ bill2
 :i* 0 ref]r$ to ! ,committee on        
,education & ! ,work=ce  ,septemb] #bf1 
#bjbc;,additional sponsor3 ,mrs4 ,h\*9  
,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 specify requirem5ts conc]n+ !  
consid]ation ( pecuni>y & non-pecuni>y  
factors1 & = o!r purposes4  #a4 ,%ort   
title ,?is ,act may be cit$ z ! ,roll   
back ,,esg ,to ,increase ,retirem5t     
,e>n+s ,act or ! ,,retire ,act4  #b4    
,employee ,retirem5t ,income ,security  
,act ( #aigd am5dm5t  7a7 ,9 g5]al      

,section #djd7;a7 ( ! ,employee         
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #aajd7;a77 is am5d$
 by add+ at ! end ! foll[+3  7#c7       
,int]e/ bas$ on pecuni>y factors  7,a7  
,9 g5]al ,= purposes ( p>agraph 7#a71 a 
fiduci>y %all be consid]$ to act solely 
9 ! int]e/ ( ! p>ticipants & b5efici>ies
 ( ! plan ) respect to an inve/m5t or   
inve/m5t c\rse ( action only if !       
fiduci>y's action ) respect to su*      
inve/m5t or inve/m5t c\rse ( action is  
bas$ only on pecuni>y factors 7except z 
provid$ 9 subp>agraph 7,b774 ,! fiduci>y
 may n subord9ate ! int]e/s ( !         
p>ticipants & b5efici>ies 9 _! retirem5t
 income or f9ancial b5efits "u ! plan to
 o!r objectives & may n sacrifice       
inve/m5t return or take on additional   
inve/m5t risk to promote non-pecuni>y   
b5efits or goals4 ,! weight giv5 to any 
pecuni>y factor by a fiduci>y %all      
reflect a prud5t assessm5t ( ! impact ( 
su* factor on risk & return4  7,b7 ,use 
( non-pecuni>y factors = inve/m5t       

alt]natives ,not)/&+ p>agraph 7,a71 if a
 fiduci>y is unable to di/+ui% betwe5 or
 among inve/m5t alt]natives or inve/m5t 
c\rses ( action on ! basis ( pecuni>y   
factors alone1 ! fiduci>y may use       
non-pecuni>y factors z ! decid+ factor  
if ! fiduci>y docum5ts-- 7i7 :y pecuni>y
 factors 7 n suffici5t to select a plan 
inve/m5t or inve/m5t c\rse ( action2    
7ii7 h[ ! select$ inve/m5t comp>es to ! 
alt]native inve/m5ts ) reg>d to !       
composition ( ! portfolio ) reg>d to    
div]sification1 ! liquidity & curr5t    
return ( ! portfolio relative to !      
anticipat$ ca% fl[ requirem5ts ( ! plan1
 & ! project$ return ( ! portfolio      
relative to ! fund+ objectives ( ! plan2
 &  7iii7 h[ ! select$ non-pecuni>y     
factor or factors are consi/5t ) !      
int]e/s ( ! p>ticipants & b5efici>ies 9 
_! retirem5t income or f9ancial b5efits 
"u ! plan4  7,c7 ,inve/m5t alt]natives =
 p>ticipant-direct$ individual acc\nt   
plans ,9 select+ or reta9+ inve/m5t     
options = a p5sion plan describ$ 9      

subsection 7c77#a77;,a71 a fiduci>y is n
 prohibit$ f consid]+1 select+1 or      
reta9+ an inve/m5t option on ! basis t  
su* inve/m5t option promotes1 seeks1 or 
supports "o or m non-pecuni>y b5efits or
 goals1 if-- 7i7 ! fiduci>y satisfies ! 
requirem5ts ( p>agraph 7#a7 &           
subp>agraphs 7,a7 & 7,b7 ( ?is p>agraph 
9 select+ or reta9+ any su* inve/m5t    
option2 &  7ii7 su* inve/m5t option is n
 add$ or reta9$ z1 or includ$ z a       
compon5t (1 a default inve/m5t "u       
subsection 7c77#e7 7or any o!r default  
inve/m5t alt]native7 if its inve/m5t    
objectives or goals or its pr9cipal     
inve/m5t /rategies include1 consid]1 or 
indicate ! use ( "o or m non-pecuni>y   
factors4  7,d7 ,def9itions ,= ! purposes
 ( ?is p>agraph3 7i7 ,! 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 & ! fund+ policy e/abli%$    

pursuant to section #djb7;b77#a74  7ii7 
,! t]m inve/m5t c\rse ( action means any
 s]ies or program ( inve/m5ts or actions
 relat$ to a fiduci>y's p]=mance ( !    
fiduci>y's inve/m5t duties1 & includes !
 selection ( an inve/m5t fund z a plan  
inve/m5t1 or 9 ! case ( an individual   
acc\nt plan1 a designat$ inve/m5t       
alt]native "u ! plan4  4  7b7 ,effective
 date ,! am5dm5ts made by ?is section   
%all apply to actions tak5 by a fiduci>y
 on or aft] ! date t is #ab mon?s aft] !
 date ( enactm5t ( ?is ,act4  ,septemb] 
#bf1 #bjbc,report$ ) an am5dm5t1        
committ$ to ! ,committee ( ! ,:ole ,h\se
 on ! ,/ate ( ! ,union1 & ord]$ to be   
pr9t$