,,ii  #aai? ,,congress  #a/ ,session    
,s4 #cjhc  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,octob] #cj1 #bjbe ,mr4
 ,banks 7= himself & ,mr4 ,cassidy7     
introduc$ ! foll[+ bill2 :i* 0 read     
twice & ref]r$ to ! ,committee on       
,heal?1 ,education1 ,labor1 & ,p5sions  
,a ,,bill  ,to am5d ! ,employee         
,retirem5t ,income ,security ,act (     
#aigd to ensure t p5sion plans provide  
notice to p>ticipants & b5efici>ies on  
risks associat$ ) c]ta9 inve/m5ts1 & =  
o!r purposes4  #a4  ,%ort title  ,?is   
,act may be cit$ z ! ,provid+ ,complete 
,in=mation to ,retirem5t ,inve/ors ,act4
  #b4  ,brok]age w9d[ disclosures  7a7  
,9 g5]al  ,section #djd7;c7 ( !         
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #aajd7;c77  
is am5d$ by add+ at ! end ! foll[+ new  
p>agraph3  7#g7  ,notice requirem5ts =  
brok]age w9d[s  7,a7  ,9 g5]al  ,9 !    
case ( a p5sion plan :i* provides =     
individual acc\nts & :i* provides a     
p>ticipant or b5efici>y ! opportunity to

 *oose f designat$ inve/m5t alt]natives1
 a p>ticipant or b5efici>y %all n be    
treat$ z ex]cis+ control ov] assets 9 ! 
acc\nt ( ! p>ticipant or b5efici>y      
unless1 ) respect to any inve/m5t       
arrangem5t t is n a designat$ inve/m5t  
alt]native1 ea* "t be=e su* a p>ticipant
 or b5efici>y directs an inve/m5t into1 
out (1 or )9 su* inve/m5t arrangem5t1   
su* p>ticipant is notifi$ (1 &          
ackn[l$ges1 ea* elem5t ( ! notice       
describ$ "u p>agraph 7,b74  7,b7        
,notice  ,! notice describ$ "u ?is      
p>agraph is a #d-"p in=mation t is      
sub/antially simil> to ! foll[+         
in=mation3  #a4 ,y\r retirem5t plan (f]s
 designat$ inve/m5t alt]natives prud5tly
 select$ & monitor$ by fiduci>ies = !   
purpose ( enabl+ y to con/ruct an       
appropriate retirem5t sav+s portfolio4  
,9 select+ & monitor+ designat$ inve/m5t
 alt]natives1 y\r plan's fiduci>y       
consid]s ! risk ( loss & ! opportunity =
 ga9 7or o!r return7 comp>$ ) reasonably
 available inve/m5t alt]natives4  #b4 ,!

 inve/m5ts available ?r\gh ?is inve/m5t 
arrangem5t are n designat$ inve/m5t     
alt]natives1 & h n be5 prud5tly select$ 
& are n monitor$ by a plan fiduci>y4    
#c4 ,dep5d+ on ! inve/m5ts y select     
?r\gh ?is inve/m5t arrangem5t1 y may    
exp]i5ce dim9i%$ returns1 high] fees1 & 
high] risk ?an if y select f ! plan's   
designat$ inve/m5t alt]natives4  #d4 ,! 
foll[+ is a hypo!tical illu/ration ( !  
impact ( return at #d p]c5t1 #f p]c5t1 &
 #h p]c5t on y\r acc\nt balance project$
 to age #fg4  7,c7  ,illu/ration  ,!    
notice describ$ "u p>agraph 7,b7 %all   
also include a graph display+ ! project$
 retirem5t balances ( su* p>ticipant or 
b5efici>y at age #fg if ! acc\nt ( su*  
individual 7 to a*ieve an annual return 
equal to ea* ( ! foll[+3  7i7 #d p]c5t4 
7ii7 #f p]c5t4  7iii7 #h p]c5t4  4  7b7 
,designat$ inve/m5t alt]native def9$    
,section #c ( ! ,employee ,retirem5t    
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #ajjb7 is am5d$ by add+ at !  
end ! foll[+ new p>agraph3  7#df7       

,designat$ inve/m5t alt]native  7,a7  ,9
 g5]al  ,! t]m designat$ inve/m5t       
alt]native means any inve/m5t alt]native
 designat$ by a responsible fiduci>y (  
an individual acc\nt plan describ$ 9    
subsection #djd7;c7 into :i* p>ticipants
 & b5efici>ies may direct ! inve/m5t (  
assets held 91 or contribut$ to1 _!     
individual acc\nts4  7,b7  ,exception   
,! t]m designat$ inve/m5t alt]native    
does n include brok]age w9d[s1          
self-direct$ brok]age acc\nts1 or simil>
 plan arrangem5ts t enable p>ticipants &
 b5efici>ies to select inve/m5ts beyond 
^? designat$ by a responsible plan      
fiduci>y4  4  7c7  ,effective date  ,!  
am5dm5t made by subsection 7a7 %all take
 effect on ,janu>y #a1 #bjbf4