,,ii  #aah? ,,congress  #a/ ,session    
,s4 #cajb  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,octob] #ai1 #bjbc,mr4 
,hick5loop] 7= himself & ,mr4 ,tillis7  
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,f9ance  ,a ,,bill  ,to e/abli% !       
,am]ican ,work] ,retirem5t ,plan1       
improve ! f9ancial security ( work+     
,am]icans by facilitat+ ! accumulation (
 weal?1 & = o!r purposes4  #a4 ,%ort    
title2 table ( cont5ts  7a7 ,%ort title 
,?is ,act may be cit$ z ! ,retirem5t    
,sav+s = ,am]icans ,act ( #bjbc4  7b7   
,table ( cont5ts ,! table ( cont5ts =   
?is ,act is z foll[s3 ,sec4 #a4 ,%ort   
title2 table ( cont5ts4,sec4 #b4        
,def9itions4,sec4 #c4 ,relation%ip to   
,social ,security4,sec4 #d4 ,gov]nm5t   
b5efits4,title ,i--,! ,am]ican ,work]   
,retirem5t ,plan,sec4 #aja4 ,! ,am]ican 
,work] ,retirem5t ,fund4,sec4 #ajb4     
,inve/m5t ( ,am]ican ,work] ,retirem5t  
,fund4,sec4 #ajc4 ,eligibility4,sec4    
#ajd4 ,enrollm5t4,sec4 #aje4            

,contributions4,sec4 #ajf4              
,di/ributions4,sec4 #ajg4 ,acc\nts4,sec4
 #ajh4 ,tax treatm5t4,sec4 #aji4 ,sp\sal
 protections2 survivor rights4,title    
,,ii--,! ,am]ican ,work] ,retirem5t     
,plan ,inve/m5t ,managem5t ,system,sec4 
#bja4 ,! ,am]ican ,work] ,retirem5t     
,inve/m5t ,bo>d4,sec4 #bjb4 ,! ,am]ican 
,work] ,retirem5t ,plan ,advisory       
,c\ncil4,sec4 #bjc4 ,executive          
,director4,sec4 #bjd4 ,inve/m5t policies
 & selection ( asset manag]s4,sec4 #bje4
 ,adm9i/rative provisions4,sec4 #bjf4   
,fiduci>y responsibilities2 liability & 
p5alties4,sec4 #bjg4 ,bond+4,sec4 #bjh4 
,inve/igative au?ority4,sec4 #bji4      
,exculpatory provisions2 insurance4,sec4
 #baj4 ,subpo5a au?ority4,title         
,,iii--,gov]nm5t ,mat* ,tax ,credit,sec4
 #cja4 ,gov]nm5t ,mat* ,tax ,cr$it4  #b4
 ,def9itions ,z us$ 9 ?is ,act1 except z
 o!rwise provid$3 7#a7 ,acc\nt ,! t]m   
acc\nt means an acc\nt e/abli%$ &       
ma9ta9$ "u section #ajg4  7#b7 ,bo>d ,! 
t]m ,bo>d means ! ,am]ican ,work]       

,retirem5t ,inve/m5t ,bo>d e/abli%$ "u  
section #bja4  7#c7 ,bus9ess ,! t]m     
bus9ess means any entity1 includ+ any   
sole proprietor1 p>tn]%ip1 limit$       
liability company1 or corporation1 t    
engages 9 int]/ate comm]ce4  7#d7 ,e>n+s
 ,! t]m e>n+s1 :5 us$ ) respect to !    
,fund1 means ! am\nt ( ! ga9 realiz$ or 
yield receiv$ f ! inve/m5t ( sums 9 su* 
,fund4  7#e7 ,executive ,director ,! t]m
 ,executive ,director means ! ,executive
 ,director appo9t$ "u section #bjc4     
7#f7 ,exi/+ retirem5t plan ,! t]m exi/+ 
retirem5t plan means-- 7,a7 an eligible 
retirem5t plan1 z def9$ 9 section       
#djb7;c77#h77;,b7 ( ! ,int]nal ,rev5ue  
,code ( #aihf1 includ+ any def9$ b5efit 
plan2  7,b7 ! ,?rift ,sav+s ,plan       
e/abli%$ "u sub*apt] ,,iii ( *apt] #hd (
 title #e1 ,unit$ ,/ates ,code2 &  7,c7 
any o!r tax def]r$ employee retirem5t   
plan det]m9$ by ! ,secret>y ( !         
,treasury to be consi/5t ) ! purposes ( 
?is ,act4  7#g7 ,=m] p>ticipant  7,a7 ,9
 g5]al ,! t]m =m] p>ticipant means a    

p>ticipant :o has an acc\nt ) ! ,fund & 
is no long] a qualify+ work]4  7,b7     
,individuals becom+ qualify+ work]s aga9
 ,su* t]m %all n include an individual  
:o 7)\t reg>d to ?is subp>agraph7 is a  
=m] p>ticipant b :o subsequ5tly becomes 
a qualify+ work] & enrolls aga9 "u      
section #ajd7;a7 to p>ticipate 9 !      
,fund4 ,?is subp>agraph %all apply until
 su* individual is no long] a qualify+  
work]4  7#h7 ,fund ,! t]m ,fund means ! 
,am]ican ,work] ,retirem5t ,fund        
e/abli%$ "u section #aja7;a74  7#i7     
,inve/m5t ,advisory ,c\ncil ,! t]m      
,inve/m5t ,advisory ,c\ncil means !     
c\ncil e/abli%$ "u section #bjb4  7#aj7 
,loss ,! t]m loss1 z us$ ) respect to ! 
,fund1 includes ! am\nt ( any loss      
result+ f ! inve/m5t ( sums 9 su* ,fund1
 or f ! brea* ( any responsibility1     
duty1 or obligation "u section #bjf4    
7#aa7 ,net e>n+s ,! t]m net e>n+s means 
! excess ( e>n+s ov] losses4  7#ab7 ,net
 losses ,! t]m net losses means ! excess
 ( losses ov] e>n+s4  7#ac7 ,p>ticipant 

,! t]m p>ticipant means any qualify+    
work] :o is enroll$ to p>ticipate 9 !   
,fund "u section #ajd7;a7 & has n opt$  
out ( p>ticipation "u section           
#ajd7;b77#c74  7#ad7 ,p>ticipat+ employ]
 ,! t]m p>ticipat+ employ] means any    
bus9ess t-- 7,a7 employs a qualify+     
work]2 or  7,b7 contracts ) an indep5d5t
 contractor :o is a qualify+ work] &    
opts to enroll su* indep5d5t contractor 
to p>ticipate 9 ! ,fund "u section      
#ajd7;a77#b74  7#ae7 ,qualify+ work] ,! 
t]m qualify+ work] means-- 7,a7 an      
employee :o-- 7i7 is employ$ by a       
bus9ess t has n e/abli%$ an exi/+       
retirem5t plan & does n provide an      
individual retirem5t plan 7z def9$ 9    
section #ggja7;a77#cg7 ( ! ,int]nal     
,rev5ue ,code ( #aihf7 ) an automatic   
enrollm5t payroll d$uction arrangem5t2  
or  7ii7 is n eligible to p>ticipate 9  
any su* plan or arrangem5t e/abli%$ by !
 bus9ess t employs ! employee2 or  7,b7 
an indep5d5t contractor :o-- 7i7 is     
self-employ$2 &  7ii7 has n e/abli%$ an 

exi/+ retirem5t plan1 & does n h an     
individual retirem5t plan 7z def9$ 9    
section #ggja7;a77#cg7 ( ! ,int]nal     
,rev5ue ,code ( #aihf7 ) an automatic   
enrollm5t payroll d$uction arrangem5t4  
#c4 ,relation%ip to ,social ,security   
,except z o!rwise provid$ 9 ?is ,act1 ! 
funds payable "u ! ,fund to p>ticipants 
& =m] p>ticipants are 9 addition to !   
b5efits payable "u ! ,social ,security  
,act 7#db ,u4,s4,c4 #cja et seq474  #d4 
,gov]nm5t b5efits ,! funds own$ by an   
individual 9 an acc\nt & any            
contribution made to su* funds by a     
p>ticipant or ! ,secret>y ( ! ,treasury 
%all n be tak5 into consid]ation :5     
det]m9+ ! individual's eligibility = any
 ,f$]al public assi/ance b5efit4  ,i ,! 
,am]ican ,work] ,retirem5t ,plan  #aja4 
,! ,am]ican ,work] ,retirem5t ,fund  7a7
 ,e/abli%m5t ,!re is e/abli%$ 9 !       
,treasury ( ! ,unit$ ,/ates ! ,am]ican  
,work] ,retirem5t ,fund4  7b7 ,purposes 
,! ,fund %all consi/ ( ! sum ( all      
am\nts contribut$ "u sections #aje &    

#cja1 increas$ by ! total net e>n+s f   
inve/m5ts ( ! sums 9 ! ,fund or r$uc$ by
 ! total net losses f inve/m5ts ( !     
,fund1 & r$uc$ by ! total am\nt (       
paym5ts made f ! ,fund 7includ+ paym5ts 
= adm9i/rative exp5ses "u subsection    
7e774  7c7 ,inve/m5t ,! sums 9 ! ,fund  
%all rema9 available )\t fiscal ye>     
limitation-- 7#a7 to inve/ pursuant to  
section #ajb2  7#b7 to pay !            
adm9i/rative exp5ses ( ! ,fund "u       
subsection 7e72  7#c7 to make           
di/ributions z provid$ 9 section #ajf2  
7#d7 to make loans z au?oriz$ "u section
 #ajf7;h72 &  7#e7 to pur*ase insurance 
z provid$ 9 section #bji4  7d7 ,acc\nts 
,ea* p>ticipant %all h an acc\nt ) !    
,fund4 ,am\nts contribut$ by a          
p>ticipant "u section #aje & by !       
,secret>y ( ! ,treasury "u section      
#be;,f ( ! ,int]nal ,rev5ue ,code (     
#aihf %all be deposit$ 9 ! ,fund &      
cr$it$ to ! p>ticipant's acc\nt 9       
accordance ) su* proc$ures z ! ,secret>y
 ( ! ,treasury may1 9 consultation ) !  

,executive ,director1 prescribe 9       
regulation4  7e7 ,adm9i/rative exp5ses  
,adm9i/rative exp5ses 7includ+ exp5ses  
relat$ to f9ancial lit]acy requirem5ts  
"u section #bja7;f77#e77 incurr$ to c>ry
 out ?is ,act %all be paid out ( ! net  
e>n+s ( ! ,fund1 includ+ e>n+s attribut$
 to return$ cr$it am\nts "u section     
#be;,f7h7 ( ! ,int]nal ,rev5ue ,code (  
#aihf4  7f7 ,exclusive b5efit  7#a7 ,9  
g5]al ,subject to p>agraphs 7#b7 & 7#c7 
& subsection 7e71 sums 9 ! ,fund cr$it$ 
to ! acc\nts ( a p>ticipant or =m]      
p>ticipant may n be us$ =1 or div]t$ to1
 purposes o!r ?an = ! exclusive b5efit (
 ! p>ticipant or =m] p>ticipant1 or a   
b5efici>y !re(1 except z o!rwise provid$
 by law4  7#b7 ,assignm5t ,except z     
provid$ 9 p>agraph 7#c71 sums 9 ! ,fund 
may n be assign$ or ali5at$ & are n     
subject to execution1 levy1 atta*m5t1   
g>ni%m5t1 or o!r legal process4 ,=      
purposes ( ?is p>agraph1 a loan made f !
 ,fund to a p>ticipant %all n be        
consid]$ to be an assignm5t or          

ali5ation4  7#c7 ,legal obligations     
,moneys due or payable f ! ,fund to any 
individual &1 9 ! case ( an individual  
:o is a p>ticipant or =m] p>ticipant1 ! 
balance 9 ! acc\nt ( ! p>ticipant or =m]
 p>ticipant %all be subject to-- 7,a7   
legal process = ! en=cem5t ( !          
individual's legal obligation to provide
 *ild support or make alimony paym5ts z 
provid$ 9 section #dei ( ! ,social      
,security ,act 7#db ,u4,s4,c4 #fei72    
7,b7 an obligation ( ! ,executive       
,director to make a paym5t to ano!r     
p]son "u section #aji2 &  7,c7 any      
,f$]al tax levy "u section #fcca ( !    
,int]nal ,rev5ue ,code ( #aihf4  ,= !   
purposes ( ?is p>agraph1 an am\nt       
contribut$ = ! b5efit ( a p>ticipant or 
=m] p>ticipant "u section #be;,f ( !    
,int]nal ,rev5ue ,code ( #aihf 7includ+ 
any e>n+s attributable !reto7 %all be   
consid]$ "p ( ! balance 9 su* p>ticipant
 or =m] p>ticipant's acc\nt4  7g7       
,non-,appropriat$ funds ,! sums 9 !     
,fund %all n be appropriat$ = any       

purpose o!r ?an ! purposes specifi$ 9   
?is section & may n be us$ = any o!r    
purpose4  7h7 ,b5efit to p>ticipants    
,all sums contribut$ to ! ,fund by a    
p>ticipant or ! ,secret>y ( ! ,treasury 
= ! b5efit ( su* p>ticipant & all net   
e>n+s 9 su* ,fund 9 tru/ = su*          
p>ticipant %all be ! exclusive prop]ty (
 ! p>ticipant4  7i7 ,non=feitable ,all !
 contributions made "u section #aje &   
section #be;,f ( ! ,int]nal ,rev5ue     
,code ( #aihf %all be fully non=feitable
 :5 made1 except z provid$ 9 section    
#be;,f7h7 ( su* ,code4  #ajb4 ,inve/m5t 
( ,am]ican ,work] ,retirem5t ,fund  7a7 
,9 g5]al ,! ,bo>d %all e/abli% !        
inve/m5t policies ( ! ,fund & select !  
inve/m5t funds1 indexes1 & o!r inve/m5t 
products t ! am\nts 9 ! ,fund %all be   
inve/$ 9 subject to ! foll[+ conditions3
 7#a7 ,! ,bo>d %all provide = ! foll[+  
inve/m5t options = p>ticipants3 7,a7 ,a 
,gov]nm5t ,securities ,inve/m5t ,fund "u
 :i* sums 9 ! ,fund are inve/$ 9-- 7i7  
bonds issu$ or gu>ante$ by ! ,unit$     

