I 
119TH CONGRESS 
1ST SESSION H. R. 2696 
To establish the American Worker Retirement Plan, improve the financial 
security of working Americans by facilitating the accumulation of wealth, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
APRIL 7, 2025 
Mr. SMUCKER (for himself, Ms. SEWELL, Ms. MALLIOTAKIS, Ms. TENNEY, 
Mr. FITZPATRICK, Mrs. MILLER of West Virginia, and Mr. SMITH of Ne-
braska) introduced the following bill; which was referred to the Com-
mittee on Education and Workforce, and in addition to the Committee 
on Ways and Means, for a period to be subsequently determined by the 
Speaker, in each case for consideration of such provisions as fall within 
the jurisdiction of the committee concerned 
A BILL 
To establish the American Worker Retirement Plan, improve 
the financial security of working Americans by facili-
tating the accumulation of wealth, and for other pur-
poses. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Retirement Savings for Americans Act of 2025’’. 
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(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Definitions. 
Sec. 3. Relationship to Social Security. 
Sec. 4. Government benefits. 
TITLE I—THE AMERICAN WORKER RETIREMENT PLAN 
Sec. 101. The American Worker Retirement Fund. 
Sec. 102. Investment of American Worker Retirement Fund. 
Sec. 103. Eligibility. 
Sec. 104. Enrollment. 
Sec. 105. Contributions. 
Sec. 106. Distributions. 
Sec. 107. Accounts. 
Sec. 108. Tax treatment. 
Sec. 109. Spousal protections; survivor rights. 
TITLE II—THE AMERICAN WORKER RETIREMENT PLAN 
INVESTMENT MANAGEMENT SYSTEM 
Sec. 201. The American Worker Retirement Investment Board. 
Sec. 202. The American Worker Retirement Plan Advisory Council. 
Sec. 203. Executive Director. 
Sec. 204. Investment policies and selection of asset managers. 
Sec. 205. Administrative provisions. 
Sec. 206. Fiduciary responsibilities; liability and penalties. 
Sec. 207. Bonding. 
Sec. 208. Investigative authority. 
Sec. 209. Exculpatory provisions; insurance. 
Sec. 210. Subpoena authority. 
TITLE III—GOVERNMENT MATCH TAX CREDIT 
Sec. 301. Government Match Tax Credit. 
SEC. 2. DEFINITIONS. 
As used in this Act, except as otherwise provided: 
(1) ACCOUNT.—The term ‘‘account’’ means an 
account established and maintained under section 
107. 
(2) BOARD.—The term ‘‘Board’’ means the 
American Worker Retirement Investment Board es-
tablished under section 201. 
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(3) BUSINESS.—The term ‘‘business’’ means 
any entity, including any sole proprietor, partner-
ship, limited liability company, or corporation, that 
engages in interstate commerce. 
(4) EARNINGS.—The term ‘‘earnings’’, when 
used with respect to the Fund, means the amount 
of the gain realized or yield received from the invest-
ment of sums in such Fund. 
(5) EXECUTIVE DIRECTOR.—The term ‘‘Execu-
tive Director’’ means the Executive Director ap-
pointed under section 203. 
(6) EXISTING RETIREMENT PLAN.—The term 
‘‘existing retirement plan’’ means— 
(A) an eligible retirement plan, as defined 
in section 402(c)(8)(B) of the Internal Revenue 
Code of 1986, including any defined benefit 
plan; 
(B) the Thrift Savings Plan established 
under subchapter III of chapter 84 of title 5, 
United States Code; and 
(C) any other tax deferred employee retire-
ment plan determined by the Secretary of the 
Treasury to be consistent with the purposes of 
this Act. 
(7) FORMER PARTICIPANT.— 
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(A) IN GENERAL.—The term ‘‘former par-
ticipant’’ means a participant who has an ac-
count with the Fund and is no longer a quali-
fying worker. 
(B) INDIVIDUALS BECOMING QUALIFYING 
WORKERS AGAIN.—Such term shall not include 
an individual who (without regard to this sub-
paragraph) is a former participant but who sub-
sequently becomes a qualifying worker and en-
rolls again under section 104(a) to participate 
in the Fund. This subparagraph shall apply 
until such individual is no longer a qualifying 
worker. 
(8) FUND.—The term ‘‘Fund’’ means the 
American Worker Retirement Fund established 
under section 101(a). 
(9) INVESTMENT
ADVISORY
COUNCIL.—The 
term ‘‘Investment Advisory Council’’ means the 
council established under section 202. 
(10) LOSS.—The term ‘‘loss’’, as used with re-
spect to the Fund, includes the amount of any loss 
resulting from the investment of sums in such Fund, 
or from the breach of any responsibility, duty, or ob-
ligation under section 206. 
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(11) NET
EARNINGS.—The term ‘‘net earn-
ings’’ means the excess of earnings over losses. 
(12) NET
LOSSES.—The term ‘‘net losses’’ 
means the excess of losses over earnings. 
(13) PARTICIPANT.—The term ‘‘participant’’ 
means any qualifying worker who is enrolled to par-
ticipate in the Fund under section 104(a) and has 
not opted out of participation under section 
104(b)(3). 
(14) PARTICIPATING
EMPLOYER.—The term 
‘‘participating employer’’ means any business that— 
(A) employs a qualifying worker; or 
(B) contracts with an independent con-
tractor who is a qualifying worker and opts to 
enroll such independent contractor to partici-
pate in the Fund under section 104(a)(2). 
(15) QUALIFYING WORKER.—The term ‘‘quali-
fying worker’’ means— 
(A) an employee who— 
(i) is employed by a business that has 
not established an existing retirement plan 
and does not provide an individual retire-
ment 
plan 
(as 
defined 
in 
section 
7701(a)(37) of the Internal Revenue Code 
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of 1986) with an automatic enrollment 
payroll deduction arrangement; or 
(ii) is not eligible to participate in any 
such plan or arrangement established by 
the business that employs the employee; or 
(B) an independent contractor who— 
(i) is self-employed; and 
(ii) has not established an existing re-
tirement plan, and does not have an indi-
vidual retirement plan (as defined in sec-
tion 7701(a)(37) of the Internal Revenue 
Code of 1986) with an automatic enroll-
ment payroll deduction arrangement. 
SEC. 3. RELATIONSHIP TO SOCIAL SECURITY. 
Except as otherwise provided in this Act, the funds 
payable under the Fund to participants and former par-
ticipants are in addition to the benefits payable under the 
Social Security Act (42 U.S.C. 301 et seq.). 
SEC. 4. GOVERNMENT BENEFITS. 
In the case of an individual who has not attained age 
65, the funds owned by such individual in an account and 
any contribution made to such funds by a participant or 
the Secretary of the Treasury shall not be taken into con-
sideration when determining such individual’s eligibility 
for any Federal public assistance benefit. 
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TITLE I—THE AMERICAN 
WORKER RETIREMENT PLAN 
SEC. 101. THE AMERICAN WORKER RETIREMENT FUND. 
(a) ESTABLISHMENT.—There is established in the 
Treasury of the United States the American Worker Re-
tirement Fund. 
(b) PURPOSES.—The Fund shall consist of the sum 
of all amounts contributed under section 105 of this Act 
and section 25F of the Internal Revenue Code of 1986, 
as added by this Act, increased by the total net earnings 
from investments of the sums in the Fund or reduced by 
the total net losses from investments of the Fund, and 
reduced by the total amount of payments made from the 
Fund (including payments for administrative expenses 
under subsection (e)). 
(c) INVESTMENT.—The sums in the Fund shall re-
main available without fiscal year limitation— 
(1) to invest pursuant to section 102; 
(2) to pay the administrative expenses of the 
Fund under subsection (e); 
(3) to make distributions as provided in section 
106; 
(4) to make loans as authorized under section 
106(h); and 
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(5) to purchase insurance as provided in section 
209. 
(d) ACCOUNTS.—Each participant shall have an ac-
count with the Fund. Amounts contributed by a partici-
pant under section 105 and by the Secretary of the Treas-
ury under section 25F of the Internal Revenue Code of 
1986 shall be deposited in the Fund and credited to the 
participant’s account in accordance with such procedures 
as the Secretary of the Treasury may, in consultation with 
the Executive Director, prescribe in regulation. 
(e) ADMINISTRATIVE
EXPENSES.—Administrative 
expenses (including expenses related to financial literacy 
requirements under section 201(f)(5)) incurred to carry 
out this Act shall be paid out of the net earnings of the 
Fund, including earnings attributed to returned credit 
amounts under section 25F(h) of the Internal Revenue 
Code of 1986. 
(f) EXCLUSIVE BENEFIT.— 
(1) IN GENERAL.—Subject to paragraphs (2) 
and (3) and subsection (e), sums in the Fund cred-
ited to the accounts of a participant or former par-
ticipant may not be used for, or diverted to, pur-
poses other than for the exclusive benefit of the par-
ticipant or former participant, or a beneficiary there-
of, except as otherwise provided by law. 
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(2) ASSIGNMENT.—Except as provided in para-
graph (3), sums in the Fund may not be assigned 
or alienated and are not subject to execution, levy, 
attachment, garnishment, or other legal process. For 
purposes of this paragraph, a loan made from the 
Fund to a participant shall not be considered to be 
an assignment or alienation. 
