(A) review each Advisory Opinion and ex-
ception described in section 404(a)(3)(E)(i) of 
the Employee Retirement Income Security Act of 
1974 (as added by this paragraph (1)) to deter-
mine the extent to which such Advisory Opinion 
or exception fails to adequately serve the interests 
of participants and beneficiaries and to be ade-
quately protective of the rights of participants 
and beneficiaries, and 
(B) submit a report to each House of the 
Congress describing the extent of any such failure 
by any such Advisory Opinion or exception. 
(c) CONFORMING AMENDMENTS.—Section 408 of such 
Act (29 U.S.C. 1108) is amended— 
(1) by striking subsection (g); and 
(2) by striking subsection (b)(14)(B) and insert-
ing the following: 
‘‘(B) the investment advice is provided by 
an independent investment adviser (as defined 
in section 3(43)).’’. 
(d) REGULATORY
AUTHORITY.—The Secretary of 
Labor may issue regulations providing that an investment 
adviser can still be considered as meeting the requirements 
of section 3(43)(B) of the Employee Retirement Income Se-
curity Act of 1974 despite the receipt of a de minimus 
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amount of compensation that fails to meet the requirements 
of section 3(43)(B)(iii) of such Act due to the existence of 
previously existing contracts. 
(e) EFFECTIVE DATE.—The amendments made by this 
section shall apply to plan years beginning after one year 
after the date of the enactment of this Act. 
SEC. 203. EXPANSION OF OUTREACH TO PROMOTE RETIRE-
MENT INCOME SAVINGS TO INCLUDE PRO-
MOTION OF EDUCATION ON FINANCIAL LIT-
ERACY WITH RESPECT TO INVESTMENT FOR 
RETIREMENT. 
Section 516 of the Employee Retirement Income Secu-
rity Act of 1974 (29 U.S.C. 1146) is amended— 
(1) in subsection (b), by inserting after ‘‘creation 
of educational materials,’’ the following: ‘‘promotion 
of education in financial literacy with respect to in-
vestment for retirement as provided in subsection 
(e),’’; 
(2) by redesignating subsection (e) as subsection 
(f); and 
(3) by inserting after subsection (d) the following 
new subsection: 
‘‘(e) PROMOTION OF EDUCATION IN FINANCIAL LIT-
ERACY WITH RESPECT
TO INVESTMENT
FOR RETIRE-
MENT.—The Secretary, in consultation with the Secretary 
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of Education and the Secretary of the Treasury, shall estab-
lish a program under which— 
‘‘(1) employees and the general public are pro-
vided with information and materials— 
‘‘(A) informing them about resources avail-
able for attaining financial literacy with respect 
to investment for retirement, 
‘‘(B) effectively educating them about the 
importance of, and appropriate techniques with 
respect to, personal finance, saving for retire-
ment, and choosing independent investment ad-
visers when managing their accounts under indi-
vidual account plans, and 
‘‘(C) effectively educating them about debt 
obligations, the relationship of debt to savings, 
and the potential consequences of debt with re-
spect to saving for retirement, 
‘‘(2) employers are enlisted to participate in 
such program so as to assist in the attainment of the 
goals described in subparagraphs (A), (B), and (C) of 
paragraph (1) with respect to their employees, and 
‘‘(3) appropriate standards of financial literacy 
of employees and the general public with respect to 
investment for retirement are developed and published 
for utilization under such program.’’. 
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(4) STUDY AND REPORT TO THE CONGRESS.— 
(A) IN GENERAL.—The Secretary of Labor 
shall conduct a survey of ongoing efforts by the 
Federal Government to assist employees and the 
general public with attainment of financial lit-
eracy with respect to investment for retirement 
and to educate them about the importance of, 
and appropriate techniques with respect to, per-
sonal finance, debt obligations, saving for retire-
ment, and choosing independent investment ad-
visers when managing their accounts under indi-
vidual account plans. 
(B) REPORT.—Not later than 180 days 
after the date of the enactment of this Act, the 
Secretary shall submit a report to each House of 
the Congress setting forth the results of the Sec-
retary’s survey conducted pursuant to subpara-
graph (A), together with such recommendations 
as the Secretary considers appropriate for im-
provement in efforts by the Federal Government 
in assisting employees and the general public 
with attainment of financial literacy in connec-
tion with investment for retirement and edu-
cating them about the importance of, and appro-
priate techniques with respect to, personal fi-
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nance, debt obligations, saving for retirement, 
and choosing independent investment advisers 
when managing their accounts under individual 
account plans. 