,/ates ,gov]nm5t2 &  7ii7 bonds issu$ by
 ,gov]nm5t-sponsor$ ent]prises or       
,gov]nm5t corporations4  7,b7 ,a        
,fix$-,income ,inve/m5t ,fund "u :i*    
sums are 9 ! ,fund are inve/$ 9-- 7i7   
insurance contracts2  7ii7 c]tificates (
 deposit2 &  7iii7 o!r in/rum5ts or     
obligations select$ by qualifi$         
pr(essional asset manag]s 7z def9$ 9    
section #hdch7;a77#h7 ( title #e1 ,unit$
 ,/ates ,code71  :i* return ! am\nt     
inve/$ & pay int]e/1 at a specific rate 
or rates1 on t am\nt dur+ a specific    
p]iod ( "t4  7,c7 ,a ,common ,/ock      
,index ,inve/m5t ,fund1 z describ$ 9    
section #hdch7;b77#b7 ( title #e1 ,unit$
 ,/ates ,code4  7,d7 ,a ,small          
,capitalization ,/ock ,index ,inve/m5t  
,fund1 z describ$ 9 section             
#hdch7;b77#c7 ( title #e1 ,unit$ ,/ates 
,code4  7,e7 ,an ,int]national ,/ock    
,index ,inve/m5t ,fund1 z describ$ 9    
section #hdch7;b77#d7 ( title #e1 ,unit$
 ,/ates ,code4  7,f7 ,a ,life-,cycle    
,inve/m5t ,fund consi/+ ( t>get date    

asset allocation portfolios4  7#b7 ,!   
,bo>d may1 9 its discretion1 provide =  
o!r inve/m5t options = p>ticipants      
consi/5t ) ! ,bo>d's fiduci>y duty set  
=? 9 sections #bja & #bjf4  7#c7 ,!     
,bo>d %all consult ) ! ,inve/m5t        
,advisory ,c\ncil be=e au?oriz+         
additional inve/m5t options =           
p>ticipants4  7b7 ,inve/m5ts  7#a7      
,inve/m5t selection ,! ,executive       
,director %all inve/ ! sums available 9 
! ,fund = inve/m5t z provid$ 9 !        
selection made "u subsection 7c74  7#b7 
,default option ,if a selection has n   
be5 made ) respect to any sums available
 = inve/m5t 9 ! ,fund1 ! ,executive     
,director %all inve/ su* sums 9 an      
age-appropriate ,life-,cycle ,inve/m5t  
,fund1 z det]m9$ by ! ,executive        
,director4  7c7 ,inve/m5t selection ,z  
(t5 z is practical1 b n less ?an twice  
p] ye>1 a p>ticipant may select !       
inve/m5t funds & options ref]r$ to 9    
subsection 7a7 into :i* ! am\nts 9 !    
,fund cr$it$ to ! p>ticipant's acc\nts  

are to be inve/$ or re9ve/$4 ,a         
selection may be made "u ?is subsection 
only 9 accordance ) regulations         
prescrib$ by ! ,executive ,director & )9
 su* p]iod z ! ,executive ,director %all
 provide 9 su* regulations1 b 9 no ev5t 
less frequ5tly ?an twice a ye>4  7d7    
,vot+ rights ,p>ticipants1 =m]          
p>ticipants1 ! ,bo>d1 & ! ,executive    
,director may n ex]cise vot+ rights     
associat$ ) ! own]%ip ( securities by ! 
,fund4  7e7 ,reports ,! ,bo>d %all issue
 regul> reports 7n less frequ5tly ?an   
qu>t]ly7 to p>ticipants & =m]           
p>ticipants on ! p]=mance ( ea* inve/m5t
 option select$ "u subsection 7a71 :i*  
%all include p]sonaliz$ e/imates (      
assets & income at retirem5t1 !         
additional assets & income at retirem5t 
a p>ticipant w\ld h if ! p>ticipant     
makes suffici5t contributions to receive
 ! maximum am\nt ( ! ,gov]nm5t mat* tax 
cr$it "u section #be;,f ( ! ,int]nal    
,rev5ue ,code ( #aihf1 & any o!r        
in=mation ! ,bo>d det]m9es may help     

p>ticipants make s\nd f9ancial          
decisions4 ,! ,bo>d %all provide !      
reports requir$ "u ?is subsection by    
electronic deliv]y1 except t ^u ! reque/
 ( a p>ticipant or =m] p>ticipant1      
reports %all be provid$ by mail to su*  
individual4  #ajc4 ,eligibility  7a7    
,eligibility ,a qualify+ work] %all be  
eligible to p>ticipate 9 ! ,fund ^u     
completion ( ! enrollm5t process set =? 
9 section #ajd4  7b7 ,cessation (       
eligibility ,a =m] p>ticipant %all n be 
eligible to contribute to ! ,fund "u    
section #aje7;a7 b %all rema9 ! own] ( !
 funds 9 ! =m] p>ticipant's acc\nt ) !  
,fund 7& any net e>n+s attributable to  
su* funds7 subject to ! )drawal         
conditions e/abli%$ "u section #ajf1 &  
may ex]cise inve/m5t decisions ) respect
 to su* acc\nt on ! same basis z a      
p>ticipant4  #ajd4 ,enrollm5t  7a7      
,enrollm5t  7#a7 ,9 g5]al ,! ,secret>y (
 ! ,treasury & ! ,executive ,director   
%all jo9tly e/abli% an enrollm5t process
 = p>ticipat+ employ]s to enroll        

qualify+ work]s to p>ticipate 9 ! ,fund 
t incorporates1 to ! ext5t practicable1 
su* enrollm5t & p>ticipant contributions
 "u section #aje7;a7 into ,f$]al tax    
)hold+ =ms & paym5ts4 ,su* process %all 
provide t a bus9ess op]at+ on ! date ( !
 e/abli%m5t ( ! ,fund %all complete su* 
enrollm5t process = any qualify+ work] z
 ( su* "t no lat] ?an ! date t is #a ye>
 f su* date4  7#b7 ,indep5d5t           
contractors  7,a7 ,9 g5]al ,9 ! case (  
indep5d5t contractors :o are qualify+   
work]s1 ! enrollm5t process %all all[   
bus9esses :o h contracts ) su* qualify+ 
work]s to elect to enroll su* qualify+  
work]s to p>ticipate 9 ! ,fund4  7,b7   
,classification ,an election 7or failure
 to make an election7 by a bus9ess "u   
subp>agraph 7,a7 ) respect to any       
indep5d5t contractor :o is a qualify+   
work] %all n be relevant to !           
classification ( su* work] z an         
indep5d5t contractor "u any ,f$]al1     
,/ate1 or local law4  7b7               
,auto-,enrollm5t2 opt-,out  7#a7 ,9     

g5]al ,ea* p>ticipat+ employ] %all      
enroll ea* ( its qualify+ work]s to     
p>ticipate 9 ! ,fund "u subsection 7a7  
unless su* qualify+ work] elects to opt 
out ( p>ticipat+ pursuant to p>agraph   
7#c74 ,a qualify+ work] :o is a sole    
proprietor or indep5d5t contractor %all 
enroll or elect to opt out ( p>ticipat+ 
pursuant to p>agraph 7#c74  7#b7        
,automatic contribution rates ,ea*      
qualify+ work] enroll$ "u p>agraph 7#a7 
%all be automatically enroll$ to make   
contributions "u section #aje7;a7 at !  
default p]c5tage ( #c p]c5t ( ! qualify+
 work]'s comp5sation f ! employ] = su*  
p]iod z %all be e/abli%$ by regulation  
"u section #aje7;a77#c74  7#c7 ,opt-out 
,a qualify+ work] may elect to opt out (
 p>ticipat+ 9 ! ,fund pursuant to       
proc$ures e/abli%$ jo9tly by ! ,secret>y
 ( ! ,treasury & ! ,executive ,director 
z "p ( ! regulations gov]n+ ! enrollm5t 
process set =? 9 subsection 7a74 ,if a  
qualify+ work] elects to opt out (      
p>ticipat+ 9 ! ,fund1 su* qualify+ work]

 %all n be enroll$ 9 subsequ5t ye>s     
unless ! qualify+ work] elects to       
p>ticipate 9 ! ,fund4 ,! ,secret>y ( !  
,treasury & ! ,executive ,director %all 
det]m9e proc$ures to e/abli% acc\nts =  
qualify+ work]s :o elect to opt out (   
p>ticipat+ 9 ! ,fund :o are det]m9$ to  
be eligible = automatic contributions or
 :o w\ld make contributions o!rwise     
all[able by law outside ! )hold+        
process4  7c7 ,p5alties  7#a7 ,p5alty ,a
 p>ticipat+ employ] :o fails to enroll a
 qualify+ work] pursuant to subsection  
7b7 or fails to deposit 9 ! ,fund !     
am\nt ( a p>ticipant's contributions "u 
section #aje7;a7 %all be subject to a   
p5alty equal to ! applicable p5alty     
p]c5tage ( ! am\nt ( ! contributions by 
! qualify+ work] or p>ticipant1 z ! case
 may be1 t ! p>ticipat+ employ] fails to
 deposit due to failure to enroll !     
qualify+ work] or o!rwise deposit su*   
funds4 ,! ,secret>y ( ! ,treasury & !   
,executive ,director %all jo9tly        
prescribe regulations "u :i* a          

p>ticipat+ employ] %all be requir$ to   
pay to ! ,fund am\nts repres5t+ lo/     
e>n+s result+ f errors made by su*      
p>ticipat+ employ] 9 c>ry+ out ?is      
section4  7#b7 ,applicable p5alty       
p]c5tage ,! t]m applicable p5alty       
p]c5tage means-- 7,a7 #b p]c5t if !     
failure is = n m ?an #e days2  7,b7 #e  
p]c5t if ! failure is = m ?an #e days b 
n m ?an #ae days2 &  7,c7 #aj p]c5t if !
 failure is = m ?an #ae days4  7#c7     
,funds ,! ,secret>y ( ! ,treasury %all  
cr$it to ! ,fund1 out ( any sums 9 !    
,treasury n o!rwise appropriat$1 ! am\nt
 det]m9$ by ! ,executive ,director to be
 necess>y to c>ry out ?is section &     
section #aje7;d74  #aje4 ,contributions 
7a7 ,contributions by p>ticipants  7#a7 
,9 g5]al ,pursuant to ! regulations     
e/abli%$ "u p>agraph 7#c7 & subsection  
7e71 a p>ticipant may make contributions
 to ! p>ticipant's acc\nt ) ! ,fund 9   
any pay p]iod 9 an am\nt n to exce$ !   
p>ticipant's comp5sation = su* p]iod4   
7#b7 ,o!r p>ticipant contributions  7,a7

