I 
110TH CONGRESS 
1ST SESSION H. R. 3185 
To amend the Employee Retirement Income Security Act of 1974 to provide 
special reporting and disclosure rules for individual account plans and 
to establish in the Department of Labor an Advisory Council on Improv-
ing Employer-Employee Retirement Practices. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 26, 2007 
Mr. GEORGE MILLER of California introduced the following bill; which was 
referred to the Committee on Education and Labor 
A BILL 
To amend the Employee Retirement Income Security Act 
of 1974 to provide special reporting and disclosure rules 
for individual account plans and to establish in the De-
partment of Labor an Advisory Council on Improving 
Employer-Employee Retirement Practices. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘401(k) Fair Disclosure 
for Retirement Security Act of 2007’’. 
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SEC. 2. SPECIAL REPORTING AND DISCLOSURE RULES FOR 
INDIVIDUAL ACCOUNT PLANS. 
(a) IN GENERAL.—Part 1 of subtitle B of title I of 
the Employee Retirement Income Security Act of 1974 is 
amended— 
(1) by redesignating section 111 (29 U.S.C. 
1031) as section 112; and 
(2) by inserting after section 110 (29 U.S.C. 
1030) the following new section: 
‘‘SPECIAL REPORTING AND DISCLOSURE RULES FOR 
INDIVIDUAL ACCOUNT PLANS 
‘‘SEC. 111. (a) DISCLOSURE TO EMPLOYERS SPON-
SORING 401(k) PLANS.— 
‘‘(1) SERVICE DISCLOSURE STATEMENT.—The 
plan administrator of an individual account plan 
which includes a qualified cash or deferred arrange-
ment (or any other plan official with contracting au-
thority under the terms of the plan) may not enter 
into any contract with any person for services to the 
plan unless such plan administrator or other official 
has received, reasonably in advance of entering into 
the contract, a written statement from such person 
which— 
‘‘(A) identifies who will be performing 
services for the plan under the contract (includ-
ing any other affiliated or other third party 
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service provider whose services will be provided 
under the contract), and 
‘‘(B) describes each such service and speci-
fies the expected total annual cost of such serv-
ices, itemized as to all relevant components of 
the total cost, including any amounts to be paid 
to affiliated or other third-party service pro-
viders under the contract. 
‘‘(2) MINIMUM ITEMIZATION REQUIREMENTS.— 
‘‘(A) IN
GENERAL.—The itemization re-
quired under paragraph (1)(B) shall set forth 
at least the following: 
‘‘(i) any commission for making a 
sale; 
‘‘(ii) any start-up fees; 
‘‘(iii) expenses for investment manage-
ment; 
‘‘(iv) expenses for investment advice; 
‘‘(v) estimated trading expenses; 
‘‘(vi) expenses for administration and 
record keeping; 
‘‘(vii) legal fees; 
‘‘(viii) trustee fees; 
‘‘(ix) possible termination or sur-
render charges; 
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‘‘(x) total asset based fees; 
‘‘(xi) remuneration paid as described 
in Rule 12b–1 of the Securities and Ex-
change Commission under the Investment 
Company Act of 1940 (17 CFR 270.12b– 
1); 
‘‘(xii) commissions paid as described 
in section 28(e) of the Securities Exchange 
Act of 1934 (15 U.S.C. 78bb(e)); and 
‘‘(xiii) such other costs as may be 
specified by the Secretary. 
‘‘(B) ESTIMATIONS.—To the extent that 
the actual amount with respect to any informa-
tion required to be provided in the itemization 
required under paragraph (1)(B) is not known, 
the plan administrator may provide a reason-
able and representative estimate and shall indi-
cate any such estimate as being such an esti-
mate. If any estimate provided under this para-
graph is subsequently determined to be materi-
ally incorrect, the plan administrator shall pro-
vide the correct amount in an amended report 
as soon as practicable after such correct 
amount is known. 
