‘‘(I) is a fiduciary of the plan by
reason of the provision of qualified in-
vestment advice by such person to a
participant or beneficiary,
‘‘(II) meets the qualifications of
clause (ii), and
‘‘(III) meets the additional re-
quirements of clause (iii).
‘‘(ii) 
QUALIFICATIONS.—A 
person
meets the qualifications of this clause if
such person—
‘‘(I) is registered as an invest-
ment adviser under the Investment
Advisers Act of 1940 (15 U.S.C. 80b–
1 et seq.),
‘‘(II) if not registered as an in-
vestment adviser under such Act by
reason of section 203A(a)(1) of such
Act (15 U.S.C. 80b–3a(a)(1)), is reg-
istered under the laws of the State in
which the fiduciary maintains its prin-
cipal office and place of business, and,
at the time the fiduciary last filed the
registration form most recently filed
by the fiduciary with such State in
order to maintain the fiduciary’s reg-
istration under the laws of such State,
also filed a copy of such form with the
Secretary,
‘‘(III) is registered as a broker or
dealer under the Securities Exchange
Act of 1934 (15 U.S.C. 78a et seq.),
‘‘(IV) is a bank or similar finan-
cial institution referred to in sub-
section (d)(4),
‘‘(V) is an insurance company
qualified to do business under the
laws of a State, or
‘‘(VI) is any other comparable
entity which satisfies such criteria as
the Secretary determines appropriate.
‘‘(iii) 
ADDITIONAL
REQUIREMENTS
WITH
RESPECT
TO
CERTAIN
EMPLOYEES
OR
OTHER
AGENTS
OF
CERTAIN
ADVIS-
ERS.—A person meets the additional re-
quirements of this clause if every indi-
vidual who is employed (or otherwise com-
pensated) by such person and whose scope
of duties includes the provision of qualified
investment advice on behalf of such person
to any participant or beneficiary is—
‘‘(I) a registered representative of
such person,
‘‘(II) an individual described in
subclause (I), (II), or (III) of clause
(ii), or
‘‘(III) such other comparable
qualified individual as may be des-
ignated in regulations of the Sec-
retary.
‘‘(I) ADDITIONAL DEFINITIONS.—For pur-
poses 
of 
this 
paragraph 
and 
subsection
(d)(16)—
‘‘(i) QUALIFIED
INVESTMENT
AD-
VICE.—The term ‘qualified investment ad-
vice’ means, in connection with a partici-
pant or beneficiary, investment advice re-
ferred to in subsection (e)(3)(B) which—
‘‘(I) consists of an individualized
recommendation to the participant or
beneficiary with respect to the pur-
chase, sale, or retention of securities
or other property for the individual
account of the participant or bene-
ficiary, in accordance with generally
accepted 
investment 
management
principles, and
‘‘(II) takes into account all in-
vestment options under the plan.
‘‘(ii) AFFILIATE.—The term ‘affiliate’
of another entity means an affiliated per-
son of such entity (as defined in section
2(a)(3) of the Investment Company Act of
1940 (15 U.S.C. 80a–2(a)(3))).
‘‘(iii) 
REGISTERED
REPRESENTA-
TIVE.—The term ‘registered representa-
tive’ of another entity means a person de-
scribed in section 3(a)(18) of the Securi-
ties Exchange Act of 1934 (15 U.S.C.
78c(a)(18)) (substituting such entity for
the broker or dealer referred to in such
section) or a person described in section
202(a)(17) of the Investment Advisers Act
of 1940 (15 U.S.C. 80b–2(a)(17)) (sub-
stituting such entity for the investment ad-
viser referred to in such section).’’.
(c) EFFECTIVE DATE.—The amendments made by
this section shall apply with respect to advice referred to
in section 4975(e)(3)(B) of the Internal Revenue Code of
1986 provided on or after January 1, 2002.
TITLE V—GENERAL PROVISIONS
SEC. 501. GENERAL EFFECTIVE DATE.
(a) IN GENERAL.—Except as otherwise provided in
this Act, and subject to subsection (b), the amendments
made by this Act shall apply with respect to plan years
beginning on or after January 1, 2002.
(b) SPECIAL RULE FOR COLLECTIVELY BARGAINED
PLANS.—In the case of a plan maintained pursuant to 1
or more collective bargaining agreements between em-
ployee representatives and 1 or more employers ratified
on or before the date of the enactment of this Act, sub-
section (a) shall be applied to benefits pursuant to, and
individuals covered by, any such agreement by substituting
for ‘‘January 1, 2002’’ the date of the commencement of
the first plan year beginning on or after the earlier of—
(1) the later of—
(A) January 1, 2003, or
(B) the date on which the last of such col-
lective bargaining agreements terminates (de-
termined without regard to any extension there-
of after the date of the enactment of this Act),
or
(2) January 1, 2004.
SEC. 502. PLAN AMENDMENTS.
If any amendment made by this Act requires an
amendment to any plan, such plan amendment shall not
be required to be made before the first plan year beginning
on or after January 1, 2004, if—
(1) during the period after such amendment
made by this Act takes effect and before such first
plan year, the plan is operated in accordance with
the requirements of such amendment made by this
Act, and
(2) such plan amendment applies retroactively
to the period after such amendment made by this
Act takes effect and such first plan year.
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