IB 
Union Calendar No. 289 
111TH CONGRESS 
2D SESSION 
H. R. 2989 
[Report No. 111–244, Part I] 
To amend the Employee Retirement Income Security Act of 1974 to provide 
special reporting and disclosure rules for individual account plans and 
to provide a minimum investment option requirement for such plans, 
to amend such Act to provide for independent investment advice for 
participants and beneficiaries under individual account plans, and to 
amend such Act and the Internal Revenue Code of 1986 to provide 
transitional relief under certain pension funding rules added by the 
Pension Protection Act of 2006. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 23, 2009 
Mr. GEORGE MILLER of California (for himself and Mr. ANDREWS) introduced 
the following bill; which was referred to the Committee on Education and 
Labor, and in addition to the Committee on Ways and Means, for a pe-
riod to be subsequently determined by the Speaker, in each case for con-
sideration of such provisions as fall within the jurisdiction of the com-
mittee concerned 
JULY 31, 2009 
Reported from the Committee on Education and Labor with an amendment 
[Strike out all after the enacting clause and insert the part printed in italic] 
JULY 31, 2009 
Referral to the Committee on Ways and Means extended for a period ending 
not later than October 16, 2009 
OCTOBER 16, 2009 
Referral to the Committee on Ways and Means extended for a period ending 
not later than Novermber 13, 2009 
NOVEMBER 13, 2009 
Referral to the Committee on Ways and Means extended for a period ending 
not later than December 11, 2009 
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DECEMBER 11, 2009 
Referral to the Committee on Ways and Means extended for a period ending 
not later than January 19, 2010 
JANUARY 19, 2010 
Referral to the Committee on Ways and Means extended for a period ending 
not later than February 26, 2010 
FEBRUARY 26, 2010 
Referral to the Committee on Ways and Means extended for a period ending 
not later than March 26, 2010 
MARCH 26, 2010 
Referral to the Committee on Ways and Means extended for a period ending 
not later than April 30, 2010 
APRIL 30, 2010 
Referral to the Committee on Ways and Means extended for a period ending 
not later than May 28, 2010 
MAY 28, 2010 
Additional sponsor: Mr. MCDERMOTT 
MAY 28, 2010 
Committee on Ways and Means discharged; committed to the Committee of 
the Whole House on the State of the Union and ordered to be printed 
[For text of introduced bill, see copy of bill as introduced on June 23, 2009] 
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A BILL 
To amend the Employee Retirement Income Security Act 
of 1974 to provide special reporting and disclosure rules 
for individual account plans and to provide a minimum 
investment option requirement for such plans, to amend 
such Act to provide for independent investment advice 
for participants and beneficiaries under individual ac-
count plans, and to amend such Act and the Internal 
Revenue Code of 1986 to provide transitional relief under 
certain pension funding rules added by the Pension Pro-
tection Act of 2006. 
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Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE AND TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘401(k) Fair Disclosure and Pension Security Act of 2009’’. 
(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title and table of contents. 
TITLE I—401(k) FAIR DISCLOSURE FOR RETIREMENT 
Sec. 101. Special reporting and disclosure rules for individual account plans. 
Sec. 102. Minimum investment option requirement for individual account plans. 
Sec. 103. Enforcement coordination and review by the Department of Labor. 
TITLE II—PROHIBITION OF CONFLICTED INVESTMENT ADVICE 
Sec. 201. Findings. 
Sec. 202. Independent investment advisers for individual account plans. 
Sec. 203. Expansion of outreach to promote retirement income savings to include 
promotion of education on financial literacy with respect to in-
vestment for retirement. 
TITLE III—TRANSITIONAL FUNDING RELIEF FOR DEFINED 
BENEFIT PLANS 
Sec. 301. Election to use yield curve. 
Sec. 302. Effective date of regulations. 
Sec. 303. Clarification of treatment of expenses. 
Sec. 304. Information reporting. 
Sec. 305. 5-year extension of automatic amortization extension period for multi-
employer plans. 
Sec. 306. Pension plan maintained by Christian Schools International treated as 
church plan. 
Sec. 307. Special rule for determining adequate consideration in connection with 
the purchase and sale of qualifying employer securities. 
Sec. 308. Extended period for single-employer defined benefit plans to amortize 
the shortfall amortization base for 2009 and 2010. 
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TITLE I—401(k) FAIR 
DISCLOSURE FOR RETIREMENT 
SEC. 101. SPECIAL REPORTING AND DISCLOSURE RULES 
FOR INDIVIDUAL ACCOUNT PLANS. 
(a) 
ADDITIONAL
REPORTING
AND
DISCLOSURE 
RULES.—Part 1 of subtitle B of title I of the Employee 
Retirement Income Security Act of 1974 is amended— 
(1) by redesignating section 111 (29 U.S.C. 
1031) as section 112; and 
(2) by inserting after section 110 (29 U.S.C. 
1030) the following new section: 
‘‘SEC. 111. SPECIAL REPORTING AND DISCLOSURE RULES 
FOR INDIVIDUAL ACCOUNT PLANS. 
‘‘(a) DISCLOSURE TO EMPLOYERS SPONSORING INDI-
VIDUAL ACCOUNT PLANS REGARDING SERVICES NEC-
ESSARY FOR ESTABLISHMENT OR OPERATION OF PLANS.— 
‘‘(1) SERVICE
DISCLOSURE
STATEMENT.—The 
plan administrator of an individual account plan (or 
any other plan official with contracting authority 
under the terms of the plan) may not enter into a 
contract or arrangement for services to the plan (in-
cluding, for purposes of this section, the offering of 
any investment option to the plan) unless such plan 
administrator or other official has received, reason-
ably in advance of entering into the contract or ar-
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rangement, a single written statement from the serv-
ice provider which— 
‘‘(A) specifies such services for the plan that 
will be provided in connection with the contract 
or arrangement, and 
‘‘(B) provides the expected total annual 
charges for such services for the plan that will be 
provided in connection with the contract or ar-
rangement, including a reasonable allocation of 
such total annual charges among all relevant 
component charges specified in paragraph (2) 
(regardless of how the charges are actually as-
sessed). 
The description of the services and specification of the 
charges for the services shall be displayed prominently 
in the written statement and shall be presented in a 
format which is understandable to the typical plan 
administrator. 