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‘‘(C) DEFINITIONS.—The Secretary shall 
provide by regulation definitions of the terms 
used in this paragraph. 
‘‘(3) DISCLOSURE
OF
FINANCIAL
RELATION-
SHIPS.—The statement required under paragraph 
(1) shall include a written disclosure of the nature 
of any conflicts of interest of each service provider 
identified pursuant to paragraph (1)(A) due to fi-
nancial or personal relationship— 
‘‘(A) which the service provider may have 
with the plan sponsor, the plan, or other per-
sons providing services to the plan, and 
‘‘(B) for which the service provider receives 
a payment for services, 
including the extent to which the service provider 
uses its own proprietary investment products, the ex-
tent to which payments are received by a service 
provider for including certain investment options as 
part of a menu of investment options, and such 
other possible conflicts as may be specified by the 
Secretary. 
‘‘(4) DISCLOSURE OF IMPACT OF SHARE CLASS-
ES.—The statement required under paragraph (1) 
shall, to the extent applicable, disclose that the share 
prices of certain mutual fund investments may be 
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different than the retail share price outside of the 
plan due to the existence of different share classes. 
‘‘(5) DISCLOSURE OF CERTAIN ARRANGEMENTS 
IN CONNECTION WITH FREE OR DISCOUNTED SERV-
ICES OR REBATES BY SERVICE PROVIDERS.—In any 
case in which services are provided to the plan, or 
to the plan sponsor in connection with the plan, by 
any service provider without charge or for fees set 
at a discounted rate or subject to rebate, the state-
ment required under this subsection shall include a 
description of the extent to which, and the amount 
by which, consideration is otherwise obtained by the 
service provider, the plan, or the plan sponsor for 
such services, directly or indirectly, by means of any 
charges against the account of the participant or 
beneficiary. 
‘‘(6) MODEL STATEMENT.—The Secretary shall 
prescribe a model statement that may be used for 
purposes of satisfying the requirements of this sub-
section. 
‘‘(7) UPDATING.—Each contract with a service 
provider entered into as described in paragraph (1) 
shall require that the service provider provide to the 
plan administrator, during the term of the contract, 
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an updated written statement described in para-
graph (1)— 
‘‘(A) at least annually, and 
‘‘(B) within 30 days of any material 
change in the information provided in the state-
ment. 
‘‘(8) AVAILABILITY
TO
PARTICIPANTS.—The 
plan sponsor or plan administrator shall— 
‘‘(A) provide to participants and bene-
ficiaries a copy of any statement received pur-
suant to this subsection within 30 days after re-
ceipt of a written request for such statement, 
and 
‘‘(B) post a copy of such statement on any 
Intranet website maintained by the plan spon-
sor (or plan administrator on behalf of the plan 
sponsor). 
‘‘(9) LIMITATION.—The requirements of this 
subsection shall apply with respect to any contract 
for services only if the total cost for such services 
under such contract equals or exceeds $1,000. 
‘‘(10) QUALIFIED
CASH
OR
DEFERRED
AR-
RANGEMENT.—For purposes of this subsection, the 
term ‘qualified cash or deferred arrangement’ has 
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the meaning given such term by section 401(k)(2) of 
the Internal Revenue Code of 1986. 
‘‘(b) INVESTMENT ELECTION INFORMATION.— 
‘‘(1) ADVANCE NOTICE OF AVAILABLE INVEST-
MENT OPTIONS.—The plan administrator of an indi-
vidual account plan which permits a participant or 
beneficiary to exercise control over the assets in the 
account of the participant or beneficiary shall pro-
vide to the participant or beneficiary with respect to 
each plan year notice of the investment options 
available for election under the plan at least 15 days 
prior to— 
‘‘(A) the beginning of the plan year, and 
‘‘(B) the effective date of any material 
change in investment options, 
or, if later, on the date on which the participant 
commences participation in the plan. 
