,,ii  #aai? ,,congress  #a/ ,session    
,s4 #dbd  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,febru>y #e1 #bjbe,mrs4
 ,britt 7= h]self1 ,mr4 ,w>nock1 ,mr4   
,cassidy1 & ,mr4 ,pet]s7 introduc$ !    
foll[+ bill2 :i* 0 read twice & ref]r$  
to ! ,committee on ,bank+1 ,h\s+1 &     
,urban ,affairs  ,a ,,bill  ,to am5d !  
,f$]al securities laws to enhance       
#djc7;b7 plans1 & = o!r purposes4  #a4  
,%ort title ,?is ,act may be cit$ z !   
,retirem5t ,fairness = ,*>ities &       
,educational ,in/itutions ,act ( #bjbe4 
#b4 ,enhancem5t ( #djc7;b7 plans  7a7   
,am5dm5ts to ! ,inve/m5t ,company ,act (
 #aidj ,section #c7;c77#aa7 ( !         
,inve/m5t ,company ,act ( #aidj 7#ae    
,u4,s4,c4 #hj;a-#c7;c77#aa77 is am5d$ to
 read z foll[s3  7#aa7 ,any-- 7,a7      
employee's /ock bonus1 p5sion1 or       
pr(it-%>+ tru/ :i* meets ! requirem5ts =
 qualification "u section #dja ( !      
,int]nal ,rev5ue ,code ( #aihf2  7,b7   
cu/odial acc\nt meet+ ! requirem5ts (   
section #djc7;b77#g7 ( su* ,code2  7,c7 

gov]nm5tal plan describ$ 9 section      
#c7;a77#b77;,c7 ( ! ,securities ,act (  
#aicc 7#ae ,u4,s4,c4 #gg;c7a77#b77;,c772
  7,d7 collective tru/ fund ma9ta9$ by a
 bank consi/+ solely ( assets ( "o or   
m-- 7i7 tru/s describ$ 9 subp>agraph    
7,a72  7ii7 gov]nm5t plans describ$ 9   
subp>agraph 7,c72  7iii7 *ur* plans1    
companies1 or acc\nts t are exclud$ f ! 
def9ition ( an inve/m5t company "u      
p>agraph 7#ad7 ( ?is subsection2 or     
7iv7 plans :i* meet ! requirem5ts (     
section #djc7;b7 ( ! ,int]nal ,rev5ue   
,code ( #aihf-- 7,i7 if-- 7aa7 su* plan 
is subject to title ,i ( ! ,employee    
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajja et seq472    
7bb7 any employ] mak+ su* plan available
 agrees to s]ve z a fiduci>y = ! plan ) 
respect to ! selection ( ! plan's       
inve/m5ts among :i* p>ticipants c *oose2
 or  7cc7 su* plan is a gov]nm5tal plan 
7z def9$ 9 section #dad7;d7 ( su*       
,code72 &  7,,ii7 if ! employ]1 a       
fiduci>y ( ! plan1 or ano!r p]son act+  

on behalf ( ! employ] reviews & approves
 ea* inve/m5t alt]native (f]$ "u su*    
plan describ$ "u subclause 7,i77cc7     
prior to ! inve/m5t be+ (f]$ to         
p>ticipants 9 ! plan2 or  7,e7 sep>ate  
acc\nt ! assets ( :i* are d]iv$ solely  
f-- 7i7 contributions "u p5sion or      
pr(it-%>+ plans :i* meet ! requirem5ts (
 section #dja ( ! ,int]nal ,rev5ue ,code
 ( #aihf or ! requirem5ts = d$uction ( !
 employ]'s contribution "u section      
#djd7;a77#b7 ( su* ,code2  7ii7         
contributions "u gov]nm5tal plans 9     
connection ) :i* int]e/s1 p>ticipations1
 or securities are exempt$ f !          
regi/ration provisions ( section #e ( ! 
,securities ,act ( #aicc 7#ae ,u4,s4,c4 
#gg;e7 by section #c7;a77#b77;,c7 ( su* 
,act 7#ae ,u4,s4,c4 #gg;c7a77#b77;,c772 
7iii7 advances made by an insurance     
company 9 connection ) ! op]ation ( su* 
sep>ate acc\nt2 &  7iv7 contributions to
 a plan describ$ 9 clause 7iii7 or 7iv7 
( subp>agraph 7,d74  4  7b7 ,am5dm5ts to
 ! ,securities ,act ( #aicc ,section    