(3) LEGAL OBLIGATIONS.—Moneys due or pay-
able from the Fund to any individual and, in the 
case of an individual who is a participant or former 
participant, the balance in the account of the partici-
pant or former participant shall be subject to— 
(A) legal process for the enforcement of 
the individual’s legal obligation to provide child 
support or make alimony payments as provided 
in section 459 of the Social Security Act (42 
U.S.C. 659); 
(B) an obligation of the Executive Director 
to make a payment to another person under 
section 109; and 
(C) any Federal tax levy under section 
6331 of the Internal Revenue Code of 1986. 
For the purposes of this paragraph, an amount con-
tributed for the benefit of a participant or former 
participant under section 25F of the Internal Rev-
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enue Code of 1986 (including any earnings attrib-
utable thereto) shall be considered part of the bal-
ance in such participant or former participant’s ac-
count. 
(g) NON-APPROPRIATED FUNDS.—The sums in the 
Fund shall not be appropriated for any purpose other than 
the purposes specified in this section and may not be used 
for any other purpose. 
(h) BENEFIT TO PARTICIPANTS.—All sums contrib-
uted to the Fund by a participant or the Secretary of the 
Treasury for the benefit of such participant and all net 
earnings in such Fund in trust for such participant shall 
be the exclusive property of the participant. 
(i) NONFORFEITABLE.—All the contributions made 
under section 105 and section 25F of the Internal Rev-
enue Code of 1986 shall be fully nonforfeitable when 
made, except as provided in section 25F(h) of such Code. 
SEC. 102. INVESTMENT OF AMERICAN WORKER RETIRE-
MENT FUND. 
(a) IN GENERAL.—The Board shall establish the in-
vestment policies of the Fund and select the investment 
funds, indexes, and other investment products that the 
amounts in the Fund shall be invested in subject to the 
following conditions: 
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(1) The Board shall provide for the following 
investment options for participants: 
(A) A Government Securities Investment 
Fund under which sums in the Fund are in-
vested in— 
(i) bonds issued or guaranteed by the 
United States Government; and 
(ii) bonds issued by Government-spon-
sored enterprises or Government corpora-
tions. 
(B) A Fixed-Income Investment Fund 
under which sums are in the Fund are invested 
in— 
(i) insurance contracts; 
(ii) certificates of deposit; and 
(iii) other instruments or obligations 
selected by qualified professional asset 
managers (as defined in section 8438(a)(8) 
of title 5, United States Code), 
which return the amount invested and pay in-
terest, at a specific rate or rates, on that 
amount during a specific period of time. 
(C) A Common Stock Index Investment 
Fund, as described in section 8438(b)(2) of 
title 5, United States Code. 
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(D) A Small Capitalization Stock Index In-
vestment 
Fund, 
as 
described 
in 
section 
8438(b)(3) of title 5, United States Code. 
(E) An International Stock Index Invest-
ment Fund, as described in section 8438(b)(4) 
of title 5, United States Code. 
(F) A Life-Cycle Investment Fund con-
sisting of target date asset allocation portfolios. 
(2) The Board may, in its discretion, provide 
for other investment options for participants con-
sistent with the Board’s fiduciary duty set forth in 
sections 201 and 206. 
(3) The Board shall consult with the Invest-
ment Advisory Council before authorizing additional 
investment options for participants. 
(b) INVESTMENTS.— 
(1) INVESTMENT
SELECTION.—The Executive 
Director shall invest the sums available in the Fund 
for investment as provided in the selection made 
under subsection (c). 
(2) DEFAULT OPTION.—If a selection has not 
been made with respect to any sums available for in-
vestment in the Fund, the Executive Director shall 
invest such sums in an age-appropriate Life-Cycle 
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Investment Fund, as determined by the Executive 
Director. 
(c) INVESTMENT SELECTION.—As often as is prac-
tical, but not less than twice per year, a participant may 
select the investment funds and options referred to in sub-
section (a) into which the amounts in the Fund credited 
to the participant’s accounts are to be invested or rein-
vested. A selection may be made under this subsection only 
in accordance with regulations prescribed by the Executive 
Director and within such period as the Executive Director 
shall provide in such regulations, but in no event less fre-
quently than twice a year. 
(d) VOTING RIGHTS.—Participants, former partici-
pants, the Board, and the Executive Director may not ex-
ercise voting rights associated with the ownership of secu-
rities by the Fund. 
(e) REPORTS.—The Board shall issue regular reports 
(not less frequently than quarterly) to participants and 
former participants on the performance of each investment 
option selected under subsection (a), which shall include 
personalized estimates of assets and income at retirement, 
the additional assets and income at retirement a partici-
pant would have if the participant makes sufficient con-
tributions to receive the maximum amount of the Govern-
ment match tax credit under section 25F of the Internal 
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Revenue Code of 1986, and any other information the 
Board determines may help participants make sound fi-
nancial decisions. The Board shall provide the reports re-
quired under this subsection by electronic delivery, except 
that upon the request of a participant or former partici-
pant, reports shall be provided by mail to such individual. 
SEC. 103. ELIGIBILITY. 
(a) ELIGIBILITY.—A qualifying worker shall be eligi-
ble to participate in the Fund upon completion of the en-
rollment process set forth in section 104. 
(b) CESSATION OF ELIGIBILITY.—A former partici-
pant shall not be eligible to contribute to the Fund under 
section 105(a) but shall remain the owner of the funds 
in the former participant’s account with the Fund (and 
any net earnings attributable to such funds) subject to the 
withdrawal conditions established under section 106, and 
may exercise investment decisions with respect to such ac-
count on the same basis as a participant. 
SEC. 104. ENROLLMENT. 
(a) ENROLLMENT.— 
(1) IN GENERAL.—The Secretary of the Treas-
ury and the Executive Director shall jointly establish 
an enrollment process for participating employers to 
enroll qualifying workers to participate in the Fund 
that incorporates, to the extent practicable, such en-
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rollment and participant contributions under section 
105(a) into Federal tax withholding forms and pay-
ments. Such process shall provide that a business 
operating on the date of the establishment of the 
Fund shall complete such enrollment process for any 
qualifying worker as of such time no later than the 
date that is 1 year from such date. 
(2) INDEPENDENT CONTRACTORS.— 
(A) IN
GENERAL.—In the case of inde-
pendent contractors who are qualifying workers, 
the enrollment process shall allow businesses 
who have contracts with such qualifying work-
ers to elect to enroll such qualifying workers to 
participate in the Fund. 
(B) CLASSIFICATION.—An election (or fail-
ure to make an election) by a business under 
subparagraph (A) with respect to any inde-
pendent contractor who is a qualifying worker 
shall not be relevant to the classification of 
such worker as an independent contractor 
under any Federal, State, or local law. 
(b) AUTO-ENROLLMENT; OPT-OUT.— 
(1) IN GENERAL.—Each participating employer 
shall enroll each of its qualifying workers to partici-
pate in the Fund under subsection (a) unless such 
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qualifying worker elects to opt out of participating 
pursuant to paragraph (3). A qualifying worker who 
is a sole proprietor or independent contractor shall 
enroll or elect to opt out of participating pursuant 
to paragraph (3). 
(2) AUTOMATIC CONTRIBUTION RATES.—Each 
qualifying worker enrolled under paragraph (1) shall 
be automatically enrolled to make contributions 
under section 105(a) at the default percentage of 3 
percent of the qualifying worker’s compensation 
from the employer for such period as shall be estab-
lished by regulation under section 105(a)(3). 
(3) OPT-OUT.—A qualifying worker may elect 
to opt out of participating in the Fund pursuant to 
procedures established jointly by the Secretary of the 
Treasury and the Executive Director as part of the 
regulations governing the enrollment process set 
forth in subsection (a). If a qualifying worker elects 
to opt out of participating in the Fund, such quali-
fying worker shall not be enrolled in subsequent 
years unless the qualifying worker elects to partici-
pate in the Fund. The Secretary of the Treasury 
and the Executive Director shall determine proce-
dures to establish accounts for qualifying workers 
who elect to opt out of participating in the Fund 
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who are determined to be eligible for automatic con-
tributions or who would make contributions other-
wise allowable by law outside the withholding proc-
ess. 
(c) PENALTIES.— 
(1) PENALTY.—A participating employer who 
fails to enroll a qualifying worker pursuant to sub-
section (b) or fails to deposit in the Fund the 
amount of a participant’s contributions under sec-
tion 105(a) shall be subject to a penalty equal to the 
applicable penalty percentage of the amount of the 
contributions by the qualifying worker or partici-
pant, as the case may be, that the participating em-
ployer fails to deposit due to failure to enroll the 
qualifying worker or otherwise deposit such funds. 
The Secretary of the Treasury and the Executive 
Director shall jointly prescribe regulations under 
which a participating employer shall be required to 
pay to the Fund amounts representing lost earnings 
resulting from errors made by such participating 
employer in carrying out this section. 
(2) APPLICABLE PENALTY PERCENTAGE.—The 
term ‘‘applicable penalty percentage’’ means— 
(A) 2 percent if the failure is for not more 
than 5 days; 
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(B) 5 percent if the failure is for more 
than 5 days but not more than 15 days; and 
(C) 10 percent if the failure is for more 
than 15 days. 
(3) FUNDS.—The Secretary of the Treasury 
shall credit to the Fund, out of any sums in the 
Treasury not otherwise appropriated, the amount 
determined by the Executive Director to be nec-
essary to carry out this section and section 105(d). 
SEC. 105. CONTRIBUTIONS. 
