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. 
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. 
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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 the Thrift Savings Plan and its accounts. The Exec-
utive Director shall issue regulations that establish spous-
al protections and survivor rights with respect to partici-
pants and former participants that are as equivalent as 
practically possible to those provided for under the Thrift 
Savings Plan pursuant to chapter 84 of title 5, United 
States Code. 
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— 
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(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. 
(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.— 
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(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 
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— 
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(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— 
(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-
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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. 
(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. 
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(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; 
(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. 
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(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. 
(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. 
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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; 
(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— 
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(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; 
(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 
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(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: 
(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.— 
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(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 
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). 
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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 
(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. 
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(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)). 
(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; 
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(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, 
(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-
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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 
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 
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(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.— 
(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. 
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(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-
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 
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