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‘‘(20) except as provided in subparagraph (B) or
(C) of subsection (f)(8), a transaction described in
subparagraph (A), (B), (C), or (D) of subsection
(c)(1) in connection with the acquisition, holding, or
disposition of any security or commodity, if the
transaction is corrected before the end of the correc-
tion period.’’.
(B) Section 4975(f) of such Code is amend-
ed by adding at the end the following new para-
graph:
‘‘(8) CORRECTION PERIOD.—
‘‘(A) IN GENERAL.—For purposes of sub-
section (d)(20), the term ‘correction period’
means the 14-day period beginning on the date
on which such transaction occurs.
‘‘(B) EXCEPTION FOR EMPLOYER SECURI-
TIES AND REAL PROPERTY.—Subsection (d)(20)
does not apply to any transaction between a
plan and a plan sponsor or its affiliates that in-
volves the acquisition or sale of an employer se-
curity (as defined in section 407(d)(1) of the
Employee Retirement Income Security Act) or
the acquisition, sale, or lease of employer real
property (as defined in section 407(d)(2) of such
Act).
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‘‘(C) EXCEPTION
FOR
KNOWING
VIOLA-
TIONS.—In the case of any fiduciary or other
disqualified person (or any other person know-
ingly participating in such transaction), sub-
section (d)(20) does not apply to any prohibited
transaction if, at the time such transaction oc-
curs, such fiduciary or disqualified person (or
other person) knew that the transaction would
(without regard to subsection (d)(20) or this
paragraph) constitute a violation of subpara-
graph (A), (B), (C), or (D) of subsection (c)(1).
‘‘(D) ABATEMENT OF TAX WHERE THERE IS
A CORRECTION.—If a transaction is not treated
as a prohibited transaction by reason of sub-
section (d)(20), then no tax under subsections (a)
and (b) shall be assessed with respect to such
transaction, and, if assessed, the assessment shall
be abated, and, if collected, shall be credited or
refunded as an overpayment.
‘‘(E) OTHER
DEFINITIONS.—For purposes
of this paragraph and subsection (d)(20)—
‘‘(i) the term ‘security’ has the mean-
ing given such term by section 475(c)(2)
(without regard to subparagraph (F)(iii)
and the last sentence thereof),
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‘‘(ii) the term ‘commodity’ has the
meaning given such term by section
475(e)(2) (without regard to subparagraph
(D)(iii) thereof), and
‘‘(iii) the terms ‘correction’ and ‘cor-
rect’ mean, with respect to a transaction,
undoing the transaction to the extent pos-
sible, but in any case, making good to the
plan or affected account any losses resulting
from the transaction and restoring to the
plan or affected account any profits made
through use of the plan.’’.
(C) Section 4975(f)(5) of such Code is
amended by striking ‘‘The terms’’ and inserting
‘‘Except as provided in paragraph (8)(E)(iii),
the terms’’.
(f) CROSS TRADES STUDY.—Not later than 2 years
after the date of the enactment of this Act, the Secretary
of Labor, in consultation with the President’s Working
Group on Financial Markets, shall report to the President
and Congress the results of a study on the implications for
pension plans, plan sponsors, plan fiduciaries, and plan
participants of a prohibited transaction exemption for ac-
tive cross trades and the impact that such a prohibited
transaction exemption could have on the safety and security
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of pension plan assets. The study shall review and include
recommendations regarding—
(1) the regulation and practice of passive and
active cross trades in United States securities mar-
kets,
(2) the potential benefits and drawbacks of per-
mitting active cross trades for retirement funds, and
(3) the ease or difficulty in policing cross trad-
ing activities for plan sponsors, plan fiduciaries, and
any Federal agency charged with safeguarding the
Nation’s retirement funds.
(g) GAO STUDY.—The Comptroller General of the
United States shall prepare a preliminary report not later
than 2 years after the date of the enactment of this Act
and a final report not later than 3 years after such date
regarding the effects of the amendments made by this sec-
tion, focusing on the effect of electronic communication net-
works and block trading on plan investments and on the
oversight and enforcement activities of the Department of
Labor to protect the rights of plan participants and bene-
ficiaries. The Comptroller General of the United States shall
submit the reports required under the preceding sentence
to the Committees on Finance and Health, Education,
Labor, and Pensions of the Senate and the Committees on
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Ways and Means and Education and the Workforce of the
House of Representatives.
(h) EFFECTIVE DATE.—The amendments made by this
section shall apply to any transaction after the date of the
enactment of this Act.
SEC. 1342. FEDERAL TASK FORCE ON OLDER WORKERS.
(a) ESTABLISHMENT.—Not later than 90 days after
the date of enactment of this section, the Secretary of Labor
shall establish a Federal Task Force on Older Workers (re-
ferred to in this section as the ‘‘Task Force’’).