 ,cat*-up contributions ,not)/&+ !      
limitation "u p>agraph 7#a7 or          
subsection 7c71 a p>ticipant may make   
su* additional contributions to !       
p>ticipant's acc\nt ) ! ,fund z are     
p]mitt$ by section #dad7v7 ( ! ,int]nal 
,rev5ue ,code ( #aihf1 & ! regulations  
e/abli%$ "u subsection 7e7 consi/5t     
!re)4  7,b7 ,contributions ( tax refunds
  7i7 ,9 g5]al ,subject to ! limits (   
subsection 7c71 a p>ticipant may elect1 
at su* "t & 9 su* mann] z ! ,secret>y ( 
! ,treasury may prescribe1 to contribute
 to ! p>ticipant's acc\nt any portion ( 
su* p>ticipant's ov]paym5t ( tax :i* is 
to be refund$ to su* p>ticipant "u      
section #fdjb ( ! ,int]nal ,rev5ue ,code
 ( #aihf4  7ii7 ,special rules ,=       
purposes ( clause 7i7-- 7,i7 ! am\nt ( !
 ov]paym5t :i* may be contribut$ "u     
clause 7i7 %all be det]m9$ )\t reg>d to 
any ov]paym5t attributable to ! am\nt   
contribut$ to ! acc\nt by ! ,secret>y ( 
! ,treasury "u section #be;,f ( !       
,int]nal ,rev5ue ,code ( #aihf1 &       

7,,ii7 any contribution describ$ 9      
clause 7i7 %all be treat$ z made = !    
taxable ye> ( ! ov]paym5t & %all be tak5
 into acc\nt 9 det]m9+ ! am\nt ( ! cr$it
 "u section #be;,f = su* taxable ye>4   
7#c7 ,contributions ,! ,secret>y ( !    
,treasury & ! ,executive ,director %all 
jo9tly prescribe regulations t e/abli% a
 program ( regul> contribution "u :i*   
p>ticipants may-- 7,a7 make             
contributions to _! acc\nts ) ! ,fund "u
 p>agraph 7#a72  7,b7 modify ! am\nt    
contribut$ "u su* p>agraph2 or  7,c7    
t]m9ate su* contributions4  7#d7        
,election ,an election to make          
contributions "u ?is subsection-- 7,a7  
may be made at any "t2  7,b7 %all take  
effect on ! e>lie/ date aft] ! election 
t is adm9i/ratively feasible2 &  7,c7   
%all rema9 9 effect until modifi$ or    
t]m9at$4  ,any su* election %all be     
subject to ! contribution limits "u ?is 
section4  7b7 ,contribution ( ,gov]nm5t 
,mat* ,tax ,cr$it ,a p>ticipant's acc\nt
 %all receive contributions 9 ! =m ( !  

,gov]nm5t ,mat* ,tax ,cr$it contribut$  
by ! ,secret>y ( ! ,treasury "u section 
#be;,f ( ! ,int]nal ,rev5ue ,code (     
#aihf4  7c7 ,contribution limits        
,not)/&+ any o!r provision ( ?is        
section1 no contribution may be made "u 
?is section = any ye> to ! ext5t t su*  
contribution1 :5 add$ to prior          
contributions = su* ye>1 exce$s any     
limitation "u section #bai7;b77#e7 ( !  
,int]nal ,rev5ue ,code ( #aihf4 ,any    
contribution made "u section #be;,f ( ! 
,int]nal ,rev5ue ,code ( #aihf %all n be
 tak5 into acc\nt = purposes ( ! prec$+ 
s5t5ce4  7d7 ,treatm5t z ,ro?           
contributions ,contributions "u         
subsection 7a7 %all n be excludable f   
gross income & no d$uction %all be all[$
 ) respect to su* contributions "u      
section #bai ( ! ,int]nal ,rev5ue ,code 
( #aihf4  7e7 ,regulations ,! am\nts    
contribut$ to ! ,fund by a p>ticipant "u
 section #aje7;a7 & on behalf ( a       
p>ticipant by ! ,secret>y ( ! ,treasury 
"u section #be;,f ( ! ,int]nal ,rev5ue  

,code ( #aihf %all be deposit$ 9 ! ,fund
 & cr$it$ to ! p>ticipant's acc\nt ) !  
,fund pursuant to regulations jo9tly    
prescrib$ by ! ,secret>y ( ! ,treasury &
 ! ,executive ,director4  #ajf4         
,di/ributions  7a7 ,=m] p>ticipants ,a  
=m] p>ticipant is entitl$ to access !   
am\nts 9 ! =m] p>ticipant's acc\nt z    
provid$ 9 ?is section4 ,am\nts 9 !      
acc\nt ( a =m] p>ticipant %all rema9 9 !
 ,fund until di/ribut$ 9 accordance )   
subsection 7b74  7b7 ,=m] p>ticipant    
)drawal options ,subject to section     
#aji1 a =m] p>ticipant is entitl$ to &  
may elect to )draw f ! ,fund ! balance (
 ! =m] p>ticipant's acc\nt z-- 7#a7 an  
annuity2  7#b7 a s+le paym5t2  7#c7 #b  
or m sub/antially equal paym5ts to be   
made n less frequ5tly ?an annually2 or  
7#d7 any comb9ation ( paym5ts describ$ 9
 p>agraphs 7#a7 ?r\gh 7#c7 z !          
,executive ,director may prescribe by   
regulation4  7c7 ,additional =m]        
p>ticipant )drawal options  7#a7 ,9     
g5]al ,9 addition to ! "r provid$ "u    

subsection 7b7 to )draw ! balance ( !   
acc\nt1 a =m] p>ticipant may make #a or 
m )drawals ( any am\nt 9 ! same mann] z 
a s+le paym5t is made 9 accordance )    
subsection 7b77#b7 f ! =m] p>ticipant's 
acc\nt4  7#b7 ,transf]s to retirem5t    
plans  7,a7 ,9 g5]al ,a =m] p>ticipant  
may reque/ t ! am\nt )drawn f ! ,fund "u
 p>agraph 7#a7 be transf]r$ to an exi/+ 
retirem5t plan4  7,b7 ,transf]s ,!      
,executive ,director %all make ea*      
transf] directly to an exi/+ retirem5t  
plan id5tifi$ by ! =m] p>ticipant = :om 
! transf] is made4 ,a transf] %all n be 
made "u ! prec$+ s5t5ce until !         
,executive ,director receives f ! =m]   
p>ticipant ! in=mation requir$ by !     
,executive ,director specifically to    
id5tify ! exi/+ retirem5t plan to :i* ! 
transf] is to be made4  7#c7            
,limitations ,)drawals "u ?is subsection
 %all be subject to su* o!r limitations 
or conditions z ! ,executive ,director  
may prescribe by regulation4  7d7       
,paym5t ( annuities ,! ,bo>d %all       

prescribe me?ods ( paym5t ( annuities "u
 ?is ,act sub/antially simil> to ^?     
provid$ = "u section #hdcd ( title #e1  
,unit$ ,/ates ,code4  7e7 ,=m]          
p>ticipant *anges to elections  7#a7 ,9 
g5]al ,subject to section #aji1 a =m]   
p>ticipant may *ange an election        
previ\sly made "u ?is section1 except t 
9 ! case ( an election to receive an    
annuity1 a =m] p>ticipant may n *ange an
 election "u ?is section on or aft] !   
date on :i* an annuity contract is      
pur*as$ to provide = ! annuity elect$ by
 ! =m] p>ticipant4  7#b7 ,di/ributions  
made ,a =m] p>ticipant may n return a   
di/ribution once made pursuant to an    
election "u ?is section4  7f7 ,survivor 
rights  7#a7 ,9 g5]al ,if a p>ticipant  
or a =m] p>ticipant dies )\t hav+ made  
an election "u subsection 7b7 or aft]   
hav+ elect$ an annuity "u subsection 7b7
 b be=e mak+ an election = paym5ts to a 
survivor rights "u section #hdcd ( title
 #e1 ,unit$ ,/ates ,code1 an am\nt equal
 to ! value ( t individual's acc\nt 7z (

 dea?7 %all1 subject to any decree1     
ord]1 or agreem5t ref]r$ to 9 section   
#aji1 be paid 9 a mann] consi/5t ) !    
requirem5ts ( section #aji4  7#b7       
,ma9t5ance ( acc\nt ,not)/&+ section    
#aji1 if a p>ticipant or =m] p>ticipant 
dies & has designat$ z sole or p>tial   
b5efici>y ! sp\se ( ! p>ticipant or =m] 
p>ticipant at ! "t ( dea?1 or1 if a     
p>ticipant or =m] p>ticipant dies ) no  
designat$ b5efici>y & is surviv$ by a   
sp\se1 ! sp\se may ma9ta9 ! portion ( ! 
p>ticipant or =m] p>ticipant's acc\nt to
 :i* ! sp\se is entitl$ 9 accordance ) !
 foll[+ t]ms3 7,a7 ,subject to !        
limitations ( subp>agraph 7,b71 ! sp\se 
%all h ! same )drawal options "u        
subsection 7b7 z a =m] p>ticipant4  7,b7
 ,! sp\se may n make )drawals "u        
subsection 7h7 or 7i74  7,c7 ,! sp\se   
may n make contributions or transf]s to 
! acc\nt4  7,d7 ,! acc\nt %all be       
disburs$ ^u ! dea? ( ! surviv+ sp\se ( !
 p>ticipant or =m] p>ticipant & %all n  
be ma9ta9$ by a b5efici>y or surviv+    

sp\se ( ! surviv+ sp\se :o inh]it$ !    
acc\nt4  7#c7 ,regulations ,! ,executive
 ,director %all prescribe regulations to
 c>ry out ?is subsection4  7g7 ,small   
,balance ,acc\nts ,not)/&+ subsection   
7b71 if a =m] p>ticipant's acc\nt       
balance is less ?an an am\nt t !        
,executive ,director prescribes by      
regulation1 ! ,executive ,director %all 
pay ! non=feitable acc\nt balance to !  
p>ticipant 9 a s+le paym5t4 ,!          
,executive ,director may prescribe m ?an
 #a balance am\nt = paym5t "u ?is       
subsection bas$ on age ( ! =m]          
p>ticipant4  7h7 ,loans  7#a7 ,9 g5]al  
,a p>ticipant or =m] p>ticipant may     
apply to ! ,bo>d = p]mission to borr[ f 
! p>ticipant or =m] p>ticipant's acc\nt 
an am\nt n exce$+ ! value ( t portion ( 
su* acc\nt :i* is attributable to       
contributions made by ! p>ticipant or   
=m] p>ticipant4 ,be=e a loan is issu$1 !
 ,executive ,director %all provide to ! 
p>ticipant or =m] p>ticipant 9 writ+ )  
appropriate in=mation conc]n+ ! co/ ( ! 

loan relative to o!r s\rces ( f9anc+1 z 
well z ! lifetime co/ ( ! loan1 includ+ 
! diff]5ce 9 int]e/ rates betwe5 ! funds
 (f]$ by ! ,fund & any o!r effect ( su* 
loan on ! p>ticipant or =m] p>ticipant's
 f9al acc\nt balance4  7#b7 ,special    
rules  7,a7 ,9 g5]al ,loans "u ?is      
subsection %all be available to all     
p>ticipant & =m] p>ticipants on a       
reasonably equival5t basis1 & %all be   
subject to su* o!r conditions z ! ,bo>d 
may prescribe by regulation1 :i* %all be
 z equival5t z practically possible to  
^? provid$ = "u ! ,?rift ,sav+s ,plan4  
,! re/rictions ( section #bjf7;c77#a7   
%all n apply to loans made "u ?is       
subsection4  7,b7 ,limitation bas$ on   
tax treatm5t ,a loan may n be made "u   
?is subsection to ! ext5t t ! loan w\ld 
be treat$ z a taxable di/ribution "u    
section #gb7p7 ( ! ,int]nal ,rev5ue     
,code ( #aihf4  7,c7 ,sp\sal protections
 ,a loan may n be made "u ?is subsection
 unless ! requirem5ts ( section #aji are
 satisfi$4  7i7 ,volunt>y di/ributions  

7#a7 ,9 g5]al ,a p>ticipant may apply1  
be=e becom+ a =m] p>ticipant1 to ! ,bo>d
 = p]mission to )draw an am\nt f !      
p>ticipant's acc\nt bas$ ^u-- 7,a7 !    
p>ticipant hav+ atta9$ age #eia_/b2 or  
7,b7 f9ancial h>d%ip4  7#b7 ,limitations
 ,a )drawal "u p>agraph 7#a77;,b7 %all  
be available only = an am\nt n exce$+ ! 
value ( t portion ( su* acc\nt :i* is   
attributable to contributions made by ! 
p>ticipant4 ,)drawals "u p>agraph 7#a7  
%all be subject to su* o!r limitations  
or conditions z ! ,executive ,director  
may prescribe by regulation1 :i* %all be
 z equival5t z practically possible to  
^? provid$ = "u ! ,?rift ,sav+s ,plan4  
7#c7 ,sp\sal protections ,a )drawal may 
n be made "u ?is subsection unless !    
requirem5ts ( section #aji are satisfi$4
  7j7 ,involunt>y di/ributions  7#a7 ,9 
g5]al ,a p>ticipant %all receive a      
di/ribution f ! ,fund if ! p>ticipant's 
gross income = a taxable ye> exce$s !   
doll> ?re%old 7z adju/$ by ! ,secret>y (
 ! ,treasury7 e/abli%$ "u section       