TITLE III—TRANSITIONAL FUND-
ING 
RELIEF 
FOR 
DEFINED 
BENEFIT PLANS 
SEC. 301. ELECTION TO USE YIELD CURVE. 
(a) AMENDMENT TO ERISA.—The last sentence of 
clause (ii) of section 303(h)(2)(D) of the Employee Retire-
ment 
Income 
Security 
Act 
of 
1974 
(29 
U.S.C. 
1083(h)(2)(D)(ii)) is amended to read as follows: ‘‘Such 
election, once made, may be revoked only with the consent 
of the Secretary, except that any election in effect for a plan 
with respect to a plan year beginning in 2009 may be re-
voked for the plan year beginning in 2010 without such con-
sent.’’. 
(b) AMENDMENT TO IRC.—The last sentence of clause 
(ii) of section 430(h)(2)(D) of the Internal Revenue Code 
of 1986 (relating to election to use yield curve) is amended 
to read as follows: ‘‘Such election, once made, may be re-
voked only with the consent of the Secretary, except that 
any election in effect for a plan with respect to a plan year 
beginning in 2009 may be revoked for the plan year begin-
ning in 2010 without such consent.’’. 
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(c) EFFECTIVE DATE.—The amendments made by this 
section shall apply to plan years beginning after December 
31, 2009. 
SEC. 302. EFFECTIVE DATE OF REGULATIONS. 
The Secretary of the Treasury shall— 
(1) make the final regulations issued under sec-
tions 206(g) and 303 of the Employee Retirement In-
come Security Act of 1974 and sections 430 and 436 
of the Internal Revenue Code of 1986 effective no ear-
lier than plan years beginning after December 31, 
2009; and 
(2) provide rules, for plan years beginning before 
the effective date of such final regulations, under 
which compliance with a reasonable interpretation of 
an applicable provision under section 206(g) or 303 
of the Employee Retirement Income Security Act of 
1974 or section 430 or 436 of the Internal Revenue 
Code of 1986 shall be treated as compliance with such 
provision. 
SEC. 303. CLARIFICATION OF TREATMENT OF EXPENSES. 
(a) AMENDMENTS TO ERISA.— 
(1) 
IN
GENERAL.—Clause 
(ii) 
of 
section 
303(b)(1)(A) of the Employee Retirement Income Se-
curity Act of 1974 (29 U.S.C. 1083(b)(1)(A)(ii)) is 
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SEC. 304. INFORMATION REPORTING. 
(a) IN GENERAL.—Paragraph (1) of section 4010(b) 
of the Employee Retirement Income Security Act of 1974 
(29 U.S.C. 1310(b)(1)) is amended to read as follows: 
‘‘(1) either of the following requirements are met: 
‘‘(A) the funding target attainment percent-
age (as defined in subsection (d)) at the end of 
the preceding plan year of a plan maintained by 
the contributing sponsor or any member of its 
controlled group is less thqan 80 percent; or 
‘‘(B) the aggregate unfunded vested benefits 
(as determined under section 4006(a)(3)(E)(iii)) 
of plans maintained by the contributing sponsor 
and the members of its controlled group exceed 
$50,000,000 (disregarding plans with no un-
funded vested benefits);’’. 
(b) EFFECTIVE DATE.—The amendment made by this 
section shall apply to years beginning after 2009. 
SEC. 305. 5-YEAR EXTENSION OF AUTOMATIC AMORTIZA-
TION EXTENSION PERIOD FOR MULTIEM-
PLOYER PLANS. 
(a) ERISA AMENDMENTS.—Section 304(d) of the Em-
ployee Retirement Income Security Act of 1974 (29 U.S.C. 
1084(d)) is amended— 
(1) in paragraph (1)(A), by striking ‘‘5 years’’ 
and inserting ‘‘10 years’’; and 
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(2) in paragraph (2)(A), by striking ‘‘10 years’’ 
and inserting ‘‘15 years’’. 
(b) IRC AMENDMENTS.—Section 431(d) of the Inter-
nal Revenue Code of 1986 (relating to extension of amorti-
zation periods for multiemployer plans) is amended— 
(1) in paragraph (1)(A), by striking ‘‘5 years’’ 
and inserting ‘‘10 years’’; and 
(2) in paragraph (2)(A), by striking ‘‘10 years’’ 
and inserting ‘‘15 years’’. 