‘‘(2) INFORMATION
INCLUDED
IN
NOTICE.— 
The notice required under paragraph (1) shall— 
‘‘(A) set forth, with respect to each avail-
able investment option— 
‘‘(i) the name of the option, 
‘‘(ii) the investment objectives of the 
option, 
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‘‘(iii) the level of risk associated with 
the option, 
‘‘(iv) whether the option is a com-
prehensive investment designed to achieve 
long-term retirement security or should be 
combined with other options in order to 
achieve such security, 
‘‘(v) the historical return and percent-
age fee assessed against amounts invested 
under the option, 
‘‘(vi) an explanation of the differences 
between any asset-based fees and any an-
nual fees in connection with the option, 
‘‘(vii) a comparison to a nationally 
recognized market-based index or other in-
vestment option that is recommended in 
the retirement industry as a benchmark re-
tirement investment option, 
‘‘(viii) where, and the manner in 
which, additional, plan-specific, and gen-
erally available investment information re-
garding the option may be obtained, 
‘‘(B) include, together with any form nec-
essary for making the election of investment op-
tions, a statement explaining that investment 
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options should be selected not only on the basis 
of the level of fees charged by each option but 
also on the basis of careful consideration of 
other key factors, including the level of risk of 
the option and historical returns by the option, 
and 
‘‘(C) include a fee menu, relating to all in-
vestment options available under the plan, as 
provided in paragraph (3). 
‘‘(3) FEE MENU.— 
‘‘(A) IN
GENERAL.—The notice provided 
under this subsection shall include a fee menu 
consisting of a menu of the potential service 
fees that could be assessed against the account 
of the participant or beneficiary with respect to 
the plan year. The fee menu shall be presented 
in a manner which is easily understood by the 
average participant and include such informa-
tion as the Secretary determines necessary to 
permit participants and beneficiaries to assess 
the potential services that could be provided in 
connection with the investment options and the 
potential fees that could be assessed against 
their accounts for such services. 
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‘‘(B) CATEGORIZATION OF FEES.—The fee 
menu shall provide information in relation to 3 
categories of fees, as follows: 
‘‘(i) fees that vary depending on the 
investment options selected by the partici-
pant or beneficiary, including expense ra-
tios, investment-specific asset-based fees, 
possible redemption fees, and possible sur-
render charges; 
‘‘(ii) fees that are assessed as a per-
centage of the total assets in the account 
of the participant or beneficiary, regardless 
of the investment option selected; and 
‘‘(iii) administration and transaction- 
based fees, including plan loan origination 
fees, that are either automatically deducted 
each year or result from certain trans-
actions engaged in by the participant or 
beneficiary. 
‘‘(C) DESCRIPTION
OF
PURPOSE
FOR 
FEES.—The fee menu shall include a general 
description of the purposes for each fee, includ-
ing whether such fee is for investment manage-
ment, commissions, administration, and record-
keeping. 
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‘‘(D) POTENTIAL
CONFLICTS
OF
INTER-
EST.—The fee menu shall include such informa-
tion as the Secretary shall determine appro-
priate to describe potential conflicts of interests 
that may exist with respect to any service pro-
viders or other parties-in-interest receiving fees 
disclosed in the fee menu. 
‘‘(4) MODEL NOTICE.—The Secretary shall pre-
scribe a model notice that may be used for purposes 
of satisfying the requirements of this subsection, in-
cluding a model fee menu. 
‘‘(5) ESTIMATIONS.—To the extent that the ac-
tual amount with respect to any information re-
quired to be provided in the fee menu is not known, 
the plan administrator may provide a reasonable and 
representative estimate and shall indicate any such 
estimate as being such an estimate. If any estimate 
provided under this subsection is subsequently deter-
mined to be materially incorrect, the plan adminis-
trator shall provide the correct amount in an amend-
ed report as soon as practicable after such correct 
amount is known. 