#dad7q77#a77;,b7 ( ! ,int]nal ,rev5ue   
,code ( #aihf4  7#b7 ,am\nt (           
di/ribution ,! am\nt ( a di/ribution "u 
p>agraph 7#a7 %all be equal to ! sum (  
su* p>ticipant's contributions to !     
,fund = ! taxable ye> = :i* su*         
di/ribution is requir$ "u p>agraph 7#a71
 increas$ by any ga9s attributable to   
su* contributions1 & decreas$ by any    
losses attributable to su*              
contributions1 any e>ly )drawal         
p5alties1 & any exp5ses associat$ ) mak+
 su* di/ribution4  7#c7 ,process =      
di/ribution  7,a7 ,notice to p>ticipant 
,! ,executive ,director %all provide    
notice to a p>ticipant subject to a     
di/ribution "u p>agraph 7#a7 n lat] ?an 
#g days aft] ! ,executive ,director     
det]m9es t su* p>ticipant is subject to 
su* di/ribution1 bas$ on in=mation      
reg>d+ p>ticipants' gross income provid$
 by ! ,secret>y ( ! ,treasury4  7,b7    
,me?od ( di/ribution ,n lat] ?an #cj    
days aft] receiv+ notice "u subp>agraph 
7,a71 a p>ticipant may elect to direct t

 a di/ribution "u p>agraph 7#a7 be      
made-- 7i7 9 ! case ( an eligible       
rollov] di/ribution 7z def9$ 9 section  
#djb7;c7 ( ! ,int]nal ,rev5ue ,code (   
#aihf71 to an eligible retirem5t plan 7z
 def9$ 9 su* section ( su* code72 or    
7ii7 directly to su* p>ticipant4  7,c7  
,default election ,9 ! case ( a         
p>ticipant :o fails to make an election 
)9 ! p]iod describ$ 9 subp>agraph 7,b71 
! ,executive ,director %all make !      
di/ribution directly to su* p>ticipant4 
7#d7 ,tax treatm5t ( involunt>y         
di/ribution ,a di/ribution made "u      
p>agraph 7#a7 directly to ! p>ticipant  
"u subp>agraph 7,b77ii7 or 7,c7 %all be 
treat$ z an e>ly di/ribution f a        
qualifi$ retirem5t plan pursuant to     
section #gb7t7 ( ! ,int]nal ,rev5ue     
,code ( #aihf to ! ext5t su* di/ribution
 does n consi/ ( p>ticipant             
contributions to ! ,fund4  7k7 ,treatm5t
 z ,ro? di/ributions ,! rules ( sections
 #djh7;d7 & #djh;,a7d7 ( ! ,int]nal     
,rev5ue ,code ( #aihf %all apply to     

di/ributions f ! ,fund 9 ! same mann] z 
if su* ,fund 7 a ,ro? ,,ira4 ,= purposes
 ( ! prec$+ s5t5ce1 contributions made  
"u section #be;,f ( su* ,code %all be   
treat$ z employ] contributions :i* 7 n  
includible 9 gross income4  #ajg4       
,acc\nts  7a7 ,9 g5]al ,! ,executive    
,director %all e/abli% & ma9ta9 an      
acc\nt = ea* p>ticipant :o makes        
contributions "u section #aje7;a71 or = 
:om contributions are made "u section   
#be;,f ( ! ,int]nal ,rev5ue ,code (     
#aihf1 to ! ,fund4  7b7 ,acc\nt balances
 ,! balance 9 a p>ticipant's acc\nt is !
 excess (-- 7#a7 ! sum (-- 7,a7 all     
contributions made to ! ,fund by !      
p>ticipant "u section #aje7;a72  7,b7   
all contributions made to ! ,fund = !   
b5efit ( ! p>ticipant by ! ,secret>y ( !
 ,treasury "u section #be;,f ( !        
,int]nal ,rev5ue ,code ( #aihf2 &  7,c7 
! total am\nt ( ! allocations made to & 
r$uction made 9 ! acc\nt pursuant to    
subsection 7c72 ov]  7#b7 ! am\nts paid 
out ( ! ,fund ) respect to su*          

p>ticipant "u ?is title4  7c7           
,allocation ( e>n+s & losses ,pursuant  
to regulation prescrib$ by ! ,executive 
,director1 ! ,executive ,director %all  
allocate to ea* acc\nt an am\nt equal to
 a pro rata %>e ( ! net e>n+s & net     
losses f ea* inve/m5t ( sums 9 ! ,fund  
attribut$ to sums cr$it$ to su* acc\nt1 
r$uc$ by ! appropriate %>e ( !          
adm9i/rative exp5ses paid out ( ! net   
e>n+s "u section #aja7;e7 z det]m9$ by !
 ,executive ,director4  #ajh4 ,tax      
treatm5t ,except z o!rwise provid$ 9 ?is
 ,act1 = purposes ( ! ,int]nal ,rev5ue  
,code ( #aihf1 rules simil> to ! rules t
 apply ) respect to ! ,?rift ,sav+s     
,fund 7includ+ ! rules ( section #hddj (
 title #e1 ,unit$ ,/ates ,code7 %all    
apply ) respect to ! ,am]ican ,work]    
,retirem5t ,fund4  #aji4 ,sp\sal        
protections2 survivor rights ,!         
provisions = sp\sal protections & c\rt  
ord]s "u section #hdce & #hdfg ( title  
#e1 ,unit$ ,/ates ,code1 respectively1  
%all apply 9 ! same mann] to gov]nance (

 ! ,fund & to acc\nts ( p>ticipants &   
=m] p>ticipants z su* sections are      
appli$ ) respect ! ,?rift ,sav+s ,plan &
 its acc\nts4 ,! ,executive ,director   
%all issue regulations t e/abli% sp\sal 
protections & survivor rights ) respect 
to p>ticipants & =m] p>ticipants t are z
 equival5t z practically possible to ^? 
provid$ = "u ! ,?rift ,sav+s ,plan      
pursuant to *apt] #hd ( title #e1 ,unit$
 ,/ates ,code4  ,,ii ,! ,am]ican ,work] 
,retirem5t ,plan ,inve/m5t ,managem5t   
,sy/em  #bja4 ,! ,am]ican ,work]        
,retirem5t ,inve/m5t ,bo>d  7a7         
,e/abli%m5t ,!re is e/abli%$ 9 !        
executive bran* ( ! ,gov]nm5t ! ,am]ican
 ,work] ,retirem5t ,inve/m5t ,bo>d4  7b7
 ,composition ,! ,bo>d %all be compos$  
(-- 7#a7 #c memb]s appo9t$ by !         
,presid5t1 ( :om #a %all be designat$ by
 ! ,presid5t z ,*air2  7#b7 #a memb]    
appo9t$ by ! ,presid5t aft] tak+ into   
consid]ation ! recomm5dation made by !  
majority lead] ( ! ,s5ate 9 consultation
 ) ! m9ority lead] ( ! ,s5ate2 &  7#c7  

#a memb] appo9t$ by ! ,presid5t aft]    
tak+ into consid]ation ! recomm5dation  
made by ! ,speak] ( ! ,h\se (           
,repres5tatives 9 consultation ) !      
m9ority lead] ( ! ,h\se (               
,repres5tatives4  7c7 ,s5ate            
confirmation ,appo9tm5ts "u subsection  
7b7 %all be made ) ! advice & cons5t ( !
 ,s5ate4  7d7 ,qualifications  7#a7 ,9  
g5]al ,memb]s ( ! ,bo>d %all h          
sub/antial exp]i5ce1 tra9+1 & exp]tise 9
 ! managem5t ( f9ancial inve/m5ts &     
p5sion b5efit plans4  7#b7              
,disqualification ,no memb] ( ! ,bo>d   
may be an (fic] or employee ( ! ,f$]al  
,gov]nm5t4  7e7 ,t]ms2 vacancies  7#a7  
,t]ms ,a memb] ( ! ,bo>d %all be appo9t$
 = a t]m ( #d ye>s1 except t ( ! memb]s 
fir/ appo9t$ "u subsection 7b7-- 7,a7 ! 
,*air %all be appo9t$ = a t]m ( #d ye>s2
  7,b7 ! memb]s appo9t$ "u p>agraphs    
7#b7 & 7#c7 ( subsection 7b7 %all be    
appo9t$ = t]ms ( #c ye>s2 &  7,c7 !     
rema9+ memb]s %all be appo9t$ = t]ms (  
#b ye>s4  7#b7 ,vacancies  7,a7 ,9 g5]al

 ,a vacancy on ! ,bo>d %all be fill$ 9 !
 mann] 9 :i* ! orig9al appo9tm5t 0 made 
& %all be subject to any conditions :i* 
appli$ ) respect to ! orig9al appo9tm5t4
  7,b7 ,t]m ,an individual *os5 to fill 
a vacancy %all be appo9t$ = ! unexpir$  
t]m ( ! memb] replac$4  7,c7 ,expiration
 ,! t]m ( any memb] %all n expire be=e !
 date on :i* ! memb]'s successor takes  
(fice4  7f7 ,bo>d duties ,! ,bo>d %all--
 7#a7 e/abli% policies =-- 7,a7 !       
inve/m5t & managem5t ( ! ,fund2 &  7,b7 
! adm9i/ration ( title ,i ( ?is ,act2   
7#b7 hire & set ! comp5sation = !       
,executive ,director2  7#c7 review !    
p]=mance ( inve/m5ts made = ! ,fund2    
7#d7 review & approve ! budget ( !      
,bo>d2 &  7#e7 develop evid5ce-bas$     
f9ancial lit]acy requirem5ts =          
p>ticipants 9 ! ,fund1 includ+          
requirem5ts = f9ancial lit]acy          
int]v5tions to occur prior to a         
p>ticipant-- 7,a7 tak+ an e>ly )drawal f
 _! acc\nt at ! ,fund pursuant to       
section #ajf7;i72 &  7,b7 tak+ a loan f 

su* acc\nt pursuant to section #ajf7;h74
  7g7 ,bo>d au?orities2 inve/m5t        
limitations  7#a7 ,9 g5]al ,! ,bo>d     
may-- 7,a7 adopt1 alt]1 & use a seal2   
7,b7 except z provid$ 9 p>agraph 7#b71  
direct ! ,executive ,director to take   
su* action z ! ,bo>d consid]s           
appropriate to c>ry out ! provisions (  
?is ,act & ! policies ( ! ,bo>d2  7,c7  
^u ! concurr+ votes ( #d memb]s1 remove 
! ,executive ,director f (fice = good   
cause %[n2 &  7,d7 take su* o!r action z
 may be necess>y to c>ry out ! functions
 ( ! ,bo>d4  7#b7 ,exception ,except 9 !
 case ( inve/m5ts "u section            
#ajb7;b77#b71 ! ,bo>d may n direct !    
,executive ,director to inve/ or to     
cause to be inve/$ any sums 9 ! ,fund 9 
a specific asset or to dispose ( or     
cause to be dispos$ ( any specific asset
 ( su* ,fund4  7h7 ,bo>d                
responsibilities ,! memb]s ( ! ,bo>d    
%all dis*>ge _! responsibilities "u ?is 
,act solely 9 ! int]e/ ( p>ticipants &  
b5efici>ies4  7i7 ,budget ,! ,bo>d %all 

prep>e & submit to ! ,presid5t1 &1 at ! 
same "t1 to ! appropriate committees (  
,congress1 an annual budget ( ! exp5ses 
& o!r items relat+ to ! ,bo>d :i* %all  
be includ$ z a sep>ate item 9 ! budget  
requir$ to be transmitt$ to ! ,congress 
"u section #aaje ( title #ca1 ,unit$    
,/ates ,code4  7j7 ,legislative         
recomm5dations ,! ,bo>d may submit to ! 
,presid5t1 &1 at ! same "t1 %all submit 
to ea* ,h\se ( ! ,congress1 any         
legislative recomm5dations ( ! ,bo>d    
relat+ to any ( its functions "u ?is    
title4  #bjb4 ,! ,am]ican ,work]        
,retirem5t ,plan ,advisory ,c\ncil  7a7 
,e/abli%m5t ,! ,bo>d %all e/abli% an    
,am]ican ,work] ,retirem5t ,plan        
,advisory ,c\ncil4 ,! ,c\ncil %all be   
compos$ ( #g memb]s appo9t$ by ! ,*air (
 ! ,bo>d 9 accordance ) subsection 7b74 
7b7 ,appo9tm5t ,! ,*air %all appo9t #g  
memb]s ( ! ,c\ncil1 ( :om-- 7#a7 #c %all
 be appo9t$ :o h exp]i5ce manag+        
inve/m5t funds2  7#b7 #b %all be appo9t$
 :o h exp]i5ce op]at+ small bus9esses2 &