#c7;a77#b7 ( ! ,securities ,act ( #aicc 
7#ae ,u4,s4,c4 #gg;c7a77#b77 is am5d$-- 
7#a7 by /rik+ b5efici>ies1 or 7,d7 &    
ins]t+ b5efici>ies1 7,d7 a plan :i*     
meets ! requirem5ts ( section #djc7;b7 (
 su* ,code 7i7 if 7,i7 su* plan is      
subject to title ,i ( ! ,employee       
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajja et seq471    
7,,ii7 any employ] mak+ su* plan        
available agrees to s]ve z a fiduci>y = 
! plan ) respect to ! selection ( !     
plan's inve/m5ts among :i* p>ticipants c
 *oose1 or 7,,iii7 su* plan is a        
gov]nm5tal plan 7z def9$ 9 section      
#dad7;d7 ( su* ,code71 & 7ii7 if !      
employ]1 a fiduci>y ( ! plan1 or ano!r  
p]son act+ on behalf ( ! employ] reviews
 & approves ea* inve/m5t alt]native (f]$
 "u any plan describ$ "u clause         
7i77,,iii7 prior to ! inve/m5t be+ (f]$ 
to p>ticipants 9 ! plan1 or 7,e72  7#b7 
by /rik+ 7,c71 or 7,d7 & ins]t+ 7,c71   
7,d71 or 7,e72 &  7#c7 by /rik+ 7iii7   
:i* is a plan fund$ & all t foll[s ?r\gh

 retirem5t income acc\nt74 & ins]t+     
7iii7 9 ! case ( a plan n describ$ 9    
subp>agraph 7,d7 or 7,e71 :i* is a plan 
fund$ by an annuity contract describ$ 9 
section #djc7;b7 ( su* ,code44  7c7     
,am5dm5ts to ! ,securities ,ex*ange ,act
 ( #aicd ,section #c7;a77#ab77;,c7 ( !  
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #gh;c7a77#ab77;,c77 is am5d$--
 7#a7 by /rik+ or 7iv7 & ins]t+ 7iv7 a  
plan :i* meets ! requirem5ts ( section  
#djc7;b7 ( su* ,code 7,i7 if 7aa7 su*   
plan is subject to title ,i ( !         
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4 #ajja et    
seq471 7bb7 any employ] mak+ su* plan   
available agrees to s]ve z a fiduci>y = 
! plan ) respect to ! selection ( !     
plan's inve/m5ts among :i* p>ticipants c
 *oose1 or 7cc7 su* plan is a gov]nm5tal
 plan 7z def9$ 9 section #dad7;d7 ( su* 
,code71 & 7,,ii7 if ! employ]1 a        
fiduci>y ( ! plan1 or ano!r p]son act+  
on behalf ( ! employ] reviews & approves
 ea* inve/m5t alt]native (f]$ "u any    

plan describ$ "u subclause 7,i77cc7     
prior to ! inve/m5t be+ (f]$ to         
p>ticipants 9 ! plan1 or 7v72  7#b7 by  
/rik+ 7ii71 or 7iii7 & ins]t+ 7ii71     
7iii71 or 7iv72 &  7#c7 by /rik+ 7,,ii7 
is a plan fund$ & ins]t+ 7,,ii7 9 ! case
 ( a plan n describ$ 9 clause 7iv71 is a
 plan fund$4  7d7 ,con=m+ ,am5dm5t to ! 
,securities ,ex*ange ,act ( #aicd       
,section #ab7;g77#b77;,h7 ( !           
,securities ,ex*ange ,act ( #aicd 7#ae  
,u4,s4,c4 #ghl7g77#b77;,h77 is am5d$ by 
/rik+ or 7iii7 & ins]t+ 7iii7 a plan    
describ$ 9 section #c7;a77#ab77;,c77iv7 
( ?is ,act1 or 7iv74