‘‘(c) ANNUAL BENEFIT STATEMENT PROVIDED TO 
PARTICIPANTS.— 
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‘‘(1) IN GENERAL.—The plan administrator of 
an individual account plan which permits a partici-
pant or beneficiary to exercise control over the as-
sets in the account of the participant or beneficiary 
shall provide to each participant and beneficiary an 
annual benefit statement, with respect to the assets 
in such account that are subject to such control, not 
later than 90 days after the close of each plan year. 
‘‘(2) 
REQUIREMENTS.—The 
annual 
benefit 
statement of a plan shall disclose, for the preceding 
plan year— 
‘‘(A) the starting balance of the partici-
pant’s account, 
‘‘(B) the participant’s vesting status, 
‘‘(C) contributions made during the plan 
year, itemizing separately totals for employer 
and totals for employee contributions, 
‘‘(D) earnings on the account balance dur-
ing the plan year, 
‘‘(E) fees assessed from the account during 
the plan year, 
‘‘(F) the ending balance of the account, 
‘‘(G) the participant’s asset allocation, cat-
egorized by investment option, including— 
‘‘(i) the current asset value, 
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‘‘(ii) the changes in the asset value 
during the year, and 
‘‘(iii) the net return for the year, ex-
pressed as an amount and as a percentage, 
‘‘(H) the service fees charged against the 
participant’s account for the year for each in-
vestment option, indicating separately— 
‘‘(i) underlying investment fees, in-
cluding expense ratios and trading costs, 
‘‘(ii) load fees, 
‘‘(iii) total asset based fees, including 
variable annuity charges, 
‘‘(iv) mortality and expense charges, 
‘‘(v) guaranteed investment contract 
fees, 
‘‘(vi) employer stock fees, 
‘‘(vii) directed brokerage charges, 
‘‘(viii) plan administration fees, 
‘‘(ix) participant transaction fees, 
‘‘(x) total fees, and 
‘‘(xi) total fees as a percentage of cur-
rent assets, and 
‘‘(I) the performance of the investment op-
tions selected by the participant during the year 
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as compared to a nationally recognized market- 
based index. 
‘‘(3) HISTORICAL INFORMATION.—The plan ad-
ministrator may include in the annual benefit state-
ment information relating to the historical return 
and risk level of each investment option and the esti-
mated amount that the participant needs to save 
each month to retire at age 65. 
‘‘(4) ESTIMATIONS.—To the extent that the ac-
tual amount with respect to any information re-
quired to be provided in the annual benefit state-
ment is not known, the plan administrator may pro-
vide a reasonable and representative estimate and 
shall indicate any such estimate as being such an es-
timate. If any estimate provided under this sub-
section is subsequently determined to be materially 
incorrect, the plan administrator shall provide the 
correct amount in an amended statement as soon as 
practicable after such correct amount is known. 
‘‘(5) MODEL STATEMENT.—The Secretary shall 
prescribe a model annual benefit statement that may 
be used for purposes of satisfying the requirements 
of this subsection. 
‘‘(d) CONSTRUCTION.—Nothing in this section shall 
be construed to limit, or serve as the basis for any infer-
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ence regarding, the duties of a fiduciary under section 
404(a)(1)(A)(ii). 
‘‘(e) ASSISTANCE TO SMALL EMPLOYERS.—The Sec-
retary shall make available to small employers— 
‘‘(1) educational and compliance materials de-
signed to assist such employers in selecting and 
monitoring service providers for individual account 
plans, investment options under such plans, and fees 
relating to such options, without any bias as to the 
size of the service provider and the way any par-
ticular service provider delivers plan services, and 
‘‘(2) services designed to assist small employers 
in finding and understanding affordable investment 
options for such plans. 
‘‘(f) ASSISTANCE TO PLAN SPONSORS AND PLAN 
PARTICIPANTS AND BENEFICIARIES.—The Secretary shall 
provide assistance to plan sponsors of individual account 
plans and participants and beneficiaries under such plans 
with any questions or problems regarding compliance with 
the requirements of this section.’’. 