  7#c7 #b %all be appo9t$ :o h exp]i5ce 
provid+ inve/m5t advice to small        
bus9esses & l[-income work]s4  7c7 ,head
 ( c\ncil2 t]ms2 vacancies  7#a7 ,9     
g5]al ,! ,*air ( ! ,bo>d %all designate 
#a memb] ( ! ,c\ncil to s]ve z head ( ! 
,c\ncil4  7#b7 ,t]m ,a memb] ( ! ,c\ncil
 %all be appo9t$ = a t]m ( #d ye>s4     
7#c7 ,vacancies  7,a7 ,9 g5]al ,a       
vacancy 9 ! ,c\ncil %all be fill$ 9 !   
mann] 9 :i* ! orig9al appo9tm5t 0 made &
 %all be subject to any conditions :i*  
appli$ ) respect to ! orig9al appo9tm5t4
  7,b7 ,t]m ,an individual *os5 to fill 
a vacancy %all be appo9t$ = ! unexpir$  
t]m ( ! memb] replac$4  7,c7 ,expiration
 ,! t]m ( any memb] %all n expire be=e !
 date on :i* ! memb]'s successor takes  
(fice4  7d7 ,majority approval ,!       
,c\ncil %all act by resolution ( a      
majority ( ! memb]s4  7e7 ,duties ,!    
,c\ncil %all-- 7#a7 advise ! ,bo>d & !  
,executive ,director on matt]s relat+   
to-- 7,a7 inve/m5t policies = ! ,fund2 &
  7,b7 ! adm9i/ration ( title ,i ( ?is  

,act2 &  7#b7 p]=m su* o!r duties z !   
,bo>d may direct ) respect to inve/m5t  
funds e/abli%$ 9 accordance ) title ,i4 
#bjc4 ,executive ,director  7a7 ,9 g5]al
  7#a7 ,appo9tm5t ,! ,bo>d %all appo9t1 
)\t reg>d to ! provisions ( law gov]n+  
appo9tm5ts 9 ! competitive s]vice1 an   
,executive ,director by action agre$ to 
by a majority ( ! memb]s ( ! ,bo>d4     
7#b7 ,qualifications ,! ,executive      
,director %all h sub/antial exp]i5ce1   
tra9+1 & exp]tise 9 ! managem5t (       
f9ancial inve/m5ts & p5sion b5efit      
plans4  7b7 ,duties ,! ,executive       
,director %all-- 7#a7 c>ry out !        
policies e/abli%$ by ! ,bo>d2  7#b7     
inve/ & manage ! ,fund 9 accordance )   
inve/m5t policies & o!r policies        
e/abli%$ by ! ,bo>d2  7#c7 adm9i/] !    
provisions ( ?is ,act2  7#d7 prescribe  
su* regulations 7o!r ?an regulations    
relat+ to fiduci>y responsibilities7 z  
may be necess>y = ! adm9i/ration ( ?is  
,act2  7#e7 meet f "t to "t ) ! ,c\ncil 
^u ! reque/ ( ! ,c\ncil2 &  7#f7 en=ce !

 f9ancial lit]>y requirem5ts e/abli%$ by
 ! ,bo>d pursuant to #bja7;f77#e74  7c7 
,au?orities ,! ,executive ,director     
may-- 7#a7 prescribe su* regulations z  
may be necess>y to c>ry out !           
responsibilities ( ! ,executive         
,director "u ?is section1 o!r ?an       
regulations relat+ to fiduci>y          
responsibilities2  7#b7 appo9t su*      
p]sonnel z may be necess>y to c>ry out !
 provisions ( ?is ,act2  7#c7 subject to
 approval by ! ,bo>d1 procure ! s]vices 
( exp]ts & consultants "u section #caji 
( title #e1 ,unit$ ,/ates ,code2  7#d7  
make su* paym5ts out ( sums 9 ! ,fund z 
! ,executive ,director det]m9es are     
necess>y to c>ry out ! provisions ( ?is 
,act & ! policies ( ! ,bo>d2  7#e7 pay !
 comp5sation1 p] diem1 & travel exp5ses 
( individuals appo9t$ "u p>agraphs 7#b71
 7#c71 & 7#g7 ( ?is subsection f !      
,fund2  7#f7 except z o!rwise expressly 
prohibit$ by law or ! policies ( !      
,bo>d1 delegate any ( ! ,executive      
,director's functions to su* employees  

"u ! ,bo>d z ! ,executive ,director may 
designate & au?orize su* successive     
r$elegations ( su* functions to su*     
employees "u ! ,bo>d z ! ,executive     
,director may consid] to be necess>y or 
appropriate2 &  7#g7 take su* o!r       
actions z are appropriate to c>ry out ! 
functions ( ! ,executive ,director4     
#bjd4 ,inve/m5t policies & selection (  
asset manag]s  7a7 ,inve/m5t ,policies  
,! ,bo>d %all develop inve/m5t policies 
"u section #bja7;f77#a7 :i* provide =-- 
7#a7 prud5t inve/m5ts suitable =        
accumulat+ funds = paym5t ( retirem5t   
income2 &  7#b7 l[ adm9i/rative co/s4   
7b7 ,asset manag]s ,! ,bo>d %all select 
asset manag]s to manage ! ,fund1 subject
 to ! foll[+ conditions3 7#a7 ,! ,bo>d  
%all select a numb] ( asset manag]s     
necess>y to ensure t no asset manag]    
%all be responsible = manag+ ! great]   
(-- 7,a7 #ejj1jjj1jjj1jjj2 or  7,b7 #aj 
p]c5t ( ! ,fund's assets4  7#b7 ,! ,bo>d
 %all limit any contract ) an asset     
manag] to a maximum ( #e ye>s4  #bje4   

,adm9i/rative provisions  7a7 ,bo>d     
meet+s ,! ,bo>d %all meet-- 7#a7 n less 
?an once dur+ ea* mon?2 &  7#b7 at      
additional times at ! call ( ! ,*air4   
7b7 ,bo>d gov]nance  7#a7 ,9 g5]al      
,except z provid$ 9 section             
#bja7;g77#a77;,c71 ! ,bo>d %all p]=m !  
functions & ex]cise ! p[]s ( ! ,bo>d on 
a majority vote ( a quorum ( ! ,bo>d4   
7#b7 ,quorum #c memb]s ( ! ,bo>d %all   
con/itute a quorum = ! transaction (    
bus9ess4  7#c7 ,effect ( vacancy ,a     
vacancy on ! ,bo>d %all n impair !      
au?ority ( a quorum ( ! ,bo>d to p]=m ! 
functions & ex]cise ! p[] ( ! ,bo>d4    
7c7 ,bo>d comp5sation  7#a7 ,9 g5]al    
,ea* memb] ( ! ,bo>d %all be comp5sat$  
at ! daily rate ( basic pay = level ,,iv
 ( ! ,executive ,s*$ule = ea* day dur+  
:i* su* memb] is engag$ 9 p]=m+ a       
function ( ! ,bo>d4  7#b7 ,p] diem1 etc 
,a memb] ( ! ,bo>d %all be paid travel1 
p] diem1 & o!r necess>y exp5ses :ile    
travel+ away f su* memb]'s home or      
regul> place ( bus9ess 9 ! p]=mance ( ! 

duties ( ! ,bo>d4  7#c7 ,paym5t f fund  
,paym5ts au?oriz$ "u ?is subsection %all
 be paid f ! ,fund z adm9i/rative       
exp5ses p]mitt$ "u section #aja7;e74    
#bjf4 ,fiduci>y responsibilities2       
liability & p5alties  7a7 ,def9itions ,=
 ! purposes ( ?is section3 7#a7 ,acc\nt 
,! t]m acc\nt is n limit$ by ! def9ition
 provid$ 9 section #b4  7#b7 ,adequate  
consid]ation ,! t]m adequate            
consid]ation means-- 7,a7 9 ! case ( a  
security = :i* !re is a g5]ally         
recogniz$ m>ket-- 7i7 ! price ( !       
security prevail+ on a national         
securities ex*ange :i* is regi/]$ "u    
section #f ( ! ,securities ,ex*ange ,act
 ( #aicd 7#ae ,u4,s4,c4 #gh;f72 or  7ii7
 if ! security is n trad$ on su* a      
national securities ex*ange1 a price n  
less favorable to ! ,fund ?an ! (f]+    
price = ! security z e/abli%$ by !      
curr5t bid & ask$ prices quot$ by p]sons
 indep5d5t ( ! issu] & ( any p>ty 9     
int]e/2 &  7,b7 9 ! case ( an asset o!r 
?an a security = :i* !re is a g5]ally   

recogniz$ m>ket1 ! fair m>ket value ( ! 
asset z det]m9$ 9 good fai? by a        
fiduci>y or fiduci>ies 9 accordance )   
regulations prescrib$ by ! ,secret>y (  
,labor4  7#c7 ,fiduci>y ,! t]m fiduci>y 
means-- 7,a7 a memb] ( ! ,bo>d2  7,b7 ! 
,executive ,director2  7,c7 any p]son :o
 has or ex]cises discretion>y au?ority  
or discretion>y control ov] ! managem5t 
or disposition ( ! assets ( ! ,fund2 &  
7,d7 any p]son :o1 ) respect to ! ,fund1
 is describ$ 9 section #c7ba77;,a7 ( !  
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4             
#ajjb7ba77;,a774  7#d7 ,p>ty 9 int]e/ ,!
 t]m p>ty 9 int]e/ includes-- 7,a7 any  
fiduci>y2  7,b7 any c\nsel to a p]son :o
 is a fiduci>y1 ) respect to ! actions (
 su* p]son z a fiduci>y2  7,c7 any      
p>ticipant2  7,d7 any p]son provid+     
s]vices to ! ,bo>d &1 ) respect to !    
actions ( ! ,executive ,director z a    
fiduci>y1 any p]son provid+ s]vices to !
 ,executive ,director2  7,e7 a labor    
organization1 ! memb]s ( :i* are        

p>ticipants2  7,f7 a sp\se1 sibl+1      
ance/or1 l9eal desc5dant1 or sp\se ( a  
l9eal desc5dant ( a p]son describ$ 9    
subp>agraph 7,a71 7,b71 or 7,d72  7,g7 a
 corporation1 p>tn]%ip1 or tru/ or e/ate
 ( :i*1 or 9 :i*1 at lea/ #ej p]c5t (-- 
7i7 ! comb9$ vot+ p[] ( all classes (   
/ock entitl$ to vote or ! total value ( 
%>es ( all classes ( /ock ( su*         
corporation1  7ii7 ! capital int]e/ or  
pr(its int]e/ ( su* p>tn]%ip1 or  7iii7 
! b5eficial int]e/ ( su* tru/ or e/ate1 
is own$ directly or indirectly or held  
by a p]son describ$ 9 subp>agraph 7,a71 
7,b71 7,d71 or 7,e72  7,h7 an (ficial   
7includ+ a director7 (1 or an individual
 employ$ by1 a p]son describ$ 9         
subp>agraph 7,a71 7,b71 7,d71 7,e71 or  
7,g71 or an individual hav+ p[]s or     
responsibilities simil> to ^? ( su* an  
(ficial2  7,i7 a hold] 7directly or     
indirectly7 ( at lea/ #aj p]c5t ( ! %>es
 9 a p]son describ$ 9 any subp>agraph   
ref]r$ to 9 subp>agraph 7,h72 &  7,j7 a 
p]son :o1 directly or indirectly1 is at 