‘‘(2) MINIMUM
ALLOCATION
REQUIREMENTS.— 
The allocation required under paragraph (1)(B) in 
connection with the services provided under each con-
tract or arrangement shall specify component charges 
(to the extent such services for the plan are provided 
under the contract or arrangement) as follows: 
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‘‘(A) charges for administration and record-
keeping, 
‘‘(B) transaction based charges, 
‘‘(C) charges for investment management, 
and 
‘‘(D) all such charges not described in sub-
paragraph (A), (B), or (C). 
The Secretary may by regulation provide for the ap-
propriate allocation of component charges among the 
categories of charges provided in subparagraphs (A), 
(B), (C), and (D). 
‘‘(3) PRESENTATION
OF
CHARGES.—The total 
charges described in paragraph (2)(A) and the total 
charges described in paragraph (2)(C) shall each be 
presented in the written statement as an aggregate 
total dollar amount, and, in addition, each of such 
total charges may also be presented as a percentage 
of assets. The charges described in paragraph (2)(B) 
shall be itemized separately as dollar amounts or as 
percentages of the applicable base amounts. 
‘‘(4) ESTIMATIONS.—For purposes of providing 
the statement required under this subsection in con-
nection with any service, the service provider may 
provide a reasonable and representative estimate of 
the charges required to be specified under paragraph 
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(1)(B) and shall indicate any such estimate as being 
such an estimate. Any such estimate shall be based on 
reasonable assumptions specified in the statement 
(which shall include the previous year’s experience of 
the plan or, in the case of a new plan, a reasonable 
estimate, taking into account the plan’s participants 
and beneficiaries). 
‘‘(5) DISCLOSURE
OF
FINANCIAL
RELATION-
SHIPS.— 
‘‘(A) IN GENERAL.—The statement required 
under paragraph (1) shall include a written dis-
closure of— 
‘‘(i) any payment to be provided (or 
the amount representing the value of any 
services to be provided) to the service pro-
vider (or any affiliate thereof) from any en-
tity other than the plan or the accounts of 
participants or beneficiaries pursuant to, or 
in connection with, the contract or arrange-
ment described in paragraph (1) and the 
amount and type of any payment to be 
made or credit to be received for such serv-
ices (irrespective of whether the service pro-
vider (or affiliate thereof) or other person 
providing such services is affiliated or unaf-
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filiated with the plan, the plan sponsor, the 
plan administrator, or any other plan offi-
cial), and 
‘‘(ii) such other similar arrangements 
benefitting the service provider (or any af-
filiate thereof) as may be specified by the 
Secretary. 
In any case in which the contract or arrange-
ment described in paragraph (1) provides for the 
payments described in clause (i) in terms of a 
formula, the requirements of such clause may be 
met by specifying the formula to be used in con-
nection with such payments and describing the 
application of such formula. 
‘‘(B) INCLUSIONS.— 
‘‘(i) IN
GENERAL.—Disclosures de-
scribed under subparagraph (A)(ii) shall in-
clude the extent to which the service pro-
vider (or any affiliate thereof) may benefit 
from the offering of its own proprietary in-
vestment products or those of third parties, 
including (but not limited to) cross-selling 
of affiliated products or services to the plan 
sponsor or participants. 
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‘‘(ii) APPLICABLE PROHIBITED TRANS-
ACTION EXEMPTION.—Disclosures under this 
paragraph may include a description of 
any applicable prohibited transaction ex-
emption under section 408 related to the 
services described in the statement required 
under paragraph (1). 
‘‘(6) DISCLOSURE OF IMPACT OF SHARE CLASS-
ES.—The statement required under paragraph (1) 
shall, to the extent applicable, disclose that the share 
prices of certain mutual fund investments that are 
available to the plan may be different from the share 
prices outside of the plan due to the existence of dif-
ferent share classes and provide the basis for these dif-
ferences. 
‘‘(7) DISCLOSURE OF CERTAIN ARRANGEMENTS 
IN CONNECTION WITH FREE OR DISCOUNTED SERV-
ICES
OR
REIMBURSEMENTS
BY
SERVICE
PRO-
VIDERS.—In any case in which services are provided 
to the plan, or to the plan sponsor in connection with 
the plan, by any service provider without explicit 
charge or for charges set at a discounted rate or sub-
ject to rebate, the statement required under paragraph 
(1) shall specify the manner in which, the extent to 
which, and the amount by which consideration is oth-
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erwise obtained by the service provider (or any affil-
iate thereof), the plan, or the plan sponsor for such 
services, directly or indirectly, by means of any 
charges against the plan. 
‘‘(8) REVIEW
BY
THE
SECRETARY.—The Sec-
retary shall, from time to time as determined appro-
priate by the Secretary, review the accuracy and suf-
ficiency of statements provided pursuant to this sub-
section. 
‘‘(9) UPDATING.—Each service provider shall 
provide to the plan administrator an updated written 
statement described in paragraph (1) describing any 
material change in the information included in the 
statement provided pursuant to paragraph (1) as 
soon as is reasonable after the occurrence of the 
change is known. Such an updated written statement, 
or, in the case of a plan year in which no material 
change in the information included in the statement 
provided pursuant to paragraph (1) has occurred, a 
written statement setting forth such fact, shall be pro-
vided by the service provider not less often than annu-
ally. 
‘‘(10) LIMITATIONS.— 
‘‘(A) DOLLAR LIMITATION.— 
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‘‘(i) IN
GENERAL.—The requirements 
of this subsection shall apply with respect to 
any contract or arrangement for services 
provided during any plan year only if the 
total charged for such services under such 
contract or arrangement is reasonably ex-
pected to equal or exceed $5,000. 
‘‘(ii) ADJUSTMENTS
BY
THE
SEC-
RETARY.—The Secretary may be regulation 
adjust the dollar amount specified in this 
subparagraph to a lesser amount for small 
plans and to a greater amount for other 
plans and provide for appropriate annual 
adjustments in such adjusted amounts 
‘‘(B) GENERAL APPLICABILITY OF REQUIRE-
MENTS WITH RESPECT TO SERVICES.—Nothing 
in this subsection shall be construed to require 
any service provider to provide any service with 
respect to any particular plan sponsor. 
‘‘(11) SATISFACTION
OF
FIDUCIARY
RULES.— 
Nothing in the preceding provisions of this subsection 
affects the obligations of fiduciaries under part 4 of 
this subtitle. 