(a) CONTRIBUTIONS BY PARTICIPANTS.— 
(1) IN GENERAL.—Pursuant to the regulations 
established under paragraph (3) and subsection (e), 
a participant may make contributions to the partici-
pant’s account with the Fund in any pay period in 
an amount not to exceed the participant’s compensa-
tion for such period. 
(2) OTHER PARTICIPANT CONTRIBUTIONS.— 
(A) CATCH-UP CONTRIBUTIONS.—Notwith-
standing the limitation under paragraph (1) or 
subsection (c), a participant may make such ad-
ditional contributions to the participant’s ac-
count with the Fund as are permitted by sec-
tion 414(v) of the Internal Revenue Code of 
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1986, and the regulations established under 
subsection (e) consistent therewith. 
(B) CONTRIBUTIONS OF TAX REFUNDS.— 
(i) IN GENERAL.—Subject to the lim-
its of subsection (c), a participant may 
elect, at such time and in such manner as 
the Secretary of the Treasury may pre-
scribe, to contribute to the participant’s 
account any portion of such participant’s 
overpayment of tax which is to be refunded 
to such participant under section 6402 of 
the Internal Revenue Code of 1986. 
(ii) SPECIAL RULES.—For purposes of 
clause (i)— 
(I) the amount of the overpay-
ment which may be contributed under 
clause (i) shall be determined without 
regard to any overpayment attrib-
utable to the amount contributed to 
the account by the Secretary of the 
Treasury under section 25F of the In-
ternal Revenue Code of 1986, and 
(II) any contribution described in 
clause (i) shall be treated as made for 
the taxable year of the overpayment 
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and shall be taken into account in de-
termining the amount of the credit 
under section 25F for such taxable 
year. 
(3) CONTRIBUTIONS.—The Secretary of the 
Treasury and the Executive Director shall jointly 
prescribe regulations that establish a program of 
regular contribution under which participants may— 
(A) make contributions to their accounts 
with the Fund under paragraph (1); 
(B) modify the amount contributed under 
such paragraph; or 
(C) terminate such contributions. 
(4) ELECTION.—An election to make contribu-
tions under this subsection— 
(A) may be made at any time; 
(B) shall take effect on the earliest date 
after the election that is administratively fea-
sible; and 
(C) shall remain in effect until modified or 
terminated. 
Any such election shall be subject to the contribution 
limits under this section. 
(b) CONTRIBUTION OF GOVERNMENT MATCH TAX 
CREDIT.—A participant’s account shall receive contribu-
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tions in the form of the Government Match Tax Credit 
contributed by the Secretary of the Treasury under section 
25F of the Internal Revenue Code of 1986. 
(c) CONTRIBUTION LIMITS.—Notwithstanding any 
other provision of this section, no contribution may be 
made under this section for any year to the extent that 
such contribution, when added to prior contributions for 
such year, exceeds any limitation under section 219(b)(5) 
of the Internal Revenue Code of 1986. Any contribution 
made under section 25F of the Internal Revenue Code of 
1986 shall not be taken into account for purposes of the 
preceding sentence. 
(d) TREATMENT AS ROTH CONTRIBUTIONS.—Con-
tributions under subsection (a) shall not be excludable 
from gross income and no deduction shall be allowed with 
respect to such contributions under section 219 of the In-
ternal Revenue Code of 1986. 
(e) REGULATIONS.—The amounts contributed to the 
Fund by a participant under section 105(a) and on behalf 
of a participant by the Secretary of the Treasury under 
section 25F of the Internal Revenue Code of 1986 shall 
be deposited in the Fund and credited to the participant’s 
account with the Fund pursuant to regulations jointly pre-
scribed by the Secretary of the Treasury and the Execu-
tive Director. 
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SEC. 106. DISTRIBUTIONS. 
(a) FORMER PARTICIPANTS.—A former participant is 
entitled to access the amounts in the former participant’s 
account as provided in this section. Amounts in the ac-
count of a former participant shall remain in the Fund 
until distributed in accordance with subsection (b). 
(b) 
FORMER
PARTICIPANT
WITHDRAWAL
OP-
TIONS.—Subject to section 109, a former participant is 
entitled to and may elect to withdraw from the Fund the 
balance of the former participant’s account as— 
(1) an annuity; 
(2) a single payment; 
(3) 2 or more substantially equal payments to 
be made not less frequently than annually; or 
(4) any combination of payments described in 
paragraphs (1) through (3) as the Executive Direc-
tor may prescribe by regulation. 
(c) ADDITIONAL
FORMER
PARTICIPANT
WITH-
DRAWAL OPTIONS.— 
(1) IN GENERAL.—In addition to the right pro-
vided under subsection (b) to withdraw the balance 
of the account, a former participant may make 1 or 
more withdrawals of any amount in the same man-
ner as a single payment is made in accordance with 
subsection (b)(2) from the former participant’s ac-
count. 
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(2) TRANSFERS TO RETIREMENT PLANS.— 
(A) IN
GENERAL.—A former participant 
may request that the amount withdrawn from 
the Fund under paragraph (1) be transferred to 
an existing retirement plan. 
(B) TRANSFERS.—The Executive Director 
shall make each transfer directly to an existing 
retirement plan identified by the former partici-
pant for whom the transfer is made. A transfer 
shall not be made under the preceding sentence 
until the Executive Director receives from the 
former participant the information required by 
the Executive Director specifically to identify 
the existing retirement plan to which the trans-
fer is to be made. 
(3) LIMITATIONS.—Withdrawals under this 
subsection shall be subject to such other limitations 
or conditions as the Executive Director may pre-
scribe by regulation. 
(d) PAYMENT OF ANNUITIES.—The Board shall pre-
scribe methods of payment of annuities under this Act 
substantially similar to those provided for under section 
8434 of title 5, United States Code. 
(e) FORMER
PARTICIPANT
CHANGES
TO
ELEC-
TIONS.— 
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(1) IN GENERAL.—Subject to section 109, a 
former participant may change an election previously 
made under this section, except that in the case of 
an election to receive an annuity, a former partici-
pant may not change an election under this section 
on or after the date on which an annuity contract 
is purchased to provide for the annuity elected by 
the former participant. 
(2) DISTRIBUTIONS MADE.—A former partici-
pant may not return a distribution once made pur-
suant to an election under this section. 
(f) SURVIVOR RIGHTS.— 
(1) IN GENERAL.—If a participant or a former 
participant dies without having made an election 
under subsection (b) or after having elected an an-
nuity under subsection (b) but before making an 
election for payments to a survivor rights under sec-
tion 8434 of title 5, United States Code, an amount 
equal to the value of that individual’s account (as of 
death) shall, subject to any decree, order, or agree-
ment referred to in section 109, be paid in a manner 
consistent with the requirements of section 109. 
(2) MAINTENANCE
OF
ACCOUNT.—Notwith-
standing section 109, if a participant or former par-
ticipant dies and has designated as sole or partial 
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beneficiary the spouse of the participant or former 
participant at the time of death, or, if a participant 
or former participant dies with no designated bene-
ficiary and is survived by a spouse, the spouse may 
maintain the portion of the participant or former 
participant’s account to which the spouse is entitled 
in accordance with the following terms: 
(A) Subject to the limitations of subpara-
graph (B), the spouse shall have the same with-
drawal options under subsection (b) as a former 
participant. 
(B) The spouse may not make withdrawals 
under subsection (h) or (i). 
(C) The spouse may not make contribu-
tions or transfers to the account. 
(D) The account shall be disbursed upon 
the death of the surviving spouse of the partici-
pant or former participant and shall not be 
maintained by a beneficiary or surviving spouse 
of the surviving spouse who inherited the ac-
count. 
(3) REGULATIONS.—The Executive Director 
shall prescribe regulations to carry out this sub-
section. 
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(g) SMALL BALANCE ACCOUNTS.—Notwithstanding 
subsection (b), if a former participant’s account balance 
is less than an amount that the Executive Director pre-
scribes by regulation, the Executive Director shall pay the 
nonforfeitable account balance to the participant in a sin-
gle payment. The Executive Director may prescribe more 
than 1 balance amount for payment under this subsection 
based on age of the former participant. 
(h) LOANS.— 
(1) IN GENERAL.—A participant or former par-
ticipant may apply to the Board for permission to 
borrow from the participant or former participant’s 
account an amount not exceeding the value of that 
portion of such account which is attributable to con-
tributions made by the participant or former partici-
pant. Before a loan is issued, the Executive Director 
shall provide to the participant or former participant 
in writing with appropriate information concerning 
the cost of the loan relative to other sources of fi-
nancing, as well as the lifetime cost of the loan, in-
cluding the difference in interest rates between the 
funds offered by the Fund and any other effect of 
such loan on the participant or former participant’s 
final account balance. 
(2) SPECIAL RULES.— 
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(A) IN GENERAL.—Loans under this sub-
section shall be available to all participants and 
former participants on a reasonably equivalent 
basis, and shall be subject to such other condi-
tions as the Board may prescribe by regulation, 
which shall be as equivalent as practically pos-
sible to those provided for under the Thrift 
Savings Plan. The restrictions of section 
206(c)(1) shall not apply to loans made under 
this subsection. 
(B) LIMITATION
BASED
ON
TAX
TREAT-
MENT.—A loan may not be made under this 
subsection to the extent that the loan would be 
treated as a taxable distribution under section 
72(p) of the Internal Revenue Code of 1986. 
(C) SPOUSAL PROTECTIONS.—A loan may 
not be made under this subsection unless the 
requirements of section 109 are satisfied. 
