,,ii  #aaith ,,congress  #ast ,session  
,s4 #cjhc  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,october #cj1  
#bjbe ,mr4 ,banks 7for himself and ,mr4 
,cassidy7 introduced the following bill2
 which was read twice and referred to   
the ,committee on ,health1 ,education1  
,labor1 and ,pensions  ,a ,,bill  ,to   
amend the ,employee ,retirement ,income 
,security ,act of #aigd to ensure that  
pension plans provide notice to         
participants and beneficiaries on risks 
associated with certain investments1 and
 for other purposes4  #a4  ,short title 
,this ,act may be cited as the          
,providing ,complete ,information to    
,retirement ,investors ,act4  #b4       
,brokerage window disclosures  7a7  ,in 
general  ,section #djd7;c7 of the       
,employee ,retirement ,income ,security 
,act of #aigd 7#bi ,u4,s4,c4 #aajd7;c77 
is amended by adding at the end the     
following new paragraph3  7#g7  ,notice 
requirements for brokerage windows  7,a7
  ,in general  ,in the case of a pension

 plan which provides for individual     
accounts and which provides a           
participant or beneficiary the          
opportunity to choose from designated   
investment alternatives1 a participant  
or beneficiary shall not be treated as  
exercising control over assets in the   
account of the participant or           
beneficiary unless1 with respect to any 
investment arrangement that is not a    
designated investment alternative1 each 
time before such a participant or       
beneficiary directs an investment into1 
out of1 or within such investment       
arrangement1 such participant is        
notified of1 and acknowledges1 each     
element of the notice described under   
paragraph 7,b74  7,b7  ,notice  ,the    
notice described under this paragraph is
 a #d-part information that is          
substantially similar to the following  
information3  #a4 ,your retirement plan 
offers designated investment            
alternatives prudently selected and     
monitored by fiduciaries for the purpose

 of enabling you to construct an        
appropriate retirement savings          
portfolio4 ,in selecting and monitoring 
designated investment alternatives1 your
 plan's fiduciary considers the risk of 
loss and the opportunity for gain 7or   
other return7 compared with reasonably  
available investment alternatives4  #b4 
,the investments available through this 
investment arrangement are not          
designated investment alternatives1 and 
have not been prudently selected and are
 not monitored by a plan fiduciary4  #c4
 ,depending on the investments you      
select through this investment          
arrangement1 you may experience         
diminished returns1 higher fees1 and    
higher risk than if you select from the 
plan's designated investment            
alternatives4  #d4 ,the following is a  
hypothetical illustration of the impact 
of return at #d percent1 #f percent1 and
 #h percent on your account balance     
projected to age #fg4  7,c7             
,illustration  ,the notice described    

under paragraph 7,b7 shall also include 
a graph displaying the projected        
retirement balances of such participant 
or beneficiary at age #fg if the account
 of such individual were to achieve an  
annual return equal to each of the      
following3  7i7 #d percent4  7ii7 #f    
percent4  7iii7 #h percent4  4  7b7     
,designated investment alternative      
defined ,section #c of the ,employee    
,retirement ,income ,security ,act of   
#aigd 7#bi ,u4,s4,c4 #ajjb7 is amended  
by adding at the end the following new  
paragraph3  7#df7  ,designated          
investment alternative  7,a7  ,in       
general  ,the term designated investment
 alternative means any investment       
alternative designated by a responsible 
fiduciary of an individual account plan 
described in subsection #djd7;c7 into   
which participants and beneficiaries may
 direct the investment of assets held   
in1 or contributed to1 their individual 
accounts4  7,b7  ,exception  ,the term  
designated investment alternative does  

not include brokerage windows1          
self-directed brokerage accounts1 or    
similar plan arrangements that enable   
participants and beneficiaries to select
 investments beyond those designated by 
a responsible plan fiduciary4  4  7c7   
,effective date  ,the amendment made by 
subsection 7a7 shall take effect on     
,january #a1 #bjbf4