‘‘(b) DISCLOSURES
TO PARTICIPANTS
AND BENE-
FICIARIES.— 
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‘‘(1) ADVANCE
NOTICE
OF
AVAILABLE
INVEST-
MENT OPTIONS.—The plan administrator of an indi-
vidual account plan that permits participants or 
beneficiaries to direct the investment of assets in their 
individual accounts shall provide to the participant 
or beneficiary notice of the investment options avail-
able for election under the plan before a reasonable 
period prior to— 
‘‘(A) the earliest date provided for under the 
plan for the participant’s initial investment of 
any contribution made on behalf of such partici-
pant, and 
‘‘(B) the effective date of any material 
change in investment options. 
In the case of a plan that provides for immediate eli-
gibility or that contains an automatic contribution 
arrangement (as defined in subparagraphs (A) and 
(B) of section 514(e)(2)), the notice required under 
subparagraph (A) may be provided within any rea-
sonable period prior to such initial investment. With 
respect to any notice required under this paragraph, 
the Secretary shall prescribe regulations creating spe-
cific requirements for periods of advance notice to be 
treated as reasonable under this paragraph (of not 
less than 10 days) in circumstances similar to those 
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described in section 101(i)(2)(C), and such notice 
may be combined with any similar notice that may 
be required under section 404(c)(5) or under this sec-
tion. 
‘‘(2) INFORMATION INCLUDED IN NOTICE.—The 
notice required under paragraph (1) shall— 
‘‘(A) include a prominent statement, in lan-
guage presented in a manner which is easily un-
derstandable by the typical participant, indi-
cating which components of the charges (both di-
rect and indirect) for each investment option are 
payable by the participant or beneficiary and 
how such components are to be paid, 
‘‘(B) set forth, with respect to each available 
investment option— 
‘‘(i) the name of the option, 
‘‘(ii) information effectively describing 
the investment objectives of the option (such 
as a description of a broadly recognized 
asset class), 
‘‘(iii) the risk level associated with the 
option, 
‘‘(iv) whether the option is diversified 
among various classes of assets so as to 
minimize the risk of large losses or should 
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be combined with other options so as to ob-
tain such diversification, 
‘‘(v) whether the investment option is 
actively managed or passively managed in 
relation to an index and the difference be-
tween active management and passive man-
agement, 
‘‘(vi) where, and the manner in which, 
additional 
plan-specific, 
option-specific, 
and generally available investment informa-
tion regarding the option may be obtained, 
and 
‘‘(vii) a statement explaining that in-
vestment options should not be evaluated 
solely on the basis of the charges for each 
option but should also be based on careful 
consideration of other key factors, including 
the risk level of the option, the investment 
objectives of the option, the principal invest-
ment strategies of the option, and historical 
returns of the option, and 
‘‘(C) include a plan fee comparison chart, 
relating to the charges described in paragraph 
(3) in connection with all investment options 
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available under the plan, as provided in para-
graph (3). 
‘‘(3) PLAN FEE COMPARISON CHART.— 
‘‘(A) IN GENERAL.— 
‘‘(i) IN GENERAL.—The notice provided 
under this subsection shall include a plan 
fee comparison chart consisting of a com-
parison of actual service and investment 
charges (including, for purposes of this 
clause, charges for the offering of an invest-
ment option) that will or could be assessed 
against the account of the participant or 
beneficiary with respect to the plan year. 
The plan fee comparison chart shall be pre-
sented in a manner which is easily under-
stood by the typical participant and include 
such information as the Secretary deter-
mines necessary to permit participants and 
beneficiaries to assess the services for which 
charges will or could be assessed against the 
account. 
‘‘(ii) FORM.—For purposes of this 
paragraph, the potential service charges 
shall be provided in the form of a dollar 
amount or as a formula (such as a percent-
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age of assets), as appropriate. The form of 
the potential service charges shall be pre-
sented in a manner which is easily under-
standable by the typical participant, in-
cluding examples that demonstrate how the 
charges will be assessed against the account 
of the participant or beneficiary. 
‘‘(B) CATEGORIZATION OF CHARGES.—The 
plan fee comparison chart shall provide informa-
tion in relation to the following categories of 
charges that will or could be assessed against the 
account of the participant or beneficiary: 
‘‘(i) ASSET-BASED CHARGES SPECIFIC 
TO
INVESTMENT.—Charges that vary de-
pending on the investment options selected 
by the participant or beneficiary, including 
expense ratios and investment-specific asset- 
based charges. The information relating to 
such charges shall include a statement not-
ing any charges for 1 or more investment 
options which pay for services other than 
investment management. 
‘‘(ii) ASSET-BASED CHARGES NOT SPE-
CIFIC
TO
INVESTMENT.—Charges that are 
assessed as a percentage of the total assets 
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in the account of the participant or bene-
ficiary, regardless of the investment option 
selected. 
‘‘(iii) ADMINISTRATIVE
AND
TRANS-
ACTION-BASED
CHARGES.—Administration 
and transaction-based charges, including 
fees charged to participants to cover plan 
administration, compliance, and record-
keeping costs, plan loan origination fees, 
possible redemption fees, and possible sur-
render charges, that are not assessed as a 
percentage of the total assets in the account 
and are either automatically deducted each 
year or result from certain transactions en-
gaged in by the participant or beneficiary. 
‘‘(iv) OTHER
CHARGES.—Any other 
charges which may be deducted from par-
ticipants’ or beneficiaries’ accounts and 
which are not described in clauses (i), (ii), 
and (iii). 
‘‘(C) 
DESCRIPTION
OF
PURPOSE
FOR 
CHARGES.—The notice shall indicate the extent 
to which each charge is for investment manage-
ment, transactions, plan administration and rec-
ordkeeping, or other identified services. 
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‘‘(D) FEES AND HISTORICAL RETURNS.—In 
connection with each investment option listed in 
the plan fee comparison chart, the chart shall 
also include, as determined periodically by the 
Secretary in consultation with the Securities and 
Exchange Commission, appropriate and con-
sistent benchmarks, indices, or other points of 
comparison that may be used by beneficiaries to 
compare each investment option’s historical re-
turns, net of fees and expenses, for the previous 
year, 5 years, and 10 years (or for the period 
since inception, if shorter) as shown in the chart 
pursuant to this paragraph, including a sepa-
rate point of comparison with respect to each 
such time period. 
‘‘(4) MODEL NOTICES.—The Secretary shall pre-
scribe one or more model notices that may be used for 
purposes of satisfying the requirements of this sub-
section, including model plan fee comparison charts. 