(i) VOLUNTARY DISTRIBUTIONS.— 
(1) IN GENERAL.—A participant may apply, be-
fore becoming a former participant, to the Board for 
permission to withdraw an amount from the partici-
pant’s account based upon— 
(A) the participant having attained age 
591⁄2; or 
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(B) financial hardship. 
(2) LIMITATIONS.—A withdrawal under para-
graph (1)(B) shall be available only for an amount 
not exceeding the value of that portion of such ac-
count which is attributable to contributions made by 
the participant. Withdrawals under paragraph (1) 
shall be subject to such other limitations or condi-
tions as the Executive Director may prescribe by 
regulation, which shall be as equivalent as prac-
tically possible to those provided for under the 
Thrift Savings Plan. 
(3) SPOUSAL
PROTECTIONS.—A withdrawal 
may not be made under this subsection unless the 
requirements of section 109 are satisfied. 
(j) INVOLUNTARY DISTRIBUTIONS.— 
(1) IN GENERAL.—A participant shall receive a 
distribution from the Fund if the participant’s gross 
income for a taxable year exceeds the dollar thresh-
old (as adjusted by the Secretary of the Treasury) 
established under section 414(q)(1)(B) of the Inter-
nal Revenue Code of 1986. 
(2) AMOUNT OF DISTRIBUTION.—The amount 
of a distribution under paragraph (1) shall be equal 
to the sum of such participant’s contributions to the 
Fund for the taxable year for which such distribu-
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tion is required under paragraph (1), increased by 
any gains attributable to such contributions, and de-
creased by any losses attributable to such contribu-
tions, any early withdrawal penalties, and any ex-
penses associated with making such distribution. 
(3) PROCESS FOR DISTRIBUTION.— 
(A) NOTICE TO PARTICIPANT.—The Exec-
utive Director shall provide notice to a partici-
pant subject to a distribution under paragraph 
(1) not later than 7 days after the Executive 
Director determines that such participant is 
subject to such distribution, based on informa-
tion regarding participants’ gross income pro-
vided by the Secretary of the Treasury. 
(B) METHOD
OF
DISTRIBUTION.—Not 
later than 30 days after receiving notice under 
subparagraph (A), a participant may elect to 
direct that a distribution under paragraph (1) 
be made— 
(i) in the case of an eligible rollover 
distribution (as defined in section 402(c) 
of the Internal Revenue Code of 1986), to 
an eligible retirement plan (as defined in 
such section of such code); or 
(ii) directly to such participant. 
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(C) DEFAULT ELECTION.—In the case of a 
participant who fails to make an election within 
the period described in subparagraph (B), the 
Executive Director shall make the distribution 
directly to such participant. 
(4) TAX
TREATMENT
OF
INVOLUNTARY
DIS-
TRIBUTION.—A distribution made under paragraph 
(1) directly to the participant under subparagraph 
(B)(ii) or (C) shall be treated as an early distribu-
tion from a qualified retirement plan pursuant to 
section 72(t) of the Internal Revenue Code of 1986 
to the extent such distribution does not consist of 
participant contributions to the Fund. 
(k) TREATMENT
AS ROTH DISTRIBUTIONS.—The 
rules of sections 408(d) and 408A(d) of the Internal Rev-
enue Code of 1986 shall apply to distributions from the 
Fund in the same manner as if such Fund were a Roth 
IRA. For purposes of the preceding sentence, contribu-
tions made under section 25F of such Code shall be treat-
ed as employer contributions which were not includible in 
gross income. 
SEC. 107. ACCOUNTS. 
(a) IN GENERAL.—The Executive Director shall es-
tablish and maintain an account for each participant who 
makes contributions under section 105(a), or for whom 
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contributions are made under section 25F of the Internal 
Revenue Code of 1986, to the Fund. 
(b) ACCOUNT BALANCES.—The balance in a partici-
pant’s account is the excess of— 
(1) the sum of— 
(A) all contributions made to the Fund by 
the participant under section 105(a); 
(B) all contributions made to the Fund for 
the benefit of the participant by the Secretary 
of the Treasury under section 25F of the Inter-
nal Revenue Code of 1986; and 
(C) the total amount of the allocations 
made to and reduction made in the account 
pursuant to subsection (c); over 
(2) the amounts paid out of the Fund with re-
spect to such participant under this title. 
(c) ALLOCATION OF EARNINGS AND LOSSES.—Pur-
suant to regulation prescribed by the Executive Director, 
the Executive Director shall allocate to each account an 
amount equal to a pro rata share of the net earnings and 
net losses from each investment of sums in the Fund at-
tributed to sums credited to such account, reduced by the 
appropriate share of the administrative expenses paid out 
of the net earnings under section 101(e) as determined 
by the Executive Director. 
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SEC. 108. TAX TREATMENT. 
Except as otherwise provided in this Act, for purposes 
of the Internal Revenue Code of 1986, rules similar to 
the rules that apply with respect to the Thrift Savings 
Fund (including the rules of section 8440 of title 5, 
United States Code) shall apply with respect to the Amer-
ican Worker Retirement Fund. 
SEC. 109. SPOUSAL PROTECTIONS; SURVIVOR RIGHTS. 
The provisions for spousal protections and court or-
ders under section 8435 and 8467 of title 5, United States 
Code, respectively, shall apply in the same manner to gov-
ernance of the Fund and to accounts of participants and 
former participants as such sections are applied with re-
spect to the Thrift Savings Plan and its accounts. The 
Executive Director shall issue regulations that establish 
spousal protections and survivor rights with respect to 
participants and former participants that are as equiva-
lent as practically possible to those provided for under the 
Thrift Savings Plan pursuant to chapter 84 of title 5, 
United States Code. 
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TITLE II—THE AMERICAN WORK-
ER RETIREMENT PLAN IN-
VESTMENT 
MANAGEMENT 
SYSTEM 
SEC. 201. THE AMERICAN WORKER RETIREMENT INVEST-
MENT BOARD. 
(a) ESTABLISHMENT.—There is established in the ex-
ecutive branch of the Government the American Worker 
Retirement Investment Board. 
(b) COMPOSITION.—The Board shall be composed 
of— 
(1) 3 members appointed by the President, of 
whom 1 shall be designated by the President as 
Chair; 
(2) 1 member appointed by the President after 
taking into consideration the recommendation made 
by the majority leader of the Senate in consultation 
with the minority leader of the Senate; and 
(3) 1 member appointed by the President after 
taking into consideration the recommendation made 
by the Speaker of the House of Representatives in 
consultation with the minority leader of the House 
of Representatives. 
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(c) SENATE CONFIRMATION.—Appointments under 
subsection (b) shall be made with the advice and consent 
of the Senate. 
(d) QUALIFICATIONS.— 
(1) IN GENERAL.—Members of the Board shall 
have substantial experience, training, and expertise 
in the management of financial investments and 
pension benefit plans. 
(2) DISQUALIFICATION.—No member of the 
Board may be an officer or employee of the Federal 
Government. 
(e) TERMS; VACANCIES.— 
(1) TERMS.—A member of the Board shall be 
appointed for a term of 4 years, except that of the 
members first appointed under subsection (b)— 
(A) the Chair shall be appointed for a term 
of 4 years; 
(B) the members appointed under para-
graphs (2) and (3) of subsection (b) shall be 
appointed for terms of 3 years; and 
(C) the remaining members shall be ap-
pointed for terms of 2 years. 
(2) VACANCIES.— 
(A) IN
GENERAL.—A vacancy on the 
Board shall be filled in the manner in which the 
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original appointment was made and shall be 
subject to any conditions which applied with re-
spect to the original appointment. 
(B) TERM.—An individual chosen to fill a 
vacancy shall be appointed for the unexpired 
term of the member replaced. 
(C) EXPIRATION.—The term of any mem-
ber shall not expire before the date on which 
the member’s successor takes office. 
(f) BOARD DUTIES.—The Board shall— 
(1) establish policies for— 
(A) the investment and management of the 
Fund; and 
(B) the administration of title I of this 
Act; 
(2) hire and set the compensation for the Exec-
utive Director; 
(3) review the performance of investments made 
for the Fund; 
(4) review and approve the budget of the 
Board; and 
(5) develop evidence-based financial literacy re-
quirements for participants in the Fund, including 
requirements for financial literacy interventions to 
occur prior to a participant— 
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(A) taking an early withdrawal from their 
account at the Fund pursuant to section 106(i); 
and 
(B) taking a loan from such account pur-
suant to section 106(h). 
(g) BOARD
AUTHORITIES; INVESTMENT
LIMITA-
TIONS.— 
(1) IN GENERAL.—The Board may— 
(A) adopt, alter, and use a seal; 
(B) except as provided in paragraph (2), 
direct the Executive Director to take such ac-
tion as the Board considers appropriate to 
carry out the provisions of this Act and the 
policies of the Board; 
(C) upon the concurring votes of 4 mem-
bers, remove the Executive Director from office 
for good cause shown; and 
(D) take such other action as may be nec-
essary to carry out the functions of the Board. 
(2) EXCEPTION.—Except in the case of invest-
ments under section 102(b)(2), the Board may not 
direct the Executive Director to invest or to cause 
to be invested any sums in the Fund in a specific 
asset or to dispose of or cause to be disposed of any 
specific asset of such Fund. 