(b) ENFORCEMENT.—Section 502(c)(7) of such Act 
(29 U.S.C. 1132(c)(7)) is amended by striking ‘‘section 
101.’’ and inserting ‘‘section 101, or to provide a state-
ment to participants and beneficiaries in accordance with 
section 111.’’ 
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(c) CONFORMING AMENDMENT.—The table of con-
tents in section 1 of such Act is amended by striking the 
item relating to section 111 and inserting the following 
new items: 
‘‘Sec. 111. Special reporting and disclosure rules for individual account plans. 
‘‘Sec. 112. Repeal and effective date.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to plan years begin-
ning after the date of the enactment of this Act. 
SEC. 3. MINIMUM INVESTMENT OPTION REQUIREMENT. 
(a) IN GENERAL.—Section 402 of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 1102) 
is amended by adding at the end the following new sub-
section: 
‘‘(c) An individual account plan which permits a par-
ticipant or beneficiary to exercise control over the assets 
in the account of the participant or beneficiary shall in-
clude at least one investment option which is a nationally 
recognized market-based index fund and which, as deter-
mined from time to time under regulations which shall be 
prescribed by the Secretary, offers a combination of his-
torical returns, risk, and fees that is likely to meet retire-
ment income needs at adequate levels of contribution.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply with respect to plan years begin-
ning after the date of the enactment of this Act. 
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SEC. 4. ADVISORY COUNCIL ON IMPROVING EMPLOYER-EM-
PLOYEE RETIREMENT PRACTICES. 
(a) IN GENERAL.—Part 5 of subtitle B of title I of 
the Employee Retirement Income Security Act of 1974 is 
amended by adding after section 518 (29 U.S.C. 1148) 
the following new section: 
‘‘SEC. 519. ADVISORY COUNCIL ON IMPROVING EMPLOYER- 
EMPLOYEE RETIREMENT PRACTICES. 
‘‘(a) ESTABLISHMENT.— 
‘‘(1) IN GENERAL.—There is hereby established 
in the Department of Labor an Advisory Council on 
Improving Employer-Employee Retirement Practices 
(hereinafter in this section referred to as the ‘Coun-
cil’) consisting of 12 members— 
‘‘(A) 6 of whom shall be appointed by the 
President, and 
‘‘(B) 3 of whom shall be appointed by the 
Chairman of the Committee on Education and 
Labor of the House of Representatives, at the 
direction of the Committee, and 3 of whom 
shall be appointed by the Chairman of the Com-
mittee on Health, Education, Labor, and Pen-
sions of the Senate, at the direction of the 
Committee. 
‘‘(2) 
QUALIFICATIONS.—Members 
appointed 
under this subsection shall have demonstrated 
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knowledge and experience in the law governing, and 
the operation of, employee pension benefit plans. In 
making appointments under this subsection, the 
President and the Chairmen making such appoint-
ments shall consult to as to ensure that, of the mem-
bers appointed under this subsection— 
‘‘(A) 6 shall be representatives of pension 
plan participants, and 
‘‘(B) 6 shall be representatives of employ-
ers, with at least 2 of such representatives of 
employers having specialized knowledge regard-
ing small business retirement plans. 
‘‘(3) TERMS.—Members shall serve for terms of 
3 years. A member may be reappointed. A member 
appointed to fill a vacancy shall be appointed only 
for the remainder of such term. 
‘‘(4) MEETINGS.—The Council shall meet not 
less often than semi-annually. A majority of mem-
bers shall constitute a quorum and action shall be 
taken only by a majority vote of those present and 
voting. 
‘‘(b) ADMINISTRATION AND OPERATIONS.— 
‘‘(1) COMPENSATION.—Members of the Council 
appointed under this subsection and the ex officio 
members of the Council shall serve without com-
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pensation for their service on the Council, except 
that, while away from their homes or regular places 
of business in the performance of services for Coun-
cil, members of the Council shall be allowed travel 
expenses, including per diem in lieu of subsistence, 
in the same manner as persons employed intermit-
tently in the Government service are allowed ex-
penses under section 5703(b) of title 5 of the United 
States Code. 