‘‘(5) ESTIMATIONS.—For purposes of providing 
the notice required under this subsection, the plan ad-
ministrator may provide a reasonable and representa-
tive estimate for any charges or percentages disclosed 
under paragraph (2) or (3) and shall indicate any 
such estimate as being such an estimate. Any such es-
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timate shall be based on reasonable assumptions stat-
ed in the notice (such as the previous year’s experi-
ence or, in the case of a new plan, a reasonable esti-
mate, taking into account the plan’s participants and 
beneficiaries). 
‘‘(c) ELECTRONIC MEDIA.—Any disclosure required 
under this section may be provided through an electronic 
medium under such rules as shall be prescribed by the Sec-
retary not later than 1 year after the date of the enactment 
of the 401(k) Fair Disclosure and Pension Security Act of 
2009. Such rules shall be similar to those applicable under 
the Internal Revenue Code of 1986 with respect to notices 
to participants in pension plans. The Secretary shall regu-
larly modify such rules as appropriate to take into account 
new developments, including new forms of electronic media, 
and to fairly take into consideration the interests of plan 
sponsors, service providers, and participants. The rules pre-
scribed by the Secretary pursuant to this subsection shall 
provide for a method for the typical participant or bene-
ficiary to obtain without undue burden any such disclosure 
in writing on paper in lieu of receipt through an electronic 
medium. 
‘‘(d) REGULATIONS
REGARDING
CERTAIN
PROD-
UCTS.—The Secretary may by regulation identify certain 
types of investment options, such as an option that provides 
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a guaranteed rate of return and that does not identify spe-
cific fees, and prescribe alternative disclosures of cost and 
performance measures that correspond to the particular cir-
cumstances of such options. 
‘‘(e) DEFINITIONS.—For purposes of this section— 
‘‘(1) CHARGE.—The term ‘charge’ means, in con-
nection with any service provided to a plan or any 
financial product provided to the plan in which plan 
assets are to be invested, any fee, credit, or other com-
pensation charged or paid for such service or product, 
including money and any other thing of monetary 
value to be received by the provider of the service or 
product, or its affiliate, in connection with the service 
or product. 
‘‘(2) SERVICE.—The term ‘service’ means, in 
connection with a plan, a service provided directly or 
indirectly to, or with respect to, the plan or a service 
provided directly or indirectly in connection with a 
financial product in which plan assets are to be in-
vested. 
‘‘(3) CONTRACT
OR
ARRANGEMENT.—The term 
‘contract or arrangement’ means, in connection with 
any 2 or more parties, any contract or arrangement 
entered into between or among such parties, and any 
extension or renewal thereof. 
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‘‘(4) SERVICE
PROVIDER.—The terms ‘service 
provider’ and ‘provider’ mean, in connection with a 
service, a person directly or indirectly providing such 
service. 
‘‘(5) REGULATIONS.—The Secretary shall pro-
vide by regulation such definitions of other terms used 
in this section as the Secretary determines appro-
priate.’’. 
(b) QUARTERLY BENEFIT STATEMENTS.—Section 105 
of such Act (29 U.S.C. 1025) is amended— 
(1) in subsection (a)(2)— 
(A) by redesignating subparagraph (C) as 
subparagraph (H); 
(B) in subparagraph (B)(ii)— 
(i) in subclause (II), by striking ‘‘di-
versified, and’’ and inserting ‘‘diversified,’’; 
(ii) in subclause (III), by striking the 
period and inserting ‘‘, and’’; 
(iii) by adding after subclause (III) the 
following new subclause: 
‘‘(IV) with respect to the portion 
of a participant’s account for which 
the participant has the right to direct 
the investment of assets, the informa-
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tion described in subparagraph (C).’’; 
and 
(C) by inserting after subparagraph (B) the 
following new subparagraphs: 
‘‘(C) PERIODIC ACCOUNT INFORMATION FOR 
PARTICIPANTS
AND
BENEFICIARIES.—For pur-
poses of subparagraph (B)(ii)(IV), the informa-
tion described in this subparagraph consists of 
the following, indicating the portion of each 
amount described in clauses (i) though (vii) at-
tributable to each investment option elected in 
connection with the participant’s account: 
‘‘(i) the starting balance of the partici-
pant’s account, 
‘‘(ii) contributions made during the 
quarter, itemizing separately totals for em-
ployer and totals for employee contribu-
tions, 
‘‘(iii) investment earnings or losses on 
the account balance during the quarter (if 
any), 
‘‘(iv) actual or estimated charges 
(within the meaning of section 111(e)(1)) 
which reduce the account during the quar-
ter, expressed in dollars or, if estimated, 
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such estimated dollar charges as are derived 
from an expense ratio (which may be ex-
pressed as a specific date estimate based on 
reasonable assumptions stated in the disclo-
sure (such as the previous year’s expense 
ratio). 
‘‘(v) any other direct charges to the 
participant or beneficiary in connection 
with the participant’s account, 
‘‘(vi) the ending balance of the account, 
‘‘(vii) the participant’s asset allocation 
to each investment option, expressed as an 
amount and as a percentage, and 
‘‘(viii) how to obtain the most recently 
updated version of the plan fee comparison 
chart prepared for purposes of section 
111(b)(3). 
‘‘(D) OTHER INFORMATION.—The plan ad-
ministrator may include in the quarterly pen-
sion benefit statement information relating to the 
historical return and risk of each investment op-
tion and the estimated amount that the partici-
pant needs to contribute each month or year so 
as to retire at retirement age (as defined in sec-
tion 216(l) of the Social Security Act). 
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‘‘(E) ESTIMATIONS.—For purposes of mak-
ing the disclosure of actual charges or percent-
ages as required under this paragraph, the plan 
administrator may provide a reasonable and 
representative estimate of such charges or per-
centages and shall indicate any such estimate as 
being such an estimate. Any such estimate shall 
be based on reasonable assumptions included in 
the statement (such as the previous year’s experi-
ence). 
‘‘(F) MODEL STATEMENTS.—The Secretary 
shall prescribe one or more model pension benefit 
statements that may be used for purposes of sat-
isfying 
the 
requirements 
of 
subparagraphs 
(B)(ii) and (C). 