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(h) BOARD RESPONSIBILITIES.—The members of the 
Board shall discharge their responsibilities under this Act 
solely in the interest of participants and beneficiaries. 
(i) BUDGET.—The Board shall prepare and submit 
to the President, and, at the same time, to the appropriate 
committees of Congress, an annual budget of the expenses 
and other items relating to the Board which shall be in-
cluded as a separate item in the budget required to be 
transmitted to the Congress under section 1105 of title 
31, United States Code. 
(j) LEGISLATIVE RECOMMENDATIONS.—The Board 
may submit to the President, and, at the same time, shall 
submit to each House of the Congress, any legislative rec-
ommendations of the Board relating to any of its functions 
under this title. 
SEC. 202. THE AMERICAN WORKER RETIREMENT PLAN AD-
VISORY COUNCIL. 
(a) ESTABLISHMENT.—The Board shall establish an 
American Worker Retirement Plan Advisory Council. The 
Council shall be composed of 7 members appointed by the 
Chair of the Board in accordance with subsection (b). 
(b) APPOINTMENT.—The Chair shall appoint 7 mem-
bers of the Council, of whom— 
(1) 3 shall be appointed who have experience 
managing investment funds; 
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(2) 2 shall be appointed who have experience 
operating small businesses; and 
(3) 2 shall be appointed who have experience 
providing investment advice to small businesses and 
low-income workers. 
(c) HEAD OF COUNCIL; TERMS; VACANCIES.— 
(1) IN
GENERAL.—The Chair of the Board 
shall designate 1 member of the Council to serve as 
head of the Council. 
(2) TERM.—A member of the Council shall be 
appointed for a term of 4 years. 
(3) VACANCIES.— 
(A) IN GENERAL.—A vacancy in the Coun-
cil shall be filled in the manner in which the 
original appointment was made and shall be 
subject to any conditions which applied with re-
spect to the original appointment. 
(B) TERM.—An individual chosen to fill a 
vacancy shall be appointed for the unexpired 
term of the member replaced. 
(C) EXPIRATION.—The term of any mem-
ber shall not expire before the date on which 
the member’s successor takes office. 
(d) MAJORITY APPROVAL.—The Council shall act by 
resolution of a majority of the members. 
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(e) DUTIES.—The Council shall— 
(1) advise the Board and the Executive Direc-
tor on matters relating to— 
(A) investment policies for the Fund; and 
(B) the administration of title I of this 
Act; and 
(2) perform such other duties as the Board may 
direct with respect to investment funds established 
in accordance with title I. 
SEC. 203. EXECUTIVE DIRECTOR. 
(a) IN GENERAL.— 
(1) APPOINTMENT.—The Board shall appoint, 
without regard to the provisions of law governing 
appointments in the competitive service, an Execu-
tive Director by action agreed to by a majority of 
the members of the Board. 
(2) QUALIFICATIONS.—The Executive Director 
shall have substantial experience, training, and ex-
pertise in the management of financial investments 
and pension benefit plans. 
(b) DUTIES.—The Executive Director shall— 
(1) carry out the policies established by the 
Board; 
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(2) invest and manage the Fund in accordance 
with investment policies and other policies estab-
lished by the Board; 
(3) administer the provisions of this Act; 
(4) prescribe such regulations (other than regu-
lations relating to fiduciary responsibilities) as may 
be necessary for the administration of this Act; 
(5) meet from time to time with the Council 
upon the request of the Council; and 
(6) enforce the financial literary requirements 
established by the Board pursuant to 201(f)(5). 
(c) AUTHORITIES.—The Executive Director may— 
(1) prescribe such regulations as may be nec-
essary to carry out the responsibilities of the Execu-
tive Director under this section, other than regula-
tions relating to fiduciary responsibilities; 
(2) appoint such personnel as may be necessary 
to carry out the provisions of this Act; 
(3) subject to approval by the Board, procure 
the services of experts and consultants under section 
3109 of title 5, United States Code; 
(4) make such payments out of sums in the 
Fund as the Executive Director determines are nec-
essary to carry out the provisions of this Act and the 
policies of the Board; 
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(5) pay the compensation, per diem, and travel 
expenses of individuals appointed under paragraphs 
(2), (3), and (7) of this subsection from the Fund; 
(6) except as otherwise expressly prohibited by 
law or the policies of the Board, delegate any of the 
Executive Director’s functions to such employees 
under the Board as the Executive Director may des-
ignate and authorize such successive redelegations of 
such functions to such employees under the Board 
as the Executive Director may consider to be nec-
essary or appropriate; and 
(7) take such other actions as are appropriate 
to carry out the functions of the Executive Director. 
SEC. 204. INVESTMENT POLICIES AND SELECTION OF 
ASSET MANAGERS. 
(a) INVESTMENT POLICIES.—The Board shall de-
velop investment policies under section 201(f)(1) which 
provide for— 
(1) prudent investments suitable for accumu-
lating funds for payment of retirement income; and 
(2) low administrative costs. 
(b) ASSET MANAGERS.—The Board shall select asset 
managers to manage the Fund, subject to the following 
conditions: 
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(1) The Board shall select a number of asset 
managers necessary to ensure that no asset manager 
shall be responsible for managing the greater of— 
(A) $500,000,000,000; or 
(B) 10 percent of the Fund’s assets. 
(2) The Board shall limit any contract with an 
asset manager to a maximum of 5 years. 
SEC. 205. ADMINISTRATIVE PROVISIONS. 
(a) BOARD MEETINGS.—The Board shall meet— 
(1) not less than once during each month; and 
(2) at additional times at the call of the Chair. 
(b) BOARD GOVERNANCE.— 
(1) IN GENERAL.—Except as provided in sec-
tion 201(g)(1)(C), the Board shall perform the func-
tions and exercise the powers of the Board on a ma-
jority vote of a quorum of the Board. 
(2) QUORUM.—3 members of the Board shall 
constitute a quorum for the transaction of business. 
(3) EFFECT OF VACANCY.—A vacancy on the 
Board shall not impair the authority of a quorum of 
the Board to perform the functions and exercise the 
power of the Board. 
(c) BOARD COMPENSATION.— 
(1) IN GENERAL.—Each member of the Board 
shall be compensated at the daily rate of basic pay 
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for level IV of the Executive Schedule for each day 
during which such member is engaged in performing 
a function of the Board. 
(2) PER DIEM, ETC.—A member of the Board 
shall be paid travel, per diem, and other necessary 
expenses while traveling away from such member’s 
home or regular place of business in the perform-
ance of the duties of the Board. 
(3) PAYMENT FROM FUND.—Payments author-
ized under this subsection shall be paid from the 
Fund as administrative expenses permitted under 
section 101(e). 
SEC. 206. FIDUCIARY RESPONSIBILITIES; LIABILITY AND 
PENALTIES. 
(a) DEFINITIONS.—For the purposes of this section: 
(1) ACCOUNT.—The term ‘‘account’’ is not lim-
ited by the definition provided in section 2. 
(2) ADEQUATE
CONSIDERATION.—The term 
‘‘adequate consideration’’ means— 
(A) in the case of a security for which 
there is a generally recognized market— 
(i) the price of the security prevailing 
on a national securities exchange which is 
registered under section 6 of the Securities 
Exchange Act of 1934 (15 U.S.C. 78f); or 
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(ii) if the security is not traded on 
such a national securities exchange, a price 
not less favorable to the Fund than the of-
fering price for the security as established 
by the current bid and asked prices quoted 
by persons independent of the issuer and 
of any party in interest; and 
(B) in the case of an asset other than a se-
curity for which there is a generally recognized 
market, the fair market value of the asset as 
determined in good faith by a fiduciary or fidu-
ciaries in accordance with regulations pre-
scribed by the Secretary of Labor. 
(3) 
FIDUCIARY.—The 
term 
‘‘fiduciary’’ 
means— 
(A) a member of the Board; 
(B) the Executive Director; 
(C) any person who has or exercises discre-
tionary authority or discretionary control over 
the management or disposition of the assets of 
the Fund; and 
(D) any person who, with respect to the 
Fund, is described in section 3(21)(A) of the 
Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1002(21)(A)). 
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(4) PARTY IN INTEREST.—The term ‘‘party in 
interest’’ includes— 
(A) any fiduciary; 
(B) any counsel to a person who is a fidu-
ciary, with respect to the actions of such person 
as a fiduciary; 
(C) any participant; 
(D) any person providing services to the 
Board and, with respect to the actions of the 
Executive Director as a fiduciary, any person 
providing services to the Executive Director; 
(E) a labor organization, the members of 
which are participants; 
(F) a spouse, sibling, ancestor, lineal de-
scendant, or spouse of a lineal descendant of a 
person described in subparagraph (A), (B), or 
(D); 
(G) a corporation, partnership, or trust or 
estate of which, or in which, at least 50 percent 
of— 
(i) the combined voting power of all 
classes of stock entitled to vote or the total 
value of shares of all classes of stock of 
such corporation, 
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(ii) the capital interest or profits in-
terest of such partnership, or 
(iii) the beneficial interest of such 
trust or estate, 
is owned directly or indirectly or held by a per-
son described in subparagraph (A), (B), (D), or 
(E); 
(H) an official (including a director) of, or 
an individual employed by, a person described 
in subparagraph (A), (B), (D), (E), or (G), or 
an individual having powers or responsibilities 
similar to those of such an official; 
(I) a holder (directly or indirectly) of at 
least 10 percent of the shares in a person de-
scribed in any subparagraph referred to in sub-
paragraph (H); and 
(J) a person who, directly or indirectly, is 
at least a 10 percent partner or joint venturer 
(measured in capital or profits) in a person de-
scribed in any subparagraph referred to in sub-
paragraph (H). 