lea/ a #aj p]c5t p>tn] or jo9t v5tur]   
7measur$ 9 capital or pr(its7 9 a p]son 
describ$ 9 any subp>agraph ref]r$ to 9  
subp>agraph 7,h74  7b7 ,duties ,to !    
ext5t n inconsi/5t ) ! provisions ( ?is 
,act & ! policies prescrib$ by ! ,bo>d1 
a fiduci>y %all dis*>ge ! fiduci>y's    
responsibilities ) respect to ! ,fund or
 applicable portion !re( solely 9 !     
int]e/ ( ! p>ticipants & b5efici>ies &--
 7#a7 = ! exclusive purpose (-- 7,a7    
provid+ b5efits to p>ticipants & _!     
b5efici>ies2 &  7,b7 defray+ reasonable 
exp5ses ( adm9i/]+ ! ,fund or applicable
 portions !re(2  7#b7 ) ! c>e1 skill1   
prud5ce1 & dilig5ce "u ! circum/ances !n
 prevail+ t a prud5t individual act+ 9 a
 l capacity & famili> ) su* matt]s w\ld 
use 9 ! conduct ( an ent]prise ( a l "* 
& ) l objectives2 &  7#c7 to ! ext5t    
p]mitt$ by section #ajb1 by div]sify+ ! 
inve/m5ts ( ! ,fund or applicable       
portions !re( s z to m9imize ! risk (   
l>ge losses1 unless "u ! circum/ances x 
is cle>ly prud5t n to d s4  7c7 ,own]%ip

 jurisdictions ,no fiduci>y may ma9ta9 !
 indicia ( own]%ip ( any assets ( !     
,fund outside ! jurisdiction ( ! di/rict
 c\rts ( ! ,unit$ ,/ates4  7d7          
,transactions  7#a7 ,prohibit$          
transactions ,a fiduci>y %all n p]mit ! 
,fund to engage 9 any ( ! foll[+        
transactions1 except 9 ex*ange =        
adequate consid]ation3 7,a7 ,a transf] (
 any assets ( ! ,fund to any p]son !    
fiduci>y kn[s or %\ld "k to be a p>ty 9 
int]e/ or ! use ( su* assets by any su* 
p]sons4  7,b7 ,an acquisition ( any     
prop]ty f or sale ( any prop]ty to !    
,fund by any p]son ! fiduci>y kn[s or   
%\ld "k to be a p>ty 9 int]e/4  7,c7 ,a 
transf] or ex*ange ( s]vices betwe5 !   
,fund & any p]son ! fiduci>y kn[s or    
%\ld "k to be a p>ty 9 int]e/4  7#b7    
,prohibit$ actions ,not)/&+ p>agraph    
7#a71 a fiduci>y ) respect to ! ,fund   
%all n-- 7,a7 deal ) any assets ( !     
,fund 9 ! fiduci>y's own int]e/ or = !  
fiduci>y's own acc\nt2  7,b7 act1 9 an  
individual capacity or any o!r capacity1

 9 any transaction involv+ ! ,fund on   
behalf ( a p>ty1 or repres5t+ a p>ty1 ^:
 int]e/s are adv]se to ! int]e/s ( !    
,fund or ! int]e/s ( its p>ticipants or 
b5efici>ies2 or  7,c7 receive any       
consid]ation ( ! fiduci>y's own p]sonal 
acc\nt f any p>ty deal+ ) sums cr$it$ to
 ! ,fund 9 connection ) a transaction   
involv+ assets ( ! ,fund4  7#c7         
,secret>y ( ,labor  7,a7 ,9 g5]al ,!    
,secret>y ( ,labor may1 9 accordance )  
proc$ures :i* ! ,secret>y ( ,labor %all 
by regulation prescribe1 grant a        
conditional or unconditional exemption (
 any fiduci>y or transaction1 or class (
 fiduci>ies or transactions1 f all or   
any ( ! re/rictions impos$ by p>agraph  
7#b74 ,an exemption grant$ "u ?is       
subp>agraph %all n relieve a fiduci>y f 
any o!r applicable provision ( ?is ,act4
  7,b7 ,conditions ,! ,secret>y ( ,labor
 may n grant an exemption "u subp>agraph
 7,a7 unless ! ,secret>y ( ,labor f9ds t
 su* exemption is-- 7i7 adm9i/ratively  
feasible2  7ii7 9 ! int]e/s ( ! ,fund & 

its p>ticipants2 &  7iii7 protective ( !
 rights ( p>ticipants & b5efici>ies (   
su* ,fund4  7,c7 ,notice ,an exemption  
"u subp>agraph 7,a7 may n be grant$     
unless-- 7i7 notice ( ! propos$         
exemption is publi%$ 9 ! ,f$]al ,regi/]2
  7ii7 int]e/$ p]sons are giv5 an       
opportunity to pres5t views2 &  7iii7 ! 
,secret>y ( ,labor af=ds an opportunity 
= a he>+ & makes a det]m9ation on !     
record ) respect to ! respective        
requirem5ts ( clauses 7i71 7ii71 & 7iii7
 ( subp>agraph 7,b74  7,d7 ,application 
( ,,erisa fiduci>y exemptions ,not)/&+  
subp>agraph 7,c71 ! ,secret>y ( ,labor  
may det]m9e t an exemption grant$ = any 
class ( fiduci>ies or transactions "u   
section #djh7;a7 ( ! ,employee          
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #aajh7;a77 %all1 ^u
 publication ( notice 9 ! ,f$]al ,regi/]
 "u ?is subp>agraph1 con/itute an       
exemption f ! application ( p>agraph    
7#b74  7e7 ,nonapplication ,?is section 
does n prohibit any fiduci>y f-- 7#a7   

receiv+ any b5efit :i* ! fiduci>y is    
entitl$ to receive "u ?is ,act z a      
p>ticipant1 =m] p>ticipant1 or          
b5efici>y2  7#b7 receiv+ any reasonable 
comp5sation au?oriz$ by ?is ,act =      
s]vices r5d]$1 or = reimbursem5t (      
exp5ses prop]ly & actually incurr$1 9 ! 
p]=mance ( ! fiduci>y's duties "u ?is   
,act2 or  7#c7 s]v+ z a fiduci>y 9      
addition to be+ an (fic]1 employee1     
ag5t1 or o!r repres5tative ( a p>ty 9   
int]e/4  7f7 ,liability  7#a7 ,9 g5]al  
,any fiduci>y t brea*es !               
responsibilities1 duties1 & obligations 
set out 9 subsection 7b7 or violates    
subsection 7c7 %all be p]sonally liable 
to ! ,fund = any losses to su* ,fund    
result+ f ea* su* brea* or violation &  
to re/ore to su* ,fund any pr(its made  
by ! fiduci>y ?r\gh use ( assets ( su*  
,fund by ! fiduci>y1 &1 except z provid$
 9 p>agraphs 7#c7 & 7#d71 %all be       
subject to su* o!r equitable or rem$ial 
relief z a c\rt consid]s appropriate4 ,a
 fiduci>y may be remov$ = a brea* ref]r$

 to 9 ! prec$+ s5t5ce4  7#b7 ,civil     
p5alties ,! ,secret>y ( ,labor may      
assess a civil p5alty aga9/ a p>ty 9    
int]e/ ) respect to ea* transaction     
prohibit$ by subsection 7d7 :i* is      
engag$ 9 by ! p>ty 9 int]e/4 ,! am\nt ( 
su* p5alty %all be equal to #e p]c5t ( !
 am\nt involv$ 9 ea* su* transaction 7z 
def9$ 9 section #dige7;f77#d7 ( !       
,int]nal ,rev5ue ,code ( #aihf7 = ea*   
ye> or "p !re( dur+ :i* ! prohibit$     
transaction cont9ues1 except t1 if !    
transaction is n correct$ 79 su* mann] z
 ! ,secret>y ( ,labor %all prescribe by 
regulation consi/5t ) section           
#dige7;f77#e7 ( su* ,code7 )9 #ij days  
aft] ! date ! ,secret>y ( ,labor        
transmits notice to ! p>ty 9 int]e/ 7or 
su* long] p]iod z ! ,secret>y ( ,labor  
may p]mit71 su* p5alty may be 9 ! am\nt 
( n m ?an #ajj p]c5t ( ! am\nt involv$4 
7#c7 ,special rules  7,a7 ,9 g5]al ,a   
fiduci>y %all n be liable "u p>agraph   
7#a7-- 7i7 ) respect to a brea* (       
fiduci>y duty "u subsection 7b7 committ$

 be=e becom+ a fiduci>y or aft] ceas+ to
 be a fiduci>y2  7ii7 = provid+ = !     
automatic enrollm5t ( a p>ticipant 9    
accordance ) section #ajd2  7iii7 =     
enroll+ a p>ticipant or b5efici>y 9 a   
default inve/m5t fund or option 9       
accordance ) section #ajd2 or  7iv7 =   
all[+ a p>ticipant or b5efici>y to inve/
 ?r\gh ! mutual fund w9d[ or = e/abli%+ 
re/rictions applicable to p>ticipants'  
or b5efici>ies' ability to inve/ ?r\gh !
 mutual fund w9d[4  7,b7 ,jo9t & sev]al 
liability ,a fiduci>y %all be jo9tly &  
sev]ally liable "u p>agraph 7#a7 = a    
brea* ( fiduci>y duty "u subsection 7b7 
by ano!r fiduci>y only if-- 7i7 !       
fiduci>y p>ticipates kn[+ly 91 or kn[+ly
 und]takes to conceal1 an act or        
omission ( su* o!r fiduci>y1 kn[+ su*   
act or omission is su* a brea*2  7ii7 by
 ! fiduci>y's failure to comply )       
subsection 7b7 9 ! adm9i/ration ( !     
fiduci>y's specific responsibilities :i*
 give rise to ! fiduci>y /atus1 !       
fiduci>y has enabl$ su* o!r fiduci>y to 

commit su* a brea*2 or  7iii7 ! fiduci>y
 has k ( a brea* by su* o!r fiduci>y1   
unless ! fiduci>y makes reasonable ef=ts
 "u ! circum/ances to rem$y ! brea*4    
7#d7 ,allocation ( duties ,! ,secret>y (
 ,labor %all prescribe1 9 regulations1  
proc$ures = allocat+ fiduci>y           
responsibilities among fiduci>ies1      
includ+ asset manag]s4 ,any fiduci>y :o1
 pursuant to su* proc$ures1 allocates to
 any p]son any fiduci>y responsibility  
%all n be liable = an act or omission ( 
su* p]son unless su* fiduci>y violat$   
subsection 7b7 ) respect to !           
allocation1 ) respect to ! implem5tation
 ( ! proc$ures prescrib$ by ! ,secret>y 
( ,labor4  7#e7 ,o!r civil actions  7,a7
 ,9 g5]al ,no civil action may be       
ma9ta9$ aga9/ any fiduci>y ) respect to 
! responsibilities1 liabilities1 &      
p5alties au?oriz$ or provid$ = 9 ?is    
section except 9 accordance )           
subp>agraphs 7,b7 & 7,c74  7,b7 ,actions
 p]mitt$ ,a civil action may be br\ght 9
 ! di/rict c\rts ( ! ,unit$ ,/ates-- 7i7

 by ! ,secret>y ( ,labor aga9/ any      
fiduci>y o!r ?an a memb] ( ! ,bo>d or ! 
,executive ,director ( ! ,bo>d-- 7,i7 to
 det]m9e & en=ce a liability "u p>agraph
 7#a72  7,,ii7 to collect any civil     
p5alty "u p>agraph 7#b72  7,,iii7 to    
enjo9 any act or practice :i* violates  
any provision ( subsection 7b7 or 7c72  
7,,iv7 to obta9 any appropriate         
equitable relief to r$ress a violation (
 any su* provision2 or  7,v7 to enjo9   
any act or practice :i* violates        
subsection 7g77#b7 or 7h7 ( section     
#bja2  7ii7 by any p>ticipant1          
b5efici>y1 or fiduci>y-- 7,i7 to enjo9  
any act or practice :i* violates any    
provision ( subsection 7b7 or 7c72      
7,,ii7 to obta9 any o!r appropriate     
equitable relief to r$ress a violation (
 any su* provision2 or  7,,iii7 to enjo9
 any act or practice :i* violate        
subsection 7g77#b7 or 7h7 ( section     
#bja2 or  7iii7 by any p>ticipant or    
b5efici>y-- 7,i7 to recov] b5efits ( su*
 p>ticipant or b5efici>y "u ! provisions