‘‘(G) ANNUAL
COMPLIANCE
FOR
SMALL 
PLANS AND WITH RESPECT TO CERTAIN INFOR-
MATION.—In the case of a plan providing for in-
vestment as described in paragraph (1)(A)(i)— 
‘‘(i) if the plan has 100 or fewer par-
ticipants and beneficiaries, the plan may 
provide the pension benefit statement under 
paragraph (1) on an annual rather than a 
quarterly basis, and 
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‘‘(ii) the plan may comply with the re-
quirements of subparagraph (B)(ii)(IV) on 
an annual rather than a quarterly basis.’’; 
and 
(2) by adding at the end the following new sub-
sections: 
‘‘(d) ASSISTANCE TO SMALL EMPLOYERS.—The Sec-
retary shall make available to employers with 100 or fewer 
employees— 
‘‘(1) educational and compliance materials de-
signed to assist such employers in selecting and moni-
toring service providers for individual account plans 
which permit a participant or beneficiary to exercise 
control over the assets in the account of the partici-
pant or beneficiary, investment options under such 
plans, and charges relating to such options, and 
‘‘(2) services designed to assist such employers in 
finding and understanding affordable investment op-
tions for such plans and in comparing the investment 
performance of, and charges for, such options on an 
ongoing basis against appropriate benchmarks or 
other appropriate measures. 
‘‘(e) ASSISTANCE TO PLAN SPONSORS AND PLAN PAR-
TICIPANTS AND BENEFICIARIES.—The Secretary shall pro-
vide assistance to plan sponsors of individual account plans 
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and participants and beneficiaries under such plans with 
any questions or problems regarding compliance with the 
requirements of this section. 
‘‘(f) ELECTRONIC MEDIA.—Any disclosure required 
under this section may be provided through an electronic 
medium under such rules as shall be prescribed by the Sec-
retary not later than 1 year after the date of the enactment 
of the 401(k) Fair Disclosure and Pension Security Act of 
2009. Such rules shall be similar to those applicable under 
the Internal Revenue Code of 1986 with respect to notices 
to participants in pension plans. The Secretary shall regu-
larly modify such rules as appropriate to take into account 
new developments, including new forms of electronic media, 
and to fairly take into consideration the interests of plan 
sponsors, service providers, and participants. The rules pre-
scribed by the Secretary pursuant to this subsection shall 
provide for a method for the typical participant or bene-
ficiary to obtain without undue burden any such disclosure 
in writing on paper in lieu of receipt through an electronic 
medium. 
‘‘(g) DEFINITIONS.—For purposes of this section— 
‘‘(1) CHARGE.—The term ‘charge’ means, in con-
nection with any service provided to a plan or any 
financial product provided to the plan in which plan 
assets are to be invested, any fee, credit, or other com-
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pensation charged or paid for such service or product, 
including money and any other thing of monetary 
value to be received by the provider of the service or 
product, or its affiliate, in connection with the service 
or product. 
‘‘(2) SERVICE
PROVIDER.—The terms ‘service 
provider’ and ‘provider’ mean, in connection with a 
service (as defined in section 111(e)(2)), a person di-
rectly or indirectly providing such service. 
‘‘(3) REGULATIONS.—The Secretary shall pro-
vide by regulation such definitions of other terms used 
in this section as the Secretary determines appro-
priate.’’. 
(c) ENFORCEMENT.—Section 502 of such Act (29 
U.S.C. 1132) is amended— 
(1) in subsection (a)(6), by striking ‘‘under 
paragraph (2)’’ and all that follows through ‘‘sub-
section (c)’’ and inserting ‘‘under paragraph (2), (4), 
(5), (6), (7), (8), (9), (10), or (11) of subsection (c)’’; 
and 
(2) in subsection (c), by redesignating the second 
paragraph (10) as paragraph (12), and by inserting 
after the first paragraph (10) the following new para-
graph: 
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‘‘(11)(A) In the case of any violation of section 111(a) 
by a service provider (as defined in section 111(e)(4)), the 
service provider may be assessed by the Secretary a civil 
penalty of up to $1,000 a day with respect to each such 
violation from the date of the initial violation until the date 
on which such violation is corrected, subject to a total max-
imum penalty of 10 percent of the amount involved, as de-
termined by the Secretary. 
‘‘(B) Any plan administrator with respect to a plan 
who fails or refuses to provide a statement to participants 
and 
beneficiaries 
in 
accordance 
with 
section 
105(a)(2)(B)(ii) or 111(b) may be assessed by the Secretary 
a civil penalty of up to $100 a day from the date of the 
failure or refusal to the date on which such statement or 
notice is so provided. 
‘‘(C) For purposes of this paragraph, each violation 
with respect to any single participant, beneficiary, or plan 
administrator shall be treated as a separate violation.’’. 
(d) CONFORMING AMENDMENT.—The table of contents 
in section 1 of such Act is amended by striking the item 
relating to section 111 and inserting the following new 
items: 
‘‘Sec. 111. Special reporting and disclosure rules for individual account plans. 
‘‘Sec. 112. Repeal and effective date.’’. 
(e) EFFECTIVE DATES.— 
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(1) Section 111(a) of the Employee Retirement 
Income Security Act of 1974 (as added by subsection 
(a) of this section) shall apply with respect to con-
tracts or arrangements for services entered into after 
one year after the date of the enactment of this Act. 
(2) Section 111(b) of such Act (as added by sub-
section (a) of this section) shall apply with respect to 
plan years beginning after one year after the date of 
the enactment of this Act. 
(3) The amendments made by subsection (b) of 
this section shall apply with respect to pension benefit 
statements for calendar quarters beginning after one 
year after the date of the enactment of this Act. 
(4) The Secretary shall issue final regulations 
under the amendments made by this section not later 
than 270 days after the date of the enactment of this 
Act. Any act or practice in advance of the issuance 
of final regulations under the amendments made by 
this section which is in good faith compliance with 
the requirements of such amendments shall be treated 
as in compliance with any such final regulations. 
(f) STUDY REGARDING USE OF BENCHMARKS, INDI-
CES, AND OTHER POINTS OF COMPARISON IN PLAN FEE 
COMPARISON CHARTS.— 
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(1) STUDY.—As soon as practicable after the 
date of the enactment of this Act, the Secretary of 
Labor shall study the efficacy of including bench-
marks, indices, and other points of comparison in 
plan fee comparison charts provided to participants 
and beneficiaries pursuant to section 111(b)(3) of the 
Employee Retirement Income Security Act of 1974 
(as added by this Act). 