(b) MEMBERSHIP.—The Task Force established pursu-
ant to subsection (a) shall be composed of representatives
from all relevant Federal agencies that have regulatory ju-
risdiction over, or a clear policy interest in, pension issues
relating to older workers, including the Internal Revenue
Service and the Equal Employment Opportunity Commis-
sion.
(c) ACTIVITIES.—
(1) IN GENERAL.—Not later than 1 year after
the date of establishment of the Task Force, the Task
Force shall—
(A) identify statutory and regulatory provi-
sions in current pension law that are disincen-
tives to work and develop legislative and regu-
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latory proposals to address such disincentives;
and
(B) identify best pension practices in the
private sector for hiring and retaining older
workers, and serve as a clearinghouse of such in-
formation.
(2) REPORT.—Not later than 1 year after the
date of establishment of the Task Force, the Task
Force shall submit a report to Congress on the activi-
ties of the Task Force pursuant to paragraph (1).
Such report shall be made available to the public.
(d) CONSULTATION.—In carrying out activities pursu-
ant to this section, the Task Force shall consult with senior,
business, labor, and other interested organizations.
(e) APPLICABILITY OF FACA; TERMINATION OF TASK
FORCE.—
(1) FACA.—The Federal Advisory Committee
Act (5 U.S.C. App.) shall not apply to the Task Force
established pursuant to this section.
(2) TERMINATION.—The Task Force shall termi-
nate 30 days after the date the Task Force completes
all of its duties under this section.
SEC. 1343. TECHNICAL CORRECTIONS TO SAVER ACT.
Section 517 of the Employee Retirement Income Secu-
rity Act of 1974 (29 U.S.C. 1147) is amended—
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(1) in subsection (a), by striking ‘‘2001 and
2005 on or after September 1 of each year involved’’
and inserting ‘‘2006 and 2010’’;
(2) in subsection (b), by adding at the end the
following new sentence: ‘‘To effectuate the purposes of
this paragraph, the Secretary may enter into a coop-
erative agreement, pursuant to the Federal Grant and
Cooperative Agreement Act of 1977 (31 U.S.C. 6301
et seq.), with any appropriate, qualified entity.’’;
(3) in subsection (e)(2)—
(A) by striking ‘‘Committee on Labor and
Human Resources’’ in subparagraph (D) and in-
serting 
‘‘Committee 
on 
Health, 
Education,
Labor, and Pensions’’;
(B) by striking subparagraph (F) and in-
serting the following:
‘‘(F) the Chairman and Ranking Member of
the Subcommittee on Labor, Health and Human
Services, and Education of the Committee on
Appropriations of the House of Representatives
and the Chairman and Ranking Member of the
Subcommittee on Labor, Health and Human
Services, and Education of the Committee on
Appropriations of the Senate;’’;
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(C) by redesignating subparagraph (G) as
subparagraph (J); and
(D) by inserting after subparagraph (F) the
following new subparagraphs:
‘‘(G) the Chairman and Ranking Member of
the Committee on Finance of the Senate;
‘‘(H) the Chairman and Ranking Member
of the Committee on Ways and Means of the
House of Representatives;
‘‘(I) the Chairman and Ranking Member of
the Subcommittee on Employer-Employee Rela-
tions of the Committee on Education and the
Workforce of the House of Representatives; and’’;
(4) in subsection (e)(3)(B), by striking ‘‘January
31, 1998’’ and inserting ‘‘3 months before the con-
vening of each summit;’’;
(5) in subsection (f)(1)(C), by inserting ‘‘, no
later than 90 days prior to the date of the commence-
ment of the National Summit,’’ after ‘‘comment’’;
(6) in subsection (g), by inserting ‘‘, in consulta-
tion with the congressional leaders specified in sub-
section (e)(2),’’ after ‘‘report’’ the first place it ap-
pears in the text;
(7) in subsection (i)—
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(A) by striking ‘‘for fiscal years beginning
on or after October 1, 1997,’’; and
(B) by adding at the end the following new
paragraph:
‘‘(3) RECEPTION AND REPRESENTATION AUTHORITY.—
The Secretary is hereby granted reception and representa-
tion authority limited specifically to the events at the Na-
tional Summit. The Secretary shall use any private con-
tributions accepted in connection with the National Sum-
mit prior to using funds appropriated for purposes of the
National Summit pursuant to this paragraph.’’; and
(8) in subsection (k)—
(A) by striking ‘‘shall enter into a contract
on a sole-source basis’’ and inserting ‘‘may enter
into a contract on a sole-source basis’’; and
(B) by striking ‘‘in fiscal year 1998’’.
Attest:
Secretary.