‘‘(2) ADMINISTRATIVE RESOURCES.—The Sec-
retary shall furnish to the Council an executive sec-
retary and such secretarial, clerical, and other serv-
ices as are deemed necessary to conduct its business. 
The Council may call upon other agencies of the 
Government for statistical data, reports, and other 
information which will assist the Council in the per-
formance of its duties. 
‘‘(3) FEDERAL
ADVISORY
COMMITTEE
ACT.— 
Section 14(a) of the Federal Advisory Committee 
Act (relating to termination) shall not apply to the 
Council. 
‘‘(c) DUTIES OF THE COUNCIL.—It shall be the duty 
of the Council— 
‘‘(1) to invite members of the public to submit 
requests for the Council to consider any issue affect-
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ing the operation of employee pension benefit plans 
and to review all issues presented to the Council, to 
schedule any such issues for consideration by the 
Council as the Council deems appropriate, 
‘‘(2) to hold such hearings as the Council con-
siders appropriate to hear testimony of relevant ex-
perts and key stakeholders in issues relating to em-
ployee retirement income security under employee 
pension benefit plans, 
‘‘(3) to issue such advisories as the Council con-
siders appropriate to pension plan practitioners, 
service providers, and the public on best practices 
for employee pension benefit plan design and oper-
ation, 
‘‘(4) to present to employee pension benefit 
plans, plan service providers, and the public such 
academic or peer-reviewed research as the Council 
considers appropriate regarding best practices for 
employee pension benefit plan design and operation, 
‘‘(5) to issue information directed at employee 
pension benefit plan fiduciaries and participants re-
garding ways to benchmark their investment results 
against other plan designs and investment options, 
‘‘(6) to establish and maintain a presence on 
the website maintained by the Department of Labor 
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for access by the general public and to include on 
such website (in addition to such other means of 
communication as the Council deems appropriate)— 
‘‘(A) information, presented in a prominent 
manner, about the Council and how citizens 
may write to the Council raising issues con-
cerning the operation of employee pension ben-
efit plans, and 
‘‘(B) information otherwise issued by the 
Council, as determined appropriate by the 
Council, 
‘‘(7) to issue, in addition to the Annual Report 
on Retirement Trends and Issues issued pursuant to 
subsection (d), an annual report to the Secretary, 
the President, the Committee on Education and 
Labor of the House of Representatives, and the 
Committee on Health, Education, Labor, and Pen-
sions of the Senate summarizing— 
‘‘(A) those issues which were presented to 
the Council during the year covered by the re-
port, 
‘‘(B) those issues which were discussed 
during meetings of the Council, and 
‘‘(C) recommendations made to the Council 
by Members of Congress, officials of the Em-
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ployee Benefits Security Administration, em-
ployers, service providers, employees, and retir-
ees, and 
‘‘(8) to make, from time to time, such rec-
ommendations to the Committee on Education and 
Labor of the House of Representatives, the Com-
mittee on Health, Education, Labor, and Pensions 
of the Senate, the Secretary, employers, service pro-
viders, employees, and the general public as the 
Council deems appropriate on ways to improve the 
delivery and operation of employee pension benefit 
plans. 
‘‘(d) ANNUAL REPORT
ON RETIREMENT TRENDS 
AND ISSUES.— 
‘‘(1) IN GENERAL.—The Council shall issue an 
annual report to each House of the Congress and to 
the general public regarding the state of retirement 
income security in the United States, including— 
‘‘(A) data illustrating the current operation 
of the employer-sponsored retirement system in 
the United States and emerging trends relating 
to such system, and 
‘‘(B) recommendations for reform to im-
prove the delivery of employer-sponsored pen-
sion benefits to retired workers and their fami-
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lies and improve adequacy of retirement income 
security in the United States. 
