I 

111TH CONGRESS 

1ST SESSION H. R. 2792 

To amend title I of the Employee Retirement Income Security Act of 1974 

to require individual account plans which permit participants and beneficiaries to direct the investment of assets in their individual accounts 

to include in pension benefit statements appropriate points of comparison 

to demonstrate relative performance of investment options under such 

plans. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 10, 2009 

Mrs. DAVIS of California (for herself and Mr. GEORGE MILLER of California) 

introduced the following bill; which was referred to the Committee on 

Education and Labor 

A BILL 

To amend title I of the Employee Retirement Income Security Act of 1974 to require individual account plans 

which permit participants and beneficiaries to direct the 

investment of assets in their individual accounts to include in pension benefit statements appropriate points 

of comparison to demonstrate relative performance of 

investment options under such plans. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Retirement Savings 

3 Transparency Act of 2009’’. 

4 SEC. 2. POINTS OF COMPARISON FOR INVESTMENT OP5 TIONS UNDER INDIVIDUAL ACCOUNT PLANS. 

6 (a) IN GENERAL.—Section 105(a)(2) of the Em7 ployee Retirement Income Security Act of 1974 (29 

8 U.S.C. 1025(a)(2)) is amended by adding at the end the 

9 following new subparagraph: 

10 ‘‘(D) POINTS OF COMPARISON FOR IN11 VESTMENT OPTIONS UNDER INDIVIDUAL AC12 COUNT PLANS.— 

13 ‘‘(i) IN GENERAL.—In the case of an 

14 individual account plan which permits a 

15 participant or beneficiary to direct the in16 vestment of assets in their individual ac17 count, any pension benefit statement under 

18 paragraph (1)(A)(i) shall include, as deter19 mined periodically by the Secretary in con20 sultation with the Securities and Exchange 

21 Commission, appropriate and consistent 

22 points of comparison for each of the fol23 lowing: 

24 ‘‘(I) the amounts of the fees as25 sessed in connection with each investVerDate Nov 24 2008 03:20 Jun 11, 2009 Jkt 079200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2792.IH H2792

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1 ment option made available for elec2 tion under the plan, and 

3 ‘‘(II) the historic returns net of 

4 fees and expenses for each such in5 vestment option for the previous year, 

6 5 years, and 10 years (or for the pe7 riod since inception, if shorter), in8 cluding a separate point of compari9 son with respect to each such time pe10 riod. 

11 ‘‘(ii) DIFFERENCES IN CLASSES AND

12 TYPES OF INVESTMENTS TAKEN INTO AC13 COUNT.—In selecting or developing the 

14 points of comparison pursuant to clause 

15 (i), the Secretary, in consultation with the 

16 Securities and Exchange Commission, shall 

17 take into account, to the extent possible, 

18 differences between classes and types of in19 vestments.’’. 

20 (b) EFFECTIVE DATE.—The amendment made by 

21 this section shall apply with respect to pension benefit 

22 statements for calendar quarters beginning on or after 

23 January 1, 2010. 

Æ 


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