(b) DUTIES.—To the extent not inconsistent with the 
provisions of this Act and the policies prescribed by the 
Board, a fiduciary shall discharge the fiduciary’s respon-
sibilities with respect to the Fund or applicable portion 
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thereof solely in the interest of the participants and bene-
ficiaries and— 
(1) for the exclusive purpose of— 
(A) providing benefits to participants and 
their beneficiaries; and 
(B) defraying reasonable expenses of ad-
ministering the Fund or applicable portions 
thereof; 
(2) with the care, skill, prudence, and diligence 
under the circumstances then prevailing that a pru-
dent individual acting in a like capacity and familiar 
with such matters would use in the conduct of an 
enterprise of a like character and with like objec-
tives; and 
(3) to the extent permitted by section 102, by 
diversifying the investments of the Fund or applica-
ble portions thereof so as to minimize the risk of 
large losses, unless under the circumstances it is 
clearly prudent not to do so. 
(c) OWNERSHIP JURISDICTIONS.—No fiduciary may 
maintain the indicia of ownership of any assets of the 
Fund outside the jurisdiction of the district courts of the 
United States. 
(d) TRANSACTIONS.— 
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(1) PROHIBITED TRANSACTIONS.—A fiduciary 
shall not permit the Fund to engage in any of the 
following transactions, except in exchange for ade-
quate consideration: 
(A) A transfer of any assets of the Fund 
to any person the fiduciary knows or should 
know to be a party in interest or the use of 
such assets by any such persons. 
(B) An acquisition of any property from or 
sale of any property to the Fund by any person 
the fiduciary knows or should know to be a 
party in interest. 
(C) A transfer or exchange of services be-
tween the Fund and any person the fiduciary 
knows or should know to be a party in interest. 
(2) PROHIBITED
ACTIONS.—Notwithstanding 
paragraph (1), a fiduciary with respect to the Fund 
shall not— 
(A) deal with any assets of the Fund in 
the fiduciary’s own interest or for the fidu-
ciary’s own account; 
(B) act, in an individual capacity or any 
other capacity, in any transaction involving the 
Fund on behalf of a party, or representing a 
party, whose interests are adverse to the inter-
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ests of the Fund or the interests of its partici-
pants or beneficiaries; or 
(C) receive any consideration of the fidu-
ciary’s own personal account from any party 
dealing with sums credited to the Fund in con-
nection with a transaction involving assets of 
the Fund. 
(3) SECRETARY OF LABOR.— 
(A) IN GENERAL.—The Secretary of Labor 
may, in accordance with procedures which the 
Secretary of Labor shall by regulation pre-
scribe, grant a conditional or unconditional ex-
emption of any fiduciary or transaction, or class 
of fiduciaries or transactions, from all or any of 
the restrictions imposed by paragraph (2). An 
exemption granted under this subparagraph 
shall not relieve a fiduciary from any other ap-
plicable provision of this Act. 
(B) CONDITIONS.—The Secretary of Labor 
may not grant an exemption under subpara-
graph (A) unless the Secretary of Labor finds 
that such exemption is— 
(i) administratively feasible; 
(ii) in the interests of the Fund and 
its participants; and 
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(iii) protective of the rights of partici-
pants and beneficiaries of such Fund. 
(C) NOTICE.—An exemption under sub-
paragraph (A) may not be granted unless— 
(i) notice of the proposed exemption is 
published in the Federal Register; 
(ii) interested persons are given an 
opportunity to present views; and 
(iii) the Secretary of Labor affords an 
opportunity for a hearing and makes a de-
termination on the record with respect to 
the respective requirements of clauses (i), 
(ii), and (iii) of subparagraph (B). 
(D) APPLICATION
OF
ERISA
FIDUCIARY 
EXEMPTIONS.—Notwithstanding subparagraph 
(C), the Secretary of Labor may determine that 
an exemption granted for any class of fidu-
ciaries or transactions under section 408(a) of 
the Employee Retirement Income Security Act 
of 1974 (29 U.S.C. 1108(a)) shall, upon publi-
cation of notice in the Federal Register under 
this subparagraph, constitute an exemption 
from the application of paragraph (2). 
(e) NONAPPLICATION.—This section does not pro-
hibit any fiduciary from— 
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(1) receiving any benefit which the fiduciary is 
entitled to receive under this Act as a participant, 
former participant, or beneficiary; 
(2) receiving any reasonable compensation au-
thorized by this Act for services rendered, or for re-
imbursement of expenses properly and actually in-
curred, in the performance of the fiduciary’s duties 
under this Act; or 
(3) serving as a fiduciary in addition to being 
an officer, employee, agent, or other representative 
of a party in interest. 
(f) LIABILITY.— 
(1) IN GENERAL.—Any fiduciary that breaches 
the responsibilities, duties, and obligations set out in 
subsection (b) or violates subsection (c) shall be per-
sonally liable to the Fund for any losses to such 
Fund resulting from each such breach or violation 
and to restore to such Fund any profits made by the 
fiduciary through use of assets of such Fund by the 
fiduciary, and, except as provided in paragraphs (3) 
and (4), shall be subject to such other equitable or 
remedial relief as a court considers appropriate. A 
fiduciary may be removed for a breach referred to 
in the preceding sentence. 
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(2) CIVIL PENALTIES.—The Secretary of Labor 
may assess a civil penalty against a party in interest 
with respect to each transaction prohibited by sub-
section (d) which is engaged in by the party in inter-
est. The amount of such penalty shall be equal to 5 
percent of the amount involved in each such trans-
action (as defined in section 4975(f)(4) of the Inter-
nal Revenue Code of 1986) for each year or part 
thereof during which the prohibited transaction con-
tinues, except that, if the transaction is not cor-
rected (in such manner as the Secretary of Labor 
shall prescribe by regulation consistent with section 
4975(f)(5) of such Code) within 90 days after the 
date the Secretary of Labor transmits notice to the 
party in interest (or such longer period as the Sec-
retary of Labor may permit), such penalty may be 
in the amount of not more than 100 percent of the 
amount involved. 
(3) SPECIAL RULES.— 
(A) IN GENERAL.—A fiduciary shall not be 
liable under paragraph (1)— 
(i) with respect to a breach of fidu-
ciary duty under subsection (b) committed 
before becoming a fiduciary or after ceas-
ing to be a fiduciary; 
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ities which give rise to the fiduciary status, 
the fiduciary has enabled such other fidu-
ciary to commit such a breach; or 
(iii) the fiduciary has knowledge of a 
breach by such other fiduciary, unless the 
fiduciary makes reasonable efforts under 
the circumstances to remedy the breach. 
(4) ALLOCATION OF DUTIES.—The Secretary of 
Labor shall prescribe, in regulations, procedures for 
allocating fiduciary responsibilities among fidu-
ciaries, including asset managers. Any fiduciary who, 
pursuant to such procedures, allocates to any person 
any fiduciary responsibility shall not be liable for an 
act or omission of such person unless such fiduciary 
violated subsection (b) with respect to the allocation, 
with respect to the implementation of the procedures 
prescribed by the Secretary of Labor. 
(5) OTHER CIVIL ACTIONS.— 
(A) IN GENERAL.—No civil action may be 
maintained against any fiduciary with respect 
to the responsibilities, liabilities, and penalties 
authorized or provided for in this section except 
in accordance with subparagraphs (B) and (C). 
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(B) ACTIONS PERMITTED.—A civil action 
may be brought in the district courts of the 
United States— 
(i) by the Secretary of Labor against 
any fiduciary other than a member of the 
Board or the Executive Director of the 
Board— 
(I) to determine and enforce a li-
ability under paragraph (1); 
(II) to collect any civil penalty 
under paragraph (2); 
(III) to enjoin any act or practice 
which violates any provision of sub-
section (b) or (c); 
(IV) to obtain any appropriate 
equitable relief to redress a violation 
of any such provision; or 
(V) to enjoin any act or practice 
which violates subsection (g)(2) or (h) 
of section 201; 
(ii) by any participant, beneficiary, or 
fiduciary— 
(I) to enjoin any act or practice 
which violates any provision of sub-
section (b) or (c); 
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(II) to obtain any other appro-
priate equitable relief to redress a vio-
lation of any such provision; or 
(III) to enjoin any act or practice 
which violates subsection (g)(2) or (h) 
of section 201; or 
(iii) by any participant or bene-
ficiary— 
(I) to recover benefits of such 
participant or beneficiary under the 
provisions of title I, to enforce any 
right of such participant or bene-
ficiary under such provisions, or to 
clarify any such right to future bene-
fits under such provisions; or 
(II) to enforce a claim otherwise 
cognizable under sections 1346(b) and 
2671 through 2680 of title 28, United 
States Code, except that the remedy 
against the United States provided by 
sections 1346(b) and 2672 of such 
title 28 for damages for injury or loss 
of property caused by the negligent or 
wrongful act or omission of any fidu-
ciary while acting within the scope of 
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the fiduciary’s duties or employment 
shall be exclusive of any other civil ac-
tion or proceeding by the participant 
or beneficiary for recovery of money 
by reason of the same subject matter 
against the fiduciary (or the estate of 
such fiduciary) whose act or omission 
gave rise to such action or proceeding, 
whether or not such action or pro-
ceeding is based on an alleged viola-
tion of subsection (b) or (c). 