(c) EFFECTIVE DATE.—The amendments made by this 
section shall apply with respect to applications for exten-
sion filed on or after the date of the enactment of this Act. 
SEC. 306. PENSION PLAN MAINTAINED BY CHRISTIAN 
SCHOOLS 
INTERNATIONAL 
TREATED 
AS 
CHURCH PLAN. 
(a) IN GENERAL.—For purposes of title I of the Em-
ployee Retirement Income Security Act of 1974 and the In-
ternal Revenue Code of 1986, any pension plan maintained 
by Christian Schools International as of January 1, 2009, 
shall be treated as a church plan within the meaning of 
section
3(33) of such Act and section 414(e) of such Code 
which is maintained by an organization described in sec-
tion 
3(33)(C)(ii)(II) 
of 
such 
Act 
and 
section 
414(e)(3)(B)(ii) of such Code. 
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(b) EFFECTIVE DATE.—This section shall apply to 
plan years beginning on or after January 1, 2007. 
SEC. 307. SPECIAL RULE FOR DETERMINING ADEQUATE 
CONSIDERATION IN CONNECTION WITH THE 
PURCHASE AND SALE OF QUALIFYING EM-
PLOYER SECURITIES. 
(a) IN GENERAL.—Section 3(18) of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 1002(18)) 
is amended— 
(1) by redesignating clauses (i) and (ii) of sub-
paragraph (A) as subclauses (I) and (II), respectively, 
and by redesignating subparagraphs (A) and (B) as 
clauses (i) and (ii), respectively; 
(2) by inserting ‘‘(A)’’ after ‘‘(18)’’; and 
(3) by adding at the end the following new sub-
paragraph: 
‘‘(B) In the case of a plan described in section 
407(d)(3)(A) which was in existence on the date of the en-
actment of this Act, if the valuation set for the purchase 
or sale by the plan of a qualifying employer security (as 
defined in section 407(d)(5)) is set at a price which has 
not been found by the Secretary to be in violation of this 
Act and which is book value computed annually in accord-
ance with generally accepted accounting principles and the 
provisions of the plan, and if the valuations set for all prior 
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purchases or sales by the plan of qualifying employer secu-
rities have been consistently so priced, then all such valu-
ations for qualifying employer securities shall be deemed 
to be adequate consideration within the meaning of sub-
paragraph (A).’’. 
(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply to purchases and sales of qualifying em-
ployer securities on or after September 2, 1974. 
SEC. 308. EXTENDED PERIOD FOR SINGLE-EMPLOYER DE-
FINED BENEFIT PLANS TO AMORTIZE THE 
SHORTFALL AMORTIZATION BASE FOR 2009 
AND 2010. 
(a) AMENDMENTS TO ERISA.— 
(1) IN
GENERAL.—Paragraph (2) of section 
303(c) of the Employee Retirement Income Security 
Act of 1974 is amended by adding at the end the fol-
lowing new subparagraph: 
‘‘(D) SPECIAL RULE FOR 2009 AND 2010.—In 
the case of the shortfall amortization base of the 
plan for any plan year beginning in 2009 or 
2010 (hereafter in this subparagraph referred to 
as the ‘base year’)— 
‘‘(i) 
DETERMINATION
OF
INSTALL-
MENTS.—The shortfall amortization install-
ments are— 
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‘‘(I) in the case of the last 7 plan 
years in the 9-plan-year period begin-
ning with the base year, the amounts 
necessary to amortize the shortfall am-
ortization base of the plan for the base 
year in level annual installments over 
such last 7 plan years, and 
‘‘(II) in the case of the first 2 
plan years in such 9-plan-year period, 
interest on such shortfall amortization 
base (determined as provided in sub-
paragraph (C)). 
‘‘(ii) SHORTFALL INSTALLMENT.—The 
shortfall amortization installment for any 
plan year in the 9-plan-year period under 
clause (i) with respect to such shortfall am-
ortization base is the annual installment 
determined under clause (i) for that year 
for that base.’’. 
(2) CONFORMING AMENDMENT.—Paragraph (1) 
of section 303(c) of such Act is amended by striking 
‘‘the shortfall amortization bases for such plan year 
and each of the 6 preceding plan years’’ and inserting 
‘‘any shortfall amortization base which has not been 
fully amortized under this subsection’’. 
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(b) EFFECTIVE DATE.—The amendments made by this 
section shall apply to plan years beginning after December 
31, 2008. 
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