‘‘(2) OTHER SPECIFIC INFORMATION.—The An-
nual Report issued pursuant to paragraph (1) shall 
specify— 
‘‘(A) the number of private employee pen-
sion benefit plans in the United States, cat-
egorized as to types of plans as determined ap-
propriate by the Council, 
‘‘(B) the number of active workers covered 
or participating in such plans, 
‘‘(C) the number of retirees and depend-
ents receiving benefits from such plans, 
‘‘(D) the number workers who have sepa-
rated from service covered under such plans 
and who have roll-over pension accounts or de-
ferred vested benefits, 
‘‘(E) the number of workers and retirees 
with no private employee pension benefit plan 
coverage or benefits, 
‘‘(F) current design features of employee 
pension benefit plans relating to retirement in-
come security, including— 
‘‘(i) contribution levels, 
‘‘(ii) benefit levels, 
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‘‘(iii) vesting periods, 
‘‘(iv) annuity features and lump sum 
payment features, 
‘‘(v) eligibility requirements, 
‘‘(vi) pre-retirement distributions, and 
‘‘(vii) investment of plan assets, and 
‘‘(G) such other information as the Council 
deems appropriate.’’. 
(b) CONFORMING AMENDMENT.—The table of con-
tents in section 1 of such Act is amended by inserting 
after the item relating to section 518 the following new 
item: 
‘‘Sec. 519. Advisory Council on Employee Benefit Best Practices.’’. 
SEC. 5. ENFORCEMENT COORDINATION AND REVIEW BY 
THE DEPARTMENT OF LABOR. 
(a) IN GENERAL.—Section 502 of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 1132) 
is amended by adding at the end the following new sub-
section: 
‘‘(n) ENFORCEMENT COORDINATION
OF CERTAIN 
DISCLOSURE REQUIREMENTS AND REVIEW BY THE DE-
PARTMENT OF LABOR.— 
‘‘(1) IN GENERAL.—The Secretary shall notify 
the applicable regulatory authority (including, as de-
termined appropriate by the Secretary, the Securi-
ties and Exchange Commission or the Comptroller of 
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the Currency) in any case in which the Secretary de-
termines that a service provider is engaged in a pat-
tern or practice that precludes compliance by plan 
administrators with section 111. The Secretary 
shall, in consultation with the applicable authority, 
take such timely enforcement action under this title 
as is necessary to assure that such pattern or prac-
tice ceases and desists and assess any appropriate 
penalties. The Secretary shall widely disseminate to 
employee pension benefit plans covered by this title 
and their participants and beneficiaries the identity 
of any service providers with respect to such plans 
found to be engaged in any such pattern or practice 
and the particulars of such pattern or practice. 
‘‘(2) ANNUAL AUDIT OF REPRESENTATIVE SAM-
PLING OF INDIVIDUAL ACCOUNT PLANS.—The Sec-
retary shall annually audit a representative sampling 
of individual account plans covered by this title to 
determine compliance with the requirements of sec-
tion 111. The Secretary shall annually report the re-
sults of such audit and any related recommendations 
of the Secretary to the Committee on Education and 
Labor of the House of Representatives and the Com-
mittee on Health, Education, Labor, and Pensions 
of the Senate.’’. 
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(b) REVIEW AND REPORT TO THE CONGRESS BY 
SECRETARY OF LABOR RELATING TO REPORTING AND 
DISCLOSURE REQUIREMENTS.— 
(1) STUDY.—As soon as practicable after the 
date of the enactment of this Act, the Secretary of 
Labor shall review the reporting and disclosure re-
quirements of part 1 of subtitle B of this title and 
related provisions of the Pension Protection Act of 
2006. 
(2) REPORT.—Not later than 18 months after 
the date of the enactment of this Act, the Secretary 
shall make such recommendations as the Secretary 
considers appropriate to the appropriate committees 
of the Congress to consolidate, simplify, standardize, 
and improve the applicable reporting and disclosure 
requirements so as to simplify reporting for em-
ployee pension benefit plans and ensure that needed 
understandable information is provided to partici-
pants and beneficiaries of such plans. 
Æ 
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