(C) REPRESENTATION.— 
(i) IN GENERAL.—In all civil actions 
under subparagraph (B)(i), attorneys ap-
pointed by the Secretary may represent the 
Secretary (except as provided in section 
518(a) of title 28, United States Code), 
however, all such litigation shall be subject 
to the direction and control of the Attorney 
General. 
(ii) ATTORNEY GENERAL.—The Attor-
ney General shall defend any civil action or 
proceeding brought in any court against 
any fiduciary referred to in subparagraph 
(B)(iii)(II) (or the estate of such fiduciary) 
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for any such injury. Any fiduciary against 
whom such a civil action or proceeding is 
brought shall deliver, within such time 
after date of service or knowledge of serv-
ice as determined by the Attorney General, 
all process served upon such fiduciary (or 
an attested copy thereof) to the Executive 
Director, who shall promptly furnish copies 
of the pleading and process to the Attorney 
General and the United States Attorney 
for the district wherein the action or pro-
ceeding is brought. 
(iii) CERTIFICATION
OF
SCOPE
OF 
DUTY.—Upon certification by the Attorney 
General that a fiduciary described in sub-
paragraph (B)(iii)(II) was acting in the 
scope of such fiduciary’s duties or employ-
ment as a fiduciary at the time of the oc-
currence or omission out of which the ac-
tion arose, any such civil action or pro-
ceeding commenced in the State court shall 
be— 
(I) removed without bond at any 
time before trial by the Attorney Gen-
eral to the district court of the United 
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States for the district and division in 
which it is pending; and 
(II) deemed a tort action brought 
against the United States under the 
provisions of title 28, United States 
Code, and all references thereto. 
(iv) COMPROMISE OR SETTLEMENT.— 
The Attorney General may compromise or 
settle any claim asserted in such civil ac-
tion or proceeding in the manner provided 
in section 2677 of title 28, United States 
Code, and with the same effect. To the ex-
tent section 2672 of title 28, United States 
Code, provides that persons other than the 
Attorney General or the Attorney General’s 
designee 
may 
compromise 
and 
settle 
claims, and that payments of such claims 
may be made from agency appropriations, 
such provisions shall not apply to claims 
based upon an alleged violation of sub-
section (b) or (c). 
(v) CERTAIN CLAIMS.—For the pur-
poses of subparagraph (B)(iii)(II), the pro-
visions of section 2680(h) of title 28, 
United States Code shall not apply to any 
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claim based upon an alleged violation of 
subsection (b) or (c). 
(vi) PAYMENT OF AWARDS.—Notwith-
standing 
sections 
1346(b) 
and 
2671 
through 2680 of title 28, United States 
Code, whenever an award, compromise, or 
settlement is made under such section 
upon any claim based upon an alleged vio-
lation of subsection (b) or (c), payment of 
such award, compromise, or settlement 
shall be made to the appropriate account 
within the Fund, or where there is no such 
appropriate account, to the participant or 
beneficiary bringing the claim. 
(vii) DEFINITION.—For purposes of 
subparagraph (B)(iii)(II), the term ‘‘fidu-
ciary’’ includes only the members of the 
Board and the Board’s Executive Director. 
(D) LIMITATION ON MONETARY RELIEF.— 
Any relief awarded against a member of the 
Board or the Board’s Executive Director in a 
civil action authorized by subparagraph (B) 
may not include any monetary damages or any 
other recovery of money. 
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(E) TIME
FOR
COMMENCEMENT
OF
AC-
TION.—An action may not be commenced under 
clause (i) or (ii) of subparagraph (B) with re-
spect to a fiduciary’s breach of any responsi-
bility, duty, or obligation under subsection (b) 
or a violation of subsection (c) after the earlier 
of— 
(i) 6 years after— 
(I) the date of the last action 
which constituted a part of the breach 
or violation; or 
(II) in the case of an omission, 
the latest date on which the fiduciary 
could have cured the breach or viola-
tion; or 
(ii) 3 years after the earliest date on 
which the plaintiff had actual knowledge of 
the breach or violation, except that, in the 
case of fraud or concealment, such action 
may be commenced not later than 6 years 
after the date of discovery of such breach 
or violation. 
(F) JURISDICTION.— 
(i) IN GENERAL.—The district courts 
of the United States shall have exclusive 
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jurisdiction of civil actions under this sub-
section. 
(ii) VENUE.—An action under this 
subsection may be brought in the District 
Court of the United States for the District 
of Columbia or a district court of the 
United States in the district where the 
breach alleged in the complaint or petition 
filed in the action took place or in the dis-
trict where a defendant resides or may be 
found. Process may be served in any other 
district where a defendant resides or may 
be found. 
(G) OTHER RULES.— 
(i) IN GENERAL.—A copy of the com-
plaint or petition filed in any action 
brought under this subsection (other than 
by the Secretary of Labor) shall be served 
on the Executive Director, the Secretary of 
Labor, and the Secretary of the Treasury 
by certified mail. 
(ii) INTERVENTION.—Any officer re-
ferred to in clause (i) shall have the right 
in the officer’s discretion to intervene in 
any action. If the Secretary of Labor 
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brings an action under subparagraph 
(B)(i) on behalf of a participant or bene-
ficiary, the Secretary of Labor shall notify 
the Executive Director and the Secretary 
of the Treasury. 
(g) REGULATIONS.—The Secretary of Labor may 
prescribe regulations to carry out this section. 
(h) AUDITS.— 
(1) IN GENERAL.—The Secretary of Labor shall 
establish a program to carry out audits to determine 
the level of compliance with the requirements of this 
section relating to fiduciary responsibilities and pro-
hibited activities of fiduciaries. 
(2) DELEGATION.—An audit under this sub-
section may be conducted by the Secretary of Labor, 
by contract with a qualified non-governmental orga-
nization, or in cooperation with the Comptroller 
General of the United States, as the Secretary of 
Labor considers appropriate. 
SEC. 207. BONDING. 
(a) REQUIREMENTS.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), each fiduciary and each person who han-
dles funds or property of the Fund shall be bonded 
as provided in this section. 
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(2) EXCEPTIONS.— 
(A) IN GENERAL.—Bond shall not be re-
quired of a fiduciary (or of any officer or em-
ployee of such fiduciary) if such fiduciary— 
(i) is a corporation organized and 
doing business under the laws of the 
United States or of any State; 
(ii) is authorized under such laws to 
exercise trust powers or to conduct an in-
surance business; 
(iii) is subject to supervision or exam-
ination by Federal or State authority; and 
(iv) has at all times a combined cap-
ital and surplus in excess of such minimum 
amount (not less than $1,000,000) as the 
Secretary of Labor prescribes in regula-
tions. 
(B) LIMITATION.—If— 
(i) a bank or other financial institu-
tion would, but for this subparagraph, not 
be required to be bonded under this section 
by reason of the application of the excep-
tion provided in subparagraph (A), 
(ii) the bank or financial institution is 
authorized to exercise trust powers, and 
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(iii) the deposits of the bank or finan-
cial institution are not insured by the Fed-
eral Deposit Insurance Corporation, 
such exception shall apply to such bank or fi-
nancial institution only if the bank or institu-
tion meets bonding requirements under State 
law which the Secretary of Labor determines 
are at least equivalent to those imposed on 
banks by Federal law. 
(b) REGULATIONS.— 
(1) IN GENERAL.—The Secretary of Labor shall 
prescribe the amount of a bond under this section at 
the beginning of each fiscal year. Such amount shall 
not be less than 10 percent of the amount of funds 
handled, except that in no case shall such bond be 
less than $1,000 or more than $500,000, or such 
higher amount as the Secretary of Labor, after due 
notice and opportunity for hearing to all interested 
parties, and other consideration of the record, may 
prescribe. 
(2) AMOUNT
OF
FUNDS
HANDLED.—For the 
purpose of prescribing the amount of a bond under 
paragraph (1), the amount of funds handled shall be 
determined by reference to the amount of the funds 
handled by the person, group, or class to be covered 
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by such bond or by their predecessor or prede-
cessors, if any, during the preceding fiscal year, or 
to the amount of funds to be handled during the 
current fiscal year by such person, group, or class, 
estimated as provided in regulations prescribed by 
the Secretary of Labor. 
(c) TERMS.—A bond required by subsection (a)— 
(1) shall include such terms and conditions as 
the Secretary of Labor considers necessary to pro-
tect the Fund against loss by reason of acts of fraud 
or dishonesty on the part of the bonded person di-
rectly or through connivance with others; 
(2) shall have as surety thereon a corporate 
surety company which is an acceptable surety on 
Federal bonds under authority granted by the Sec-
retary of the Treasury pursuant to sections 9304 
through 9308 of title 31, United States Code; and 
(3) shall be in a form or of a type approved by 
the Secretary of Labor, including individual bonds or 
schedule or blanket forms of bonds which cover a 
group or class. 
(d) CUSTODY OF FUNDS.— 
(1) IN GENERAL.—It shall be unlawful for any 
person to whom subsection (a) applies, to receive, 
handle, disburse, or otherwise exercise custody or 
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control of any of the funds or other property of the 
Fund without being bonded as required by this sec-
tion. 
(2) FIDUCIARIES.—It shall be unlawful for any 
fiduciary, or any other person having authority to 
direct the performance of functions described in 
paragraph (1), to permit any such function to be 
performed by any person to whom subsection (a) ap-
plies unless such person has met the requirements of 
such subsection. 