 ( title ,i1 to en=ce any "r ( su*      
p>ticipant or b5efici>y "u su*          
provisions1 or to cl>ify any su* "r to  
future b5efits "u su* provisions2 or    
7,,ii7 to en=ce a claim o!rwise         
cognizable "u sections #acdf7;b7 & #bfga
 ?r\gh #bfhj ( title #bh1 ,unit$ ,/ates 
,code1 except t ! rem$y aga9/ ! ,unit$  
,/ates provid$ by section #acdf7;b7 &   
#bfgb ( su* title #bh = damages = injury
 or loss ( prop]ty caus$ by ! neglig5t  
or wrongful act or omission ( any       
fiduci>y :ile act+ )9 ! scope ( !       
fiduci>y's duties or employm5t %all be  
exclusive ( any o!r civil action or     
proce$+ by ! p>ticipant or b5efici>y =  
recov]y ( money by reason ( ! same      
subject matt] aga9/ ! fiduci>y 7or !    
e/ate ( su* fiduci>y7 ^: act or omission
 gave rise to su* action or proce$+1    
:e!r or n su* action or proce$+ is bas$ 
on an alleg$ violation ( subsection 7b7 
or 7c74  7,c7 ,repres5tation  7i7 ,9    
g5]al ,9 all civil actions "u           
subp>agraph 7,b77i71 attorneys appo9t$  

by ! ,secret>y may repres5t ! ,secret>y 
7except z provid$ 9 section #eah7;a7 (  
title #bh1 ,unit$ ,/ates ,code71 h[ev]1 
all su* litigation %all be subject to ! 
direction & control ( ! ,attorney       
,g5]al4  7ii7 ,attorney ,g5]al ,!       
,attorney ,g5]al %all def5d any civil   
action or proce$+ br\ght 9 any c\rt     
aga9/ any fiduci>y ref]r$ to 9          
subp>agraph 7,b77iii77,,ii7 7or ! e/ate 
( su* fiduci>y7 = any su* injury4 ,any  
fiduci>y aga9/ :om su* a civil action or
 proce$+ is br\ght %all deliv]1 )9 su*  
"t aft] date ( s]vice or k ( s]vice z   
det]m9$ by ! ,attorney ,g5]al1 all      
process s]v$ ^u su* fiduci>y 7or an     
atte/$ copy !re(7 to ! ,executive       
,director1 :o %all promptly furni%      
copies ( ! plead+ & process to !        
,attorney ,g5]al & ! ,unit$ ,/ates      
,attorney = ! di/rict :]e9 ! action or  
proce$+ is br\ght4  7iii7 ,c]tification 
( scope ( duty ,^u c]tification by !    
,attorney ,g5]al t a fiduci>y describ$ 9
 subp>agraph 7,b77iii77,,ii7 0 act+ 9 ! 

scope ( su* fiduci>y's duties or        
employm5t z a fiduci>y at ! "t ( !      
occurr5ce or omission out ( :i* ! action
 arose1 any su* civil action or proce$+ 
comm5c$ 9 ! ,/ate c\rt %all be-- 7,i7   
remov$ )\t bond at any "t be=e trial by 
! ,attorney ,g5]al to ! di/rict c\rt ( !
 ,unit$ ,/ates = ! di/rict & division 9 
:i* x is p5d+2 &  7,,ii7 deem$ a tort   
action br\ght aga9/ ! ,unit$ ,/ates "u !
 provisions ( title #bh1 ,unit$ ,/ates  
,code1 & all ref]5ces !reto4  7iv7      
,compromise or settlem5t ,! ,attorney   
,g5]al may compromise or settle any     
claim ass]t$ 9 su* civil action or      
proce$+ 9 ! mann] provid$ 9 section     
#bfgg ( title #bh1 ,unit$ ,/ates ,code1 
& ) ! same effect4 ,to ! ext5t section  
#bfgb ( title #bh1 ,unit$ ,/ates ,code1 
provides t p]sons o!r ?an ! ,attorney   
,g5]al or ! ,attorney ,g5]al's designee 
may compromise & settle claims1 & t     
paym5ts ( su* claims may be made f ag5cy
 appropriations1 su* provisions %all n  
apply to claims bas$ ^u an alleg$       

violation ( subsection 7b7 or 7c74  7v7 
,c]ta9 claims ,= ! purposes (           
subp>agraph 7,b77iii77,,ii71 !          
provisions ( section #bfhj7;h7 ( title  
#bh1 ,unit$ ,/ates ,code %all n apply to
 any claim bas$ ^u an alleg$ violation (
 subsection 7b7 or 7c74  7vi7 ,paym5t ( 
aw>ds ,not)/&+ sections #acdf7;b7 &     
#bfga ?r\gh #bfhj ( title #bh1 ,unit$   
,/ates ,code1 :5ev] an aw>d1 compromise1
 or settlem5t is made "u su* section ^u 
any claim bas$ ^u an alleg$ violation ( 
subsection 7b7 or 7c71 paym5t ( su*     
aw>d1 compromise1 or settlem5t %all be  
made to ! appropriate acc\nt ) 9 !      
,fund1 or :]e !re is no su* appropriate 
acc\nt1 to ! p>ticipant or b5efici>y    
br++ ! claim4  7vii7 ,def9ition ,=      
purposes ( subp>agraph 7,b77iii77,,ii71 
! t]m fiduci>y includes only ! memb]s ( 
! ,bo>d & ! ,bo>d's ,executive          
,director4  7,d7 ,limitation on monet>y 
relief ,any relief aw>d$ aga9/ a memb] (
 ! ,bo>d or ! ,bo>d's ,executive        
,director 9 a civil action au?oriz$ by  

subp>agraph 7,b7 may n include any      
monet>y damages or any o!r recov]y (    
money4  7,e7 ,"t = comm5cem5t ( action  
,an action may n be comm5c$ "u clause   
7i7 or 7ii7 ( subp>agraph 7,b7 ) respect
 to a fiduci>y's brea* ( any            
responsibility1 duty1 or obligation "u  
subsection 7b7 or a violation (         
subsection 7c7 aft] ! e>li] (-- 7i7 #f  
ye>s aft]-- 7,i7 ! date ( ! la/ action  
:i* con/itut$ a "p ( ! brea* or         
violation2 or  7,,ii7 9 ! case ( an     
omission1 ! late/ date on :i* ! fiduci>y
 c\ld h cur$ ! brea* or violation2 or   
7ii7 #c ye>s aft] ! e>lie/ date on :i* !
 pla9tiff _h actual k ( ! brea* or      
violation1 except t1 9 ! case ( fraud or
 concealm5t1 su* action may be comm5c$ n
 lat] ?an #f ye>s aft] ! date ( discov]y
 ( su* brea* or violation4  7,f7        
,jurisdiction  7i7 ,9 g5]al ,! di/rict  
c\rts ( ! ,unit$ ,/ates %all h exclusive
 jurisdiction ( civil actions "u ?is    
subsection4  7ii7 ,v5ue ,an action "u   
?is subsection may be br\ght 9 !        

,di/rict ,c\rt ( ! ,unit$ ,/ates = !    
,di/rict ( ,columbia or a di/rict c\rt (
 ! ,unit$ ,/ates 9 ! di/rict :]e ! brea*
 alleg$ 9 ! compla9t or petition fil$ 9 
! action took place or 9 ! di/rict :]e a
 def5dant resides or may be f\nd4       
,process may be s]v$ 9 any o!r di/rict  
:]e a def5dant resides or may be f\nd4  
7,g7 ,o!r rules  7i7 ,9 g5]al ,a copy ( 
! compla9t or petition fil$ 9 any action
 br\ght "u ?is subsection 7o!r ?an by ! 
,secret>y ( ,labor7 %all be s]v$ on !   
,executive ,director1 ! ,secret>y (     
,labor1 & ! ,secret>y ( ! ,treasury by  
c]tifi$ mail4  7ii7 ,int]v5tion ,any    
(fic] ref]r$ to 9 clause 7i7 %all h ! "r
 9 ! (fic]'s discretion to int]v5e 9 any
 action4 ,if ! ,secret>y ( ,labor br+s  
an action "u subp>agraph 7,b77i7 on     
behalf ( a p>ticipant or b5efici>y1 !   
,secret>y ( ,labor %all notify !        
,executive ,director & ! ,secret>y ( !  
,treasury4  7g7 ,regulations ,!         
,secret>y ( ,labor may prescribe        
regulations to c>ry out ?is section4    

7h7 ,audits  7#a7 ,9 g5]al ,! ,secret>y 
( ,labor %all e/abli% a program to c>ry 
out audits to det]m9e ! level (         
compliance ) ! requirem5ts ( ?is section
 relat+ to fiduci>y responsibilities &  
prohibit$ activities ( fiduci>ies4  7#b7
 ,delegation ,an audit "u ?is subsection
 may be conduct$ by ! ,secret>y (       
,labor1 by contract ) a qualifi$        
non-gov]nm5tal organization1 or 9       
coop]ation ) ! ,comptroll] ,g5]al ( !   
,unit$ ,/ates1 z ! ,secret>y ( ,labor   
consid]s appropriate4  #bjg4 ,bond+  7a7
 ,requirem5ts  7#a7 ,9 g5]al ,except z  
provid$ 9 p>agraph 7#b71 ea* fiduci>y & 
ea* p]son :o h&les funds or prop]ty ( ! 
,fund %all be bond$ z provid$ 9 ?is     
section4  7#b7 ,exceptions  7,a7 ,9     
g5]al ,bond %all n be requir$ ( a       
fiduci>y 7or ( any (fic] or employee (  
su* fiduci>y7 if su* fiduci>y-- 7i7 is a
 corporation organiz$ & do+ bus9ess "u !
 laws ( ! ,unit$ ,/ates or ( any ,/ate2 
7ii7 is au?oriz$ "u su* laws to ex]cise 
tru/ p[]s or to conduct an insurance    

bus9ess2  7iii7 is subject to sup]vision
 or exam9ation by ,f$]al or ,/ate       
au?ority2 &  7iv7 has at all times a    
comb9$ capital & surplus 9 excess ( su* 
m9imum am\nt 7n less ?an #a1jjj1jjj7 z !
 ,secret>y ( ,labor prescribes 9        
regulations4  7,b7 ,limitation ,if-- 7i7
 a bank or o!r f9ancial in/itution w\ld1
 b = ?is subp>agraph1 n be requir$ to be
 bond$ "u ?is section by reason ( !     
application ( ! exception provid$ 9     
subp>agraph 7,a71  7ii7 ! bank or       
f9ancial in/itution is au?oriz$ to      
ex]cise tru/ p[]s1 &  7iii7 ! deposits (
 ! bank or f9ancial in/itution are n    
insur$ by ! ,f$]al ,deposit ,insurance  
,corporation1  su* exception %all apply 
to su* bank or f9ancial in/itution only 
if ! bank or in/itution meets bond+     
requirem5ts "u ,/ate law :i* ! ,secret>y
 ( ,labor det]m9es are at lea/ equival5t
 to ^? impos$ on banks by ,f$]al law4   
7b7 ,regulations  7#a7 ,9 g5]al ,!      
,secret>y ( ,labor %all prescribe !     
am\nt ( a bond "u ?is section at !      

beg9n+ ( ea* fiscal ye>4 ,su* am\nt %all
 n be less ?an #aj p]c5t ( ! am\nt (    
funds h&l$1 except t 9 no case %all su* 
bond be less ?an #a1jjj or m ?an        
#ejj1jjj1 or su* high] am\nt z !        
,secret>y ( ,labor1 aft] due notice &   
opportunity = he>+ to all int]e/$       
p>ties1 & o!r consid]ation ( ! record1  
may prescribe4  7#b7 ,am\nt ( funds h&l$
 ,= ! purpose ( prescrib+ ! am\nt ( a   
bond "u p>agraph 7#a71 ! am\nt ( funds  
h&l$ %all be det]m9$ by ref]5ce to !    
am\nt ( ! funds h&l$ by ! p]son1 gr\p1  
or class to be cov]$ by su* bond or by  
_! pr$ecessor or pr$ecessors1 if any1   
dur+ ! prec$+ fiscal ye>1 or to ! am\nt 
( funds to be h&l$ dur+ ! curr5t fiscal 
ye> by su* p]son1 gr\p1 or class1       
e/imat$ z provid$ 9 regulations         
prescrib$ by ! ,secret>y ( ,labor4  7c7 
,t]ms ,a bond requir$ by subsection     
7a7-- 7#a7 %all include su* t]ms &      
conditions z ! ,secret>y ( ,labor       
consid]s necess>y to protect ! ,fund    
aga9/ loss by reason ( acts ( fraud or  

