,,ii #aaith ,,congress #ast ,session ,s4 #dbd ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,february #e1 #bjbe,mrs4 ,britt 7for herself1 ,mr4 ,warnock1 ,mr4 ,cassidy1 and ,mr4 ,peters7 introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to amend the ,federal securities laws to enhance #djc7;b7 plans1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,retirement ,fairness for ,charities and ,educational ,institutions ,act of #bjbe4 #b4 ,enhancement of #djc7;b7 plans 7a7 ,amendments to the ,investment ,company ,act of #aidj ,section #c7;c77#aa7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#aa77 is amended to read as follows3 7#aa7 ,any-- 7,a7 employee's stock bonus1 pension1 or profit-sharing trust which meets the requirements for qualification under section #dja of the ,internal ,revenue ,code of #aihf2 7,b7 custodial account meeting the requirements of section #djc7;b77#g7 of such ,code2 7,c7 governmental plan described in section #c7;a77#b77;,c7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;c7a77#b77;,c772 7,d7 collective trust fund maintained by a bank consisting solely of assets of one or more-- 7i7 trusts described in subparagraph 7,a72 7ii7 government plans described in subparagraph 7,c72 7iii7 church plans1 companies1 or accounts that are excluded from the definition of an investment company under paragraph 7#ad7 of this subsection2 or 7iv7 plans which meet the requirements of section #djc7;b7 of the ,internal ,revenue ,code of #aihf-- 7,i7 if-- 7aa7 such plan is subject to title ,i of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajja et seq472 7bb7 any employer making such plan available agrees to serve as a fiduciary for the plan with respect to the selection of the plan's investments among which participants can choose2 or 7cc7 such plan is a governmental plan 7as defined in section #dad7;d7 of such ,code72 and 7,,ii7 if the employer1 a fiduciary of the plan1 or another person acting on behalf of the employer reviews and approves each investment alternative offered under such plan described under subclause 7,i77cc7 prior to the investment being offered to participants in the plan2 or 7,e7 separate account the assets of which are derived solely from-- 7i7 contributions under pension or profit-sharing plans which meet the requirements of section #dja of the ,internal ,revenue ,code of #aihf or the requirements for deduction of the employer's contribution under section #djd7;a77#b7 of such ,code2 7ii7 contributions under governmental plans in connection with which interests1 participations1 or securities are exempted from the registration provisions of section #e of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;e7 by section #c7;a77#b77;,c7 of such ,act 7#ae ,u4,s4,c4 #gg;c7a77#b77;,c772 7iii7 advances made by an insurance company in connection with the operation of such separate account2 and 7iv7 contributions to a plan described in clause 7iii7 or 7iv7 of subparagraph 7,d74 4 7b7 ,amendments to the ,securities ,act of #aicc ,section #c7;a77#b7 of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;c7a77#b77 is amended-- 7#a7 by striking beneficiaries1 or 7,d7 and inserting beneficiaries1 7,d7 a plan which meets the requirements of section #djc7;b7 of such ,code 7i7 if 7,i7 such plan is subject to title ,i of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajja et seq471 7,,ii7 any employer making such plan available agrees to serve as a fiduciary for the plan with respect to the selection of the plan's investments among which participants can choose1 or 7,,iii7 such plan is a governmental plan 7as defined in section #dad7;d7 of such ,code71 and 7ii7 if the employer1 a fiduciary of the plan1 or another person acting on behalf of the employer reviews and approves each investment alternative offered under any plan described under clause 7i77,,iii7 prior to the investment being offered to participants in the plan1 or 7,e72 7#b7 by striking 7,c71 or 7,d7 and inserting 7,c71 7,d71 or 7,e72 and 7#c7 by striking 7iii7 which is a plan funded and all that follows through retirement income account74 and inserting 7iii7 in the case of a plan not described in subparagraph 7,d7 or 7,e71 which is a plan funded by an annuity contract described in section #djc7;b7 of such ,code44 7c7 ,amendments to the ,securities ,exchange ,act of #aicd ,section #c7;a77#ab77;,c7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c7a77#ab77;,c77 is amended-- 7#a7 by striking or 7iv7 and inserting 7iv7 a plan which meets the requirements of section #djc7;b7 of such ,code 7,i7 if 7aa7 such plan is subject to title ,i of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajja et seq471 7bb7 any employer making such plan available agrees to serve as a fiduciary for the plan with respect to the selection of the plan's investments among which participants can choose1 or 7cc7 such plan is a governmental plan 7as defined in section #dad7;d7 of such ,code71 and 7,,ii7 if the employer1 a fiduciary of the plan1 or another person acting on behalf of the employer reviews and approves each investment alternative offered under any plan described under subclause 7,i77cc7 prior to the investment being offered to participants in the plan1 or 7v72 7#b7 by striking 7ii71 or 7iii7 and inserting 7ii71 7iii71 or 7iv72 and 7#c7 by striking 7,,ii7 is a plan funded and inserting 7,,ii7 in the case of a plan not described in clause 7iv71 is a plan funded4 7d7 ,conforming ,amendment to the ,securities ,exchange ,act of #aicd ,section #ab7;g77#b77;,h7 of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghl7g77#b77;,h77 is amended by striking or 7iii7 and inserting 7iii7 a plan described in section #c7;a77#ab77;,c77iv7 of this ,act1 or 7iv74