(2) MATTERS TO BE STUDIED.—In the study re-
quired under paragraph (1), the Secretary shall in-
vestigate whether, and the extent to which, bench-
marks, indices, and other points of comparison in-
cluded in plan fee comparison charts— 
(A) help participants and beneficiaries un-
derstand the charges with respect to their indi-
vidual account plans, 
(B) help participants and beneficiaries 
make more informed decisions on which invest-
ment options to choose under such plans, and 
(C) bias participants and beneficiaries 
against particular investment options under 
such plans, types of investment, or individual 
account plans as a whole. 
(3) REPORT.—Not later than 180 days after the 
date of the enactment of this Act, the Secretary shall 
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report to each House of the Congress regarding the re-
sults of the study conducted pursuant to this sub-
section, together with such recommendations as the 
Secretary may consider appropriate. 
SEC. 102. MINIMUM INVESTMENT OPTION REQUIREMENT 
FOR INDIVIDUAL ACCOUNT PLANS. 
(a) IN GENERAL.—Section 404(c) of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 1104(c)) 
is amended by adding at the end the following new para-
graph: 
‘‘(6) MINIMUM
INVESTMENT
OPTION
REQUIRE-
MENT FOR INDIVIDUAL ACCOUNT PLANS.—Paragraph 
(1)(A)(ii) shall not apply in connection with any in-
dividual account plan which permits a participant or 
beneficiary to exercise control over the assets in the 
account of the participant or beneficiary unless the 
plan includes at least one investment option— 
‘‘(A) which is a passively managed invest-
ment with a portfolio of securities that is de-
signed to be representative of the United States 
investable equity market (including representa-
tion of small, mid, and large cap stocks) or the 
United States investment grade bond market (in-
cluding Treasury, agency, non-agency, and cor-
porate issues), or a combination thereof, and 
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‘‘(B) which is described in the terms of the 
plan as offered without any endorsement of the 
Government or the plan sponsor. 
An investment shall not fail to satisfy the require-
ments of subparagraph (A) in connection with either 
market described in subparagraph (A) solely by rea-
son of a failure to invest in all or substantially all 
equities or bonds (as applicable) in such market, if 
the methodology used to select the equities or bonds is 
designed to approximate in a reasonable manner the 
broad experience of such market.’’. 
(b) 
CONFORMING
AMENDMENT.—Section 
404(c)(1)(A)(ii) of such Act (29 U.S.C. 1104(c)(1)(A)(ii)) 
is amended by inserting ‘‘except as provided in section 
404(c)(6) and’’ after ‘‘exercise of control,’’. 
(c) EFFECTIVE DATES.— 
(1) The amendments made by this section shall 
apply with respect to plan years beginning after one 
year after the date of the enactment of this Act. 
(2) The Secretary shall issue final regulations 
under the amendments made by this section not later 
than 270 days after the date of the enactment of this 
Act. Any act or practice in advance of the issuance 
of final regulations under the amendments made by 
this section which is in good faith compliance with 
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the requirements of such amendments shall be treated 
as in compliance with any such final regulations. 
SEC. 103. ENFORCEMENT COORDINATION AND REVIEW BY 
THE DEPARTMENT OF LABOR. 
(a) IN GENERAL.—Section 502 of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 1132) is 
amended by adding at the end the following new subsection: 
‘‘(n) ENFORCEMENT COORDINATION OF CERTAIN DIS-
CLOSURE REQUIREMENTS AND REVIEW BY THE DEPART-
MENT OF LABOR.— 
‘‘(1) IN GENERAL.— 
‘‘(A) NOTIFICATION AND ACTION.—The Sec-
retary shall notify the applicable regulatory au-
thority in any case in which the Secretary deter-
mines that a service provider is engaged in a 
pattern or practice that precludes compliance by 
plan administrators with section 111. The Sec-
retary shall, in consultation with the applicable 
authority, take such timely enforcement action 
under this title as is necessary to assure that 
such pattern or practice ceases and desists and 
assess any appropriate penalties. 
‘‘(B) DISSEMINATION.—The Secretary shall 
widely disseminate to employee pension benefit 
plans covered by this title and their participants 
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and beneficiaries the identity of any service pro-
viders with respect to such plans found to be en-
gaged in any pattern or practice described in 
subparagraph (A) with the intent to preclude 
compliance by plan administrators with section 
111 and the particulars of such pattern or prac-
tice. Prior to the dissemination of the identity of 
any service providers identified and determined 
by the Secretary to be engaged in such a pattern 
or practice, such service provider shall receive a 
notice of intent to disseminate, an opportunity 
to request an administrative hearing, and a 
timely appeal to the Secretary. 
‘‘(2) ANNUAL AUDIT OF REPRESENTATIVE SAM-
PLING
OF
INDIVIDUAL
ACCOUNT
PLANS.—The Sec-
retary shall annually audit a representative sampling 
of individual account plans covered by this title to de-
termine compliance with the requirements of section 
111. The Secretary shall annually report the results 
of such audit and any related recommendations of the 
Secretary to the Committee on Education and Labor 
of the House of Representatives and the Committee on 
Health, Education, Labor, and Pensions of the Sen-
ate.’’. 
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(b) REVIEW AND REPORT TO THE CONGRESS BY SEC-
RETARY OF LABOR RELATING TO REPORTING AND DISCLO-
SURE REQUIREMENTS.— 
(1) STUDY.—As soon as practicable after the 
date of the enactment of this Act, the Secretary of 
Labor shall review the reporting and disclosure re-
quirements of part 1 of subtitle B of title I of the Em-
ployee Retirement Income Security Act of 1974 and 
related provisions of the Pension Protection Act of 
2006. 
(2) REPORT.—Not later than 18 months after the 
date of the enactment of this Act, the Secretary of 
Labor, in consultation with the Secretary of the 
Treasury, shall make such recommendations as the 
Secretary of Labor considers appropriate to the ap-
propriate committees of the Congress to consolidate, 
simplify, standardize, and improve the applicable re-
porting and disclosure requirements so as to simplify 
reporting for employee pension benefit plans and en-
sure that needed understandable information is pro-
vided to participants and beneficiaries of such plans. 
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TITLE II—PROHIBITION OF CON-
FLICTED 
INVESTMENT 
AD-
VICE 
SEC. 201. FINDINGS. 