di%one/y on ! "p ( ! bond$ p]son        
directly or ?r\gh connivance ) o!rs2    
7#b7 %all h z surety !reon a corporate  
surety company :i* is an acceptable     
surety on ,f$]al bonds "u au?ority      
grant$ by ! ,secret>y ( ! ,treasury     
pursuant to sections #icjd ?r\gh #icjh (
 title #ca1 ,unit$ ,/ates ,code2 &  7#c7
 %all be 9 a =m or ( a type approv$ by !
 ,secret>y ( ,labor1 includ+ individual 
bonds or s*$ule or blanket =ms ( bonds  
:i* cov] a gr\p or class4  7d7 ,cu/ody (
 funds  7#a7 ,9 g5]al ,x %all be        
unlawful = any p]son to :om subsection  
7a7 applies1 to receive1 h&le1 disburse1
 or o!rwise ex]cise cu/ody or control ( 
any ( ! funds or o!r prop]ty ( ! ,fund  
)\t be+ bond$ z requir$ by ?is section4 
7#b7 ,fiduci>ies ,x %all be unlawful =  
any fiduci>y1 or any o!r p]son hav+     
au?ority to direct ! p]=mance (         
functions describ$ 9 p>agraph 7#a71 to  
p]mit any su* function to be p]=m$ by   
any p]son to :om subsection 7a7 applies 
unless su* p]son has met ! requirem5ts (

 su* subsection4  7e7 ,exemption        
,not)/&+ any o!r provision ( law1 any   
p]son :o is requir$ to be bond$ z       
provid$ 9 subsection 7a7 %all be exempt 
f any o!r provision ( law :i* w\ld1 b = 
?is subsection1 require su* p]son to be 
bond$ = ! h&l+ ( ! funds or o!r prop]ty 
( ! ,fund4  7f7 ,regulations ,!         
,secret>y ( ,labor %all prescribe su*   
regulations z may be necess>y to c>ry   
out ! provisions ( ?is section1 includ+ 
exempt+ a p]son or class ( p]sons f !   
requirem5ts ( ?is section4  #bjh4       
,inve/igative au?ority ,any au?ority    
available to ! ,secret>y ( ,labor "u    
section #ejd ( ! ,employee ,retirem5t   
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #aacd7 is h]eby made available
 to ! ,secret>y ( ,labor1 & any (fic]   
designat$ by ! ,secret>y ( ,labor1 to   
det]m9e :e!r any p]son has violat$1 or  
is ab\t to violate1 any provision (     
sections #bjf or #bjg4  #bji4           
,exculpatory provisions2 insurance  7a7 
,exculpatory provisions void ,any       

provision 9 an agreem5t or in/rum5t :i* 
purports to relieve a fiduci>y f        
responsibility or liability = any       
responsibility1 obligation1 or duty "u  
?is title %all be void4  7b7 ,insurance 
,9 accordance ) section #aja7;e71 ! sums
 cr$it$ to ! ,fund %all be available to 
pay adm9i/rative exp5ses :i* may        
include1 at ! discretion ( ! ,executive 
,director1 ! pur*ase ( insurance to cov]
 pot5tial liability ( p]sons :o s]ve 9 a
 fiduci>y capacity ) respect to ! ,fund1
 )\t reg>d to :e!r a policy ( insurance 
p]mits rec\rse by ! insur] aga9/ !      
fiduci>y 9 ! case ( a brea* ( a fiduci>y
 obligation4  #baj4 ,subpo5a au?ority   
7a7 ,subpo5a au?ority ,9 ord] to c>ry   
out ! responsibilities specifi$ 9 ?is   
,act1 ! ,executive ,director may issue  
subpo5as comm&+ ea* p]son to :om !      
subpo5a is direct$ to produce designat$ 
books1 docum5ts1 records1 electronically
 /or$ in=mation1 or tangible mat]ials 9 
! possession or control ( t individual4 
7b7 ,liability ,not)/&+ any ,f$]al1     

,/ate1 or local law1 any p]son1 includ+ 
(fic]s1 ag5ts1 & employees1 receiv+ a   
subpo5a "u ?is section1 :o complies 9   
good fai? ) ! subpo5a & ?us produces !  
mat]ials s\ght1 %all n be liable 9 any  
c\rt ( any ,/ate or ! ,unit$ ,/ates to  
any individual1 dome/ic or =eign        
corporation or ^u a p>tn]%ip or o!r     
un9corporat$ association = su*          
production4  7c7 ,en=cem5t ,:5 a p]son  
fails to obey a subpo5a issu$ "u ?is    
section1 ! di/rict c\rt ( ! ,unit$      
,/ates = ! di/rict 9 :i* ! inve/igation 
is conduct$ or 9 :i* ! p]son fail+ to   
obey is f\nd1 %all on prop] application 
issue an ord] direct+ t p]son to comply 
) ! subpo5a4 ,! c\rt may puni% z        
contempt any disob$i5ce ( its ord]4  7d7
 ,regulations ,! ,executive ,director   
%all prescribe regulations to c>ry out  
subsection 7a74  ,,iii ,gov]nm5t ,mat*  
,tax ,cr$it  #cja4 ,gov]nm5t ,mat* ,tax 
,cr$it  7a7 ,cr$it ,subp>t ,a ( "p ,,iv 
( sub*apt] ,a ( *apt] #a ( ! ,int]nal   
,rev5ue ,code ( #aihf is am5d$ by ins]t+

 aft] section #be;,e ! foll[+ new       
section3  #be;,f4 ,gov]nm5t ,mat* ,tax  
,cr$it  7a7 ,all[ance ( cr$it ,9 ! case 
( an eligible individual1 !re %all be   
all[$ z a cr$it = ! taxable ye> an am\nt
 equal to ! sum (-- 7#a7 #a p]c5t ( !   
eligible individual's gross income1 plus
  7#b7 ! applicable p]c5tage ( !        
p>ticipant's contributions to ! ,am]ican
 ,work] ,retirem5t ,fund dur+ ! taxable 
ye>4  7b7 ,applicable p]c5tage ,=       
purposes ( ?is section1 ! applicable    
p]c5tage is-- 7#a7 #ajj p]c5t ( s mu* ( 
! contributions to ! ,am]ican ,work]    
,retirem5t ,fund z d n exce$ #c p]c5t ( 
gross income1  7#b7 #ej p]c5t ( s mu* ( 
su* contributions z exce$s #c p]c5t b   
does n exce$ #e p]c5t ( gross income1 & 
7#c7 #j p]c5t ( s mu* ( su*             
contributions z exce$s #e p]c5t ( gross 
income4  7c7 ,limitation on am\nt (     
cr$it  7#a7 ,9 g5]al ,! cr$it all[$ "u  
subsection 7a7 ) respect to any eligible
 individual = a taxable ye> %all n exce$
 #e p]c5t ( ! phase\t am\nt ) respect to

 su* individual = su* taxable ye>4  7#b7
 ,phase\t ( cr$it limit ,! limit det]m9$
 "u p>agraph 7#a7 = a taxable ye> %all  
be r$uc$ by #ge = ea* #a1jjj or portion 
!re( by :i* ! eligible individual's     
gross income exce$s ! phase\t am\nt4    
7#c7 ,phase\t am\nt ,= purposes ( ?is   
subsection1 ! phase\t am\nt is-- 7,a7 9 
! case ( a jo9t return1 an am\nt equal  
to #bjj p]c5t ( ! applicable m$ian      
income = ! taxable ye>1  7,b7 9 ! case (
 a head ( h\sehold 7z def9$ 9 section   
#b7;b771 #c_/d ( ! am\nt det]m9$ "u     
subp>agraph 7,a71 &  7,c7 9 any o!r     
case1 #a_/b ( ! am\nt det]m9$ "u        
subp>agraph 7,a74  7#d7 ,applicable     
m$ian income ,= purposes ( ?is          
subsection1 ! t]m applicable m$ian      
income means1 ) respect to any taxable  
ye>1 an am\nt equal to ! mo/ rec5t      
,m$ian ,p]sonal ,income = ! population  
#ae & ov] 9 ! ,unit$ ,/ates1 z publi%$ 9
 ! ,unit$ ,/ates ,c5sus ,bureau's       
,curr5t ,population ,survey ,tables =   
,p]sonal ,income be=e ! beg9n+ ( !      

cal5d> ye> 9 :i* su* taxable ye> beg9s4 
7d7 ,eligible individual ,= purposes (  
?is section1 ! t]m eligible individual  
has ! mean+ giv5 ! t]m p>ticipant by    
section #b7ac7 ( ! ,retirem5t ,sav+s =  
,am]icans ,act ( #bjbc4  7e7 ,am]ican   
,work] ,retirem5t ,fund ,= purposes (   
?is section1 ! ,am]ican ,work]          
,retirem5t ,fund is ! ,fund creat$ "u   
section #aja7;a7 ( ! ,retirem5t ,sav+s =
 ,am]icans ,act ( #bjbc4  7f7 ,deposit  
into p>ticipant's acc\nt  7#a7 ,9 g5]al 
,any am\nt all[$ z a cr$it "u subsection
 7a7-- 7,a7 %all n be all[$ z a cr$it   
aga9/ any tax impos$ by ?is subtitle1 & 
7,b7 %all be treat$ z an ov]paym5t "u   
section #fdja7;b74  7#b7 ,paym5t ,!     
,secret>y %all contribute ! am\nt treat$
 z an ov]paym5t "u p>agraph 7#a7 to !   
eligible individual's acc\nt ) !        
,am]ican ,work] ,retirem5t ,fund4  7#c7 
,exception f r$uction or (fset ,! rules 
( section #fdcc7;f77#e7 %all apply to   
any paym5t to :i* ?is subsection        
applies4  7g7 ,advance paym5t  7#a7     

,regulations ,! ,secret>y %all prescribe
 regulations to provide t ! paym5ts made
 "u subsection 7f7 are made z           
concurr5tly z is reasonably possible )  
contributions by a taxpay] to ! ,am]ican
 ,work] ,retirem5t ,fund4 ,su*          
regulations %all provide t1 = purposes (
 su* paym5ts1 ! cr$it "u subsection 7a7 
may be det]m9$ on ! basis ( ! eligible  
individual's gross income = ! prec$+    
taxable ye>4  7#b7 ,excess paym5ts ,if !
 aggregate am\nt ( paym5ts "u subsection
 7f7 ) respect to an eligible individual
 = any taxable ye> exce$s ! am\nt ( !   
cr$it all[$ "u subsection 7a7 to su*    
individual = su* taxable ye>1 ! tax     
impos$ by ?is *apt] = su* taxable ye>   
%all be increas$ by ! am\nt ( su*       
excess4 ,any failure to s increase ! tax
 %all be treat$ z aris+ out ( a         
ma!matical or cl]ical error & assess$   
accord+ to section #fbac7;b77#a74  7h7  
,=feit ( am\nts  7#a7 ,9 g5]al ,if any  
contribution describ$ 9 subsection 7a7  
does n rema9 9 ! ,am]ican ,work]        

,retirem5t ,fund = at lea/ #f mon?s aft]
 su* contribution is made1 ! am\nt ( !  
cr$it "u ?is section attributable to su*
 contribution %all be =feit$ z provid$ 9
 p>agraph 7#b74  7#b7 ,treatm5t ( =feit$
 am\nts ,9 ! case ( any contribution to 
:i* p>agraph 7#a7 applies-- 7,a7 !      
,executive ,director ( ! ,am]ican ,work]
 ,retirem5t ,fund1 z appo9t$ "u section 
#bjc ( ! ,retirem5t ,sav+s = ,am]icans  
,act ( #bjbc1 %all make a di/ribution f 
! individual's acc\nt 9 an am\nt equal  
to su* contribution to ! ,secret>y =    
deposit into ! g5]al fund ( ! ,treasury1
 &  7,b7 9 ! case ( any e>n+s on su*    
contribution1 su* e>n+s %all be         
di/ribut$ by su* ,executive ,director f 
! individual's acc\nt & %all be         
available to ! ,executive ,director1 )\t
 ne$ ( fur!r appropriation1 =           
adm9i/rative exp5ses describ$ 9 section 
#aja7;e7 ( su* ,act4  7#c7 ,=feit$      
am\nts n includible 9 gross income ,any 
di/ribution made "u p>agraph 7#b7 %all n
 be includible 9 ! gross income ( !     

individual4  7i7 ,coord9ation ) ,sav]s' 
,cr$it ,any contribution by an          
individual to ! ,am]ican ,work]         
,retirem5t ,fund = a taxable ye> %all n 
be treat$ z a qualifi$ retirem5t sav+s  
contribution ( su* individual = purposes
 ( section #be;,b4  4  7b7 ,cl]ical     
am5dm5ts ,! table ( sections = subp>t ,a
 ( "p ,,iv ( sub*apt] ,a ( *apt] #a ( ! 
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by ins]t+ aft] ! item relat+ to section 
#bf;,e ! foll[+ new item3  ,sec4 #be;,f4
 ,gov]nm5t ,mat* ,tax ,cr$it4  4  7c7   
,effective date ,! am5dm5ts made by ?is 
section %all apply to taxable ye>s      
beg9n+ aft] ,decemb] #ca1 #bjbb4