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person shall provide notice of such submission to 
each participant and beneficiary under the plan (and 
under all plans maintained by members of the con-
trolled group of each contributing sponsor of the 
plan). Such notice shall also set forth— 
‘‘(A) the number of single-employer plans 
covered by this title which are in at-risk status 
and are maintained by contributing sponsors of 
such plan (and by members of their controlled 
groups) with respect to which the funding tar-
get attainment percentage for the preceding 
plan year of each plan is less than 60 percent; 
‘‘(B) the value of the assets of each of the 
plans described in subparagraph (A) for the 
plan year, the funding target for each of such 
plans for the plan year, and the funding target 
attainment percentage of each of such plans for 
the plan year; and 
‘‘(C) taking into account all single-em-
ployer plans maintained by the contributing 
sponsor and the members of its controlled 
group as of the end of such plan year— 
‘‘(i) the aggregate total of the values 
of plan assets of such plans as of the end 
of such plan year,
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‘‘(ii) the aggregate total of the fund-
ing targets of such plans, as of the end of 
such plan year, taking into account only 
benefits to which participants and bene-
ficiaries have a nonforfeitable right, and 
‘‘(iii) the aggregate funding targets 
attainment percentage with respect to the 
contributing sponsor for the preceding plan 
year. 
‘‘(2) DEFINITIONS.—For purposes of this sub-
section— 
‘‘(A) VALUE OF PLAN ASSETS.—The term 
‘value of plan assets’ means the value of plan 
assets, as determined under section 303(g)(3). 
‘‘(B) FUNDING TARGET.—The term ‘fund-
ing target’ has the meaning provided under sec-
tion 303(d)(1). 
‘‘(C) FUNDING TARGET ATTAINMENT PER-
CENTAGE.—The term ‘funding target attain-
ment percentage’ has the meaning provided in 
section 303(d)(2). 
‘‘(D) AGGREGATE FUNDING TARGETS AT-
TAINMENT PERCENTAGE.—The term ‘aggregate 
funding targets attainment percentage’ with re-
spect to a contributing sponsor for a plan year
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is the percentage, taking into account all plans 
maintained by the contributing sponsor and the 
members of its controlled group as of the end 
of such plan year, which 
‘‘(i) the aggregate total of the values 
of plan assets, as of the end of such plan 
year, of such plans, is of 
‘‘(ii) the aggregate total of the fund-
ing targets of such plans, as of the end of 
such plan year, taking into account only 
benefits to which participants and bene-
ficiaries have a nonforfeitable right. 
‘‘(E) AT-RISK STATUS.—The term ‘at-risk 
status’ has the meaning provided in section 
303(i)(3). 
‘‘(3) COMPLIANCE.— 
‘‘(A) IN GENERAL.—Any notice required to 
be provided under paragraph (1) may be pro-
vided in written, electronic, or other appropriate 
form to the extent such form is reasonably ac-
cessible to individuals to whom the information 
is required to be provided. 
‘‘(B) LIMITATIONS.—In no case shall a 
participant or beneficiary be entitled under this 
subsection to receive more than one notice de-
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scribed in paragraph (1) during any one 12- 
month period. The person required to provide 
such notice may make a reasonable charge to 
cover copying, mailing, and other costs of fur-
nishing such notice pursuant to paragraph (1). 
The corporation may by regulations prescribe 
the maximum amount which will constitute a 
reasonable charge under the preceding sentence. 
‘‘(4) NOTICE TO CONGRESS.—Concurrent with 
the provision of any notice under paragraph (1), 
such person shall provide such notice to the Com-
mittee on Education and the Workforce and the 
Committee on Ways and Means of the House of 
Representatives and the Committee on Health, Edu-
cation, Labor, and Pensions and the Committee on 
Finance of the Senate, which shall be treated as ma-
terials provided in executive session.’’. 
(c) EFFECTIVE DATE.—The amendment made by 
this section shall apply with respect to plan years begin-
ning after December 31, 2006.
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TITLE VI—INVESTMENT ADVICE 
SEC. 601. AMENDMENTS TO EMPLOYEE RETIREMENT IN-
COME SECURITY ACT OF 1974 PROVIDING 
PROHIBITED TRANSACTION EXEMPTION FOR 
PROVISION OF INVESTMENT ADVICE. 
(a) 
EXEMPTION
FROM
PROHIBITED
TRANS-
ACTIONS.—Section 408(b) of the Employee Retirement 
Income Security Act of 1974 (29 U.S.C. 1108(b)) is 
amended by adding at the end the following new para-
graph: 
‘‘(14)(A) Any transaction described in subpara-
graph (B) in connection with the provision of invest-
ment advice described in section 3(21)(A)(ii), in any 
case in which— 
‘‘(i) the investment of assets of the plan is 
subject to the direction of plan participants or 
beneficiaries, 
‘‘(ii) the advice is provided to the plan or 
a participant or beneficiary of the plan by a fi-
duciary adviser in connection with any sale, ac-
quisition, or holding of a security or other prop-
erty for purposes of investment of plan assets, 
and