The Congress finds as follows: 
(1) The market downturn of 2008 had a dev-
astating effect on the retirement security income of 
millions of American workers. 
(2) According to the Congressional Budget Office, 
$2 trillion of Americans’ retirement savings was 
wiped out over a 15-month period starting in 2008. 
(3) According to Congressional Budget Office es-
timates, the value of pension funds and retirement ac-
counts dropped by roughly $1 trillion last year. 
(4) Individual average losses of participants in 
401(k) plans ranged from 7.2 percent to 11.2 percent 
in the first nine months of 2008, according to an Em-
ployee Benefit Research Institute analysis of 2.2 mil-
lion retirements account participants. 
(5) During the first nine months of 2008, stocks 
were down, with the S&P 500 index losing more than 
19 percent. With over two-thirds of the assets in 
401(k)-style defined contribution plans invested in eq-
uities, either directly or through mutual funds, par-
ticipants are exposed to increased risk and lack 
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meaningful access to independent investment advise 
to help them better plan for their retirement. 
(6) Currently, 401(k) plan account holders have 
access to a self-interested or conflicted investment ad-
viser. 
(7) In 2007, the Government Accountability Of-
fice concluded that conflicts of interest can have an 
adverse affect on defined benefit and defined contribu-
tion plans. 
SEC. 202. INDEPENDENT INVESTMENT ADVISERS FOR INDI-
VIDUAL ACCOUNT PLANS. 
(a) IN GENERAL.—Section 3 of the Employee Retire-
ment Income Security Act of 1974 (29 U.S.C. 1002) is 
amended by adding at the end the following new paragraph: 
‘‘(43) INDEPENDENT INVESTMENT ADVISER.— 
‘‘(A) IN GENERAL.—The term ‘independent 
investment adviser’ means, with respect to an in-
dividual account plan that permits a partici-
pant or beneficiary to direct the investment of 
assets in their individual account, a person 
who— 
‘‘(i) is a fiduciary of the plan by rea-
son of the provision of investment advice re-
ferred to in section 3(21)(A)(ii) by the per-
son to the plan or a participant or bene-
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ficiary of the plan (irrespective of the man-
ner in which such advice is provided or the 
extent to which such advice is based on a 
computer model), and 
‘‘(ii) meets the requirements of either 
subparagraph (B) or (C). 
‘‘(B) REQUIREMENTS
APPLICABLE
TO
IN-
VESTMENT
ADVISER.—An investment adviser 
meets the requirements of this subparagraph, 
if— 
‘‘(i) such adviser is— 
‘‘(I) registered as an investment 
adviser under the Investment Advisers 
Act of 1940 (15 U.S.C. 80b–1 et seq.) 
or under the laws of the State in which 
the adviser maintains its principal of-
fice and place of business, or 
‘‘(II) any other person, but only if 
every individual providing the invest-
ment advice referred to in section 
3(21)(A)(ii) on behalf of such person 
(or on behalf of any affiliate thereof) is 
a registered representative of a person 
described in subclause (I), 
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‘‘(ii) such adviser is not the plan in-
vestment provider, 
‘‘(iii) the fees or other compensation re-
ceived, directly or indirectly, by such ad-
viser (and any affiliate thereof) with respect 
to the provision of investment advice to any 
individual account plan or the participants 
or beneficiaries of such a plan either— 
‘‘(I) are not received from any 
person or persons (or anyone affiliated 
with such persons) that market, sell, 
manage or provide investments in 
which plan assets of the individual ac-
count plan are invested, or 
‘‘(II) do not vary depending on 
the basis of any investment option se-
lected, and are calculated pursuant to 
one or more of the following bases— 
‘‘(aa) a flat-dollar basis, 
‘‘(bb) a flat percentage of 
total plan assets basis, 
‘‘(cc) a flat or sliding-scale 
percentage of the assets in a par-
ticipant’s or beneficiary’s account 
basis, or 
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‘‘(dd) a per-participant or 
per-beneficiary account basis, and 
‘‘(iv) such adviser provides the invest-
ment advice pursuant to a written arrange-
ment with the individual account plan 
that— 
‘‘(I) provides that the investment 
adviser is a fiduciary of the plan with 
respect to the provision of the advice, 
‘‘(II) requires that the advice be 
provided only by registered representa-
tives of the investment adviser or an 
affiliate thereof, 
‘‘(III) discloses, before a reason-
able period prior to entering into such 
arrangement, whether the investment 
adviser or any affiliate thereof has any 
material financial, referral, or other 
relationship or arrangement with a 
money manager, broker, other client of 
the investment adviser or any affiliate 
thereof, other service provider to the 
plan, or any other entity that creates 
or may create a conflict of interest for 
the investment adviser in performing 
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services pursuant to the arrangement 
with the plan and, if so, includes a de-
scription of such relationship or ar-
rangement, 
‘‘(IV) includes a representation by 
the investment adviser that, before the 
arrangement was entered into (or ex-
tended or renewed), the investment ad-
viser provided to the plan fiduciary 
that has authority to cause the em-
ployee benefit plan to enter into (or ex-
tend or renew) the arrangement a 
written statement disclosing all fees or 
other compensation that the investment 
adviser or any affiliate thereof antici-
pates to receive with respect to the ad-
vice during the first year, or other pe-
riod if less than a year, of the arrange-
ment, 
‘‘(V) provides that the investment 
adviser will provide to such plan fidu-
ciary (and the participant and bene-
ficiary receiving the advice, if applica-
ble) a statement annually disclosing all 
fees or other compensation that the in-
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vestment adviser or any affiliate there-
of has received with respect to the ad-
vice during the prior year, and 
‘‘(VI) provides that the terms of 
the arrangement required under this 
clause and any information provided 
under such arrangement pursuant to 
subclauses (III) and (IV) will also be 
furnished by the investment adviser to 
the participant or beneficiary that is 
the recipient of the advice. 
‘‘(C) ADVICE PROVIDED TO PARTICIPANTS 
AND BENEFICIARIES UNDER AN INVESTMENT AD-
VICE
COMPUTER
PROGRAM
MEETING
REQUIRE-
MENTS.—An investment adviser meets the re-
quirements of this subparagraph if the invest-
ment advice provided by the adviser, to the ex-
tent that such advice is provided to participants 
and beneficiaries of individual account plans, is 
provided under an investment advice computer 
program with respect to which the requirements 
of clauses (i) through (x) are met. 
