mark that is a blend of different broad-based securities 
market indices if— 
(1) the blend is reasonably representative of the 
asset class holdings of the designated investment al-
ternative; 
(2) for purposes of determining the blend’s re-
turns for 1-, 5-, and 10-calendar-year periods (or for 
the life of the alternative, if shorter), the blend is 
modified at least once per year to reflect changes in 
the asset class holdings of the designated investment 
alternative; 
(3) the blend is furnished to participants and 
beneficiaries in a manner that is reasonably designed 
to be understandable; and 
(4) each securities market index that is used for 
an associated asset class would separately satisfy the 
requirements of such regulation for such asset class. 
(b) STUDY.—Not later than 3 years after the date 
of enactment of this Act, the Secretary of Labor shall de-
liver a report to the Committees on Finance and Health, 
Education, Labor, and Pensions of the Senate and the 
Committees on Ways and Means and Education and 
Labor of the House of Representatives regarding the utili-
zation, effectiveness, and participants’ understanding of 