(e) EXEMPTION.—Notwithstanding any other provi-
sion of law, any person who is required to be bonded as 
provided in subsection (a) shall be exempt from any other 
provision of law which would, but for this subsection, re-
quire such person to be bonded for the handling of the 
funds or other property of the Fund. 
(f) REGULATIONS.—The Secretary of Labor shall 
prescribe such regulations as may be necessary to carry 
out the provisions of this section, including exempting a 
person or class of persons from the requirements of this 
section. 
SEC. 208. INVESTIGATIVE AUTHORITY. 
Any authority available to the Secretary of Labor 
under section 504 of the Employee Retirement Income Se-
curity Act of 1974 (29 U.S.C. 1134) is hereby made avail-
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able to the Secretary of Labor, and any officer designated 
by the Secretary of Labor, to determine whether any per-
son has violated, or is about to violate, any provision of 
section 206 or 207. 
SEC. 209. EXCULPATORY PROVISIONS; INSURANCE. 
(a) EXCULPATORY PROVISIONS VOID.—Any provi-
sion in an agreement or instrument which purports to re-
lieve a fiduciary from responsibility or liability for any re-
sponsibility, obligation, or duty under this title shall be 
void. 
(b) INSURANCE.—In accordance with section 101(e), 
the sums credited to the Fund shall be available to pay 
administrative expenses which may include, at the discre-
tion of the Executive Director, the purchase of insurance 
to cover potential liability of persons who serve in a fidu-
ciary capacity with respect to the Fund, without regard 
to whether a policy of insurance permits recourse by the 
insurer against the fiduciary in the case of a breach of 
a fiduciary obligation. 
SEC. 210. SUBPOENA AUTHORITY. 
(a) SUBPOENA AUTHORITY.—In order to carry out 
the responsibilities specified in this Act, the Executive Di-
rector may issue subpoenas commanding each person to 
whom the subpoena is directed to produce designated 
books, documents, records, electronically stored informa-
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tion, or tangible materials in the possession or control of 
that individual. 
(b) LIABILITY.—Notwithstanding any Federal, State, 
or local law, any person, including officers, agents, and 
employees, receiving a subpoena under this section, who 
complies in good faith with the subpoena and thus pro-
duces the materials sought, shall not be liable in any court 
of any State or the United States to any individual, do-
mestic or foreign corporation or upon a partnership or 
other unincorporated association for such production. 
(c) ENFORCEMENT.—When a person fails to obey a 
subpoena issued under this section, the district court of 
the United States for the district in which the investiga-
tion is conducted or in which the person failing to obey 
is found, shall on proper application issue an order direct-
ing that person to comply with the subpoena. The court 
may punish as contempt any disobedience of its order. 
(d) REGULATIONS.—The Executive Director shall 
prescribe regulations to carry out subsection (a). 
TITLE III—GOVERNMENT MATCH 
TAX CREDIT 
SEC. 301. GOVERNMENT MATCH TAX CREDIT. 
(a) CREDIT.—Subpart A of part IV of subchapter A 
of chapter 1 of the Internal Revenue Code of 1986 is 
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amended by inserting after section 25E the following new 
section: 
‘‘SEC. 25F. GOVERNMENT MATCH TAX CREDIT. 
‘‘(a) ALLOWANCE OF CREDIT.—In the case of an eli-
gible individual, there shall be allowed as a credit for the 
taxable year an amount equal to the sum of— 
‘‘(1) 1 percent of the eligible individual’s gross 
income, plus 
‘‘(2) the applicable percentage of the partici-
pant’s contributions to the American Worker Retire-
ment Fund during the taxable year. 
‘‘(b) APPLICABLE PERCENTAGE.—For purposes of 
this section, the applicable percentage is— 
‘‘(1) 100 percent of so much of the contribu-
tions to the American Worker Retirement Fund as 
do not exceed 3 percent of gross income, 
‘‘(2) 50 percent of so much of such contribu-
tions as exceeds 3 percent but does not exceed 5 per-
cent of gross income, and 
‘‘(3) 0 percent of so much of such contributions 
as exceeds 5 percent of gross income. 
‘‘(c) LIMITATION ON AMOUNT OF CREDIT.— 
‘‘(1) IN GENERAL.—The credit allowed under 
subsection (a) with respect to any eligible individual 
for a taxable year shall not exceed 5 percent of the 
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phaseout amount with respect to such individual for 
such taxable year. 
‘‘(2) PHASEOUT OF CREDIT LIMIT.—The limit 
determined under paragraph (1) for a taxable year 
shall be reduced by $75 for each $1,000 or portion 
thereof by which the eligible individual’s gross in-
come exceeds the phaseout amount. 
‘‘(3) PHASEOUT
AMOUNT.—For purposes of 
this subsection, the phaseout amount is— 
‘‘(A) in the case of a joint return, an 
amount equal to 200 percent of the applicable 
median income for the taxable year, 
‘‘(B) in the case of a head of household (as 
defined in section 2(b)), 3⁄4 of the amount de-
termined under subparagraph (A), and 
‘‘(C) in any other case, 1⁄2 of the amount 
determined under subparagraph (A). 
‘‘(4) APPLICABLE MEDIAN INCOME.—For pur-
poses of this subsection, the term ‘applicable median 
income’ means, with respect to any taxable year, an 
amount equal to the most recent Median Personal 
Income for the population 15 and over in the United 
States, as published in the United States Census 
Bureau’s Current Population Survey Tables for Per-
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sonal Income before the beginning of the calendar 
year in which such taxable year begins. 
‘‘(d) ELIGIBLE INDIVIDUAL.—For purposes of this 
section, the term ‘eligible individual’ has the meaning 
given the term ‘participant’ by section 2(13) of the Retire-
ment Savings for Americans Act of 2025. 
‘‘(e) AMERICAN WORKER RETIREMENT FUND.—For 
purposes of this section, the American Worker Retirement 
Fund is the Fund created under section 101(a) of the Re-
tirement Savings for Americans Act of 2025. 
‘‘(f) DEPOSIT INTO PARTICIPANT’S ACCOUNT.— 
‘‘(1) IN GENERAL.—Any amount allowed as a 
credit under subsection (a)— 
‘‘(A) shall not be allowed as a credit 
against any tax imposed by this subtitle, and 
‘‘(B) shall be treated as an overpayment 
under section 6401(b). 
‘‘(2) PAYMENT.—The Secretary shall contribute 
the amount treated as an overpayment under para-
graph (1) to the eligible individual’s account with 
the American Worker Retirement Fund. 
‘‘(3) EXCEPTION
FROM
REDUCTION
OR
OFF-
SET.—The rules of section 6433(f)(5) shall apply to 
any payment to which this subsection applies. 
‘‘(g) ADVANCE PAYMENT.— 
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‘‘(1) REGULATIONS.—The Secretary shall pre-
scribe regulations to provide that the payments 
made under subsection (f) are made as concurrently 
as is reasonably possible with contributions by a tax-
payer to the American Worker Retirement Fund. 
Such regulations shall provide that, for purposes of 
such payments, the credit under subsection (a) may 
be determined on the basis of the eligible individual’s 
gross income for the preceding taxable year. 
‘‘(2) EXCESS
PAYMENTS.—If the aggregate 
amount of payments under subsection (f) with re-
spect to an eligible individual for any taxable year 
exceeds the amount of the credit allowed under sub-
section (a) to such individual for such taxable year, 
the tax imposed by this chapter for such taxable 
year shall be increased by the amount of such ex-
cess. Any failure to so increase the tax shall be 
treated as arising out of a mathematical or clerical 
error and assessed according to section 6213(b)(1). 
‘‘(h) FORFEIT OF AMOUNTS.— 
‘‘(1) IN
GENERAL.—If any contribution de-
scribed in subsection (a) does not remain in the 
American Worker Retirement Fund for at least 6 
months after such contribution is made, the amount 
of the credit under this section attributable to such 
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contribution shall be forfeited as provided in para-
graph (2). 
‘‘(2) TREATMENT OF FORFEITED AMOUNTS.— 
In the case of any contribution to which paragraph 
(1) applies— 
‘‘(A) the Executive Director of the Amer-
ican Worker Retirement Fund, as appointed 
under section 203 of the Retirement Savings 
for Americans Act of 2025, shall make a dis-
tribution from the individual’s account in an 
amount equal to such contribution to the Sec-
retary for deposit into the general fund of the 
Treasury, and 
‘‘(B) in the case of any earnings on such 
contribution, such earnings shall be distributed 
by such Executive Director from the individ-
ual’s account and shall be available to the Exec-
utive Director, without need of further appro-
priation, for administrative expenses described 
in section 101(e) of such Act. 
‘‘(3) FORFEITED AMOUNTS NOT INCLUDIBLE IN 
GROSS INCOME.—Any distribution made under para-
graph (2) shall not be includible in the gross income 
of the individual. 
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‘‘(i) COORDINATION WITH SAVERS’ CREDIT.—Any 
contribution by an individual to the American Worker Re-
tirement Fund for a taxable year shall not be treated as 
a qualified retirement savings contribution of such indi-
vidual for purposes of section 25B.’’. 
(b) CLERICAL AMENDMENTS.—The table of sections 
for subpart A of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by in-
serting after the item relating to section 26E the following 
new item: 
‘‘Sec. 25F. Government Match Tax Credit.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2024. 
Æ 
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