,i  #aai? ,,congress  #b;d ,session  ,h4
 ,r4 #ajgjb  ,,9 ,,! ,,h\se ,,(         
,,repres5tatives  ,octob] #a1 #bjbf,mr4 
,scott ( ,virg9ia introduc$ ! foll[+    
bill2 :i* 0 ref]r$ to ! ,committee on   
,education & ,work=ce  ,a ,,bill  ,to   
am5d ! ,employee ,retirem5t ,income     
,security ,act ( #aigd to provide t     
p]sons are fiduci>ies ) respect to !    
provision ( retirem5t inve/m5t advice4  
#a4 ,%ort title  ,?is ,act may be cit$ z
 ! ,work]s' ,retirem5t ,sav+s           
,protection ,act ( #bjbf4  #b4          
,retirem5t inve/m5t advisors  7a7 ,9    
g5]al ,section #c7ba7 ( ! ,employee     
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajjb7ba77 is      
am5d$-- 7#a7 9 subp>agraph 7,a71 by     
/rik+ subp>agraph 7,b7 & ins]t+ ?is     
p>agraph2 &  7#b7 by add+ at ! end !    
foll[+3  7,c7 ,a p]son is a fiduci>y    
describ$ 9 subp>agraph 7,a77ii7 )       
respect to a plan1 includ+1 9 ! case (  
an individual acc\nt plan1 ) respect to 
! individual acc\nt ( a p>ticipant or   

b5efici>y1 if--  7i7 ! p]son1 = a fee or
 o!r comp5sation1 direct or indirect--  
7,i7 r5d]s any advice ) respect to !    
value ( securities or o!r inve/m5t      
prop]ty2  7,,ii7 makes any recomm5dation
 z to ! advisability (-- 7aa7 acquir+1  
hold+1 dispos+ (1 roll+ ov]1 transf]r+1 
di/ribut+1 or ex*ang+1 or ex]cis+ rights
 (1 securities or o!r inve/m5t prop]ty1 
or ( an inve/m5t /rategy2 or  7bb7 roll+
 ov] ! assets ( an individual acc\nt or 
o!rwise direct+ su* assets into any o!r 
acc\nt1 tru/1 plan1 or inve/m5t2 or     
7,,iii7 has any au?ority or             
responsibility to make any recomm5dation
 ) respect to any moneys or o!r inve/m5t
 prop]ty or inve/m5t /rategy2 &  7ii7   
su* advice or recomm5dation is          
individualiz$ to ! p>ticul> ne$s ( !    
plan or individual acc\nt4  7,d7 ,=     
purposes ( subp>agraphs 7,a77ii7 & 7,c71
 a p]son provides inve/m5t advice = a   
fee or o!r comp5sation1 direct or       
indirect1 if ! p]son or any affiliate ( 
! p]son receives any fee or comp5sation 

7includ+ commissions1 loads1 f9d]'s     
fees1 rev5ue %>+ paym5ts1 %>ehold]      
s]vic+ fees1 m>ket+ or di/ribution fees1
 m>k ups or m>k d[ns1 und]writ+         
comp5sation1 paym5ts to brok]age firms 9
 return = %elf space1 recruitm5t        
comp5sation paid 9 connection ) transf]s
 ( acc\nts to a regi/]$ repres5tative's 
new brok]-deal] firm1 exp5se            
reimbursem5ts1 gifts & gratuities1 or   
o!r non-ca% comp5sation71 f any s\rce1 9
 connection ) or z a result ( !--  7i7  
recomm5d$ pur*ase1 sale1 or hold+ ( a   
security or o!r inve/m5t prop]ty2 or    
7ii7 provision ( inve/m5t advice4  7,e7 
,= ! purposes ( subp>agraph 7,d71 a fee 
or comp5sation is paid 9 connection ) or
 z a result ( su* transaction or s]vice 
if any am\nt ( ! fee or comp5sation w\ld
 n h be5 paid b = ! recomm5d$           
transaction or ! provision ( inve/m5t   
advice4  7,f7 ,= ! purposes (           
subp>agraphs 7,a77ii7 & 7,c71 ! t]m plan
 includes--  7i7 an employee b5efit     
plan2 &  7ii7 an individual retirem5t   

acc\nt or annuity z describ$ 9          
subp>agraphs 7,a7 ?r\gh 7,f7 ( section  
#dige7;e77#a7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf4  4  7b7 ,regulation ,section  
#beaj4c-ba7;c7 ( title #bi1 ,code (     
,f$]al ,regulations1 z 9 effect on ! day
 be=e ! date ( enactm5t ( ?is ,act1 %all
 h no =ce or effect4