‘‘(i) ADVISER
REQUIREMENTS.—The 
requirements of this clause are met if the 
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investment adviser providing the investment 
advice under the program is— 
‘‘(I) described in subclauses (I) or 
(II) of subparagraph (B)(i), 
‘‘(II) 
an 
insurance 
company 
qualified to do business under the laws 
of a State, 
‘‘(III) a person registered as a 
broker or dealer under the Securities 
Exchange Act of 1934 (15 U.S.C. 78a 
et seq.), 
‘‘(IV) an affiliate of a person de-
scribed in any of subclauses (I) 
through (III), or 
‘‘(V) an employee, agent, or reg-
istered representative of a person de-
scribed in subclauses (I) through (IV) 
who satisfies the requirements of appli-
cable insurance, banking, and securi-
ties laws relating to the provision of 
the advice. 
‘‘(ii) COMPUTER MODEL.—The require-
ments of this clause are met if the invest-
ment advice provided under the investment 
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advice computer program is provided pur-
suant to a computer model that— 
‘‘(I) applies generally accepted in-
vestment theories that take into ac-
count the historic returns of different 
asset classes over defined periods of 
time, 
‘‘(II) utilizes relevant information 
about the participant, which may in-
clude age, life expectancy, retirement 
age, risk tolerance, other assets or 
sources of income, and preferences as to 
certain types of investments, 
‘‘(III) utilizes prescribed objective 
criteria to provide asset allocation 
portfolios comprised of investment op-
tions available under the plan, 
‘‘(IV) operates in a manner that 
is not biased in favor of investments 
offered by the investment adviser or 
any person with a material affiliation 
or contractual relationship with the in-
vestment adviser, 
‘‘(V) takes into account all invest-
ment options under the plan in speci-
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fying how a participant’s account bal-
ance should be invested and is not in-
appropriately weighted with respect to 
any investment option, 
‘‘(VI) operates so that it does not, 
directly or indirectly, in any manner 
act to benefit the investment adviser 
(or any affiliate of the adviser or any 
person with a material affiliation or 
contractual relationship with the ad-
viser) at the expense of plan partici-
pants and beneficiaries, 
‘‘(VII) takes into account the fees 
associated with each investment option, 
and 
‘‘(VIII) conforms to such other re-
quirements as shall be prescribed by 
the Secretary to ensure that it operates 
in the best interest of plan participants 
and beneficiaries. 
‘‘(iii) CERTIFICATION.— 
‘‘(I) IN
GENERAL.—The require-
ments of this clause are met with re-
spect to the program if an eligible in-
vestment expert certifies, prior to the 
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utilization of the computer model and 
in accordance with rules prescribed by 
the Secretary, that the computer model 
meets the requirements of clause (ii). 
‘‘(II) 
RENEWAL
OF
CERTIFI-
CATIONS.—If, as determined under reg-
ulations prescribed by the Secretary, 
there are material modifications to the 
computer model, the requirements of 
this subparagraph are met only if a 
certification described in subclause (I) 
is obtained with respect to the com-
puter model as so modified. 
‘‘(III) ELIGIBLE INVESTMENT EX-
PERT.—For purposes of this clause, the 
term ‘eligible investment expert’ means 
any person— 
‘‘(aa) which meets such re-
quirements as the Secretary may 
provide, and 
‘‘(bb) does not have any ma-
terial affiliation or contractual re-
lationship with any investment 
adviser or a related person thereof 
(or any employee, agent, or reg-
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istered representative of the in-
vestment adviser or related per-
son). 
‘‘(iv) EXCLUSIVITY
OF
RECOMMENDA-
TION.—The requirements of this clause are 
met with respect to the program, if— 
‘‘(I) the only investment advice 
provided under the program is the ad-
vice generated by the computer model 
described in clause (ii), and 
‘‘(II) any transaction pursuant to 
the investment advice occurs solely at 
the direction of the participant or ben-
eficiary. 
‘‘(v) 
EXPRESS
AUTHORIZATION
BY 
SEPARATE FIDUCIARY.—The requirements of 
this clause are met with respect to the pro-
gram if the program is expressly authorized 
by a plan fiduciary other than— 
‘‘(I) the person offering the pro-
gram, 
‘‘(II) any person that is a plan 
investment provider with respect to the 
plan, and 
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amended by striking ‘‘plan-related expenses’’ and in-
serting ‘‘plan-related administrative expenses’’. 
(2) CONFORMING
AMENDMENT.—Subclause (II) 
of section 303(i)(2)(A)(i) of such Act (29 U.S.C. 
1083(i)(2)(A)(i)(II)) is amended by striking ‘‘plan-re-
lated expenses’’ and inserting ‘‘plan-related adminis-
trative expenses’’. 
(b) AMENDMENTS TO IRC.— 
(1) 
IN
GENERAL.—Clause 
(ii) 
of 
section 
430(b)(1)(A) of the Internal Revenue Code of 1986 
(relating to target normal cost) is amended by strik-
ing ‘‘plan-related expenses’’ and inserting ‘‘plan-re-
lated administrative expenses’’. 
(2) CONFORMING
AMENDMENT.—Subclause (II) 
of section 430(i)(2)(A)(i) of such Code is amended by 
striking ‘‘plan-related expenses’’ and inserting ‘‘plan- 
related administrative expenses’’. 
(c) EFFECTIVE DATE.—The amendments made by this 
section shall take effect as if included in the enactment of 
paragraphs (1)(A), (1)(F)(i), (2)(A), and (2)(F)(i) of sec-
tion 101(b) of the Worker, Retiree, and Employer Recovery 
Act of 2008 (Public Law 110-458; 122 Stat. 5093). 
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Union Calendar No. 289 
111TH CONGRESS 
2D SESSION 
H. R. 2989 
[Report No. 111–244, Part I] 
A BILL 
To amend the Employee Retirement Income Secu-
rity Act of 1974 to provide special reporting and 
disclosure rules for individual account plans and 
to provide a minimum investment option require-
ment for such plans, to amend such Act to pro-
vide for independent investment advice for par-
ticipants and beneficiaries under individual ac-
count plans, and to amend such Act and the In-
ternal Revenue Code of 1986 to provide transi-
tional relief under certain pension funding rules 
added by the Pension Protection Act of 2006. 
MAY 28, 2010 
Discharged; committed to the Committee of the Whole 
House on the State of the Union and ordered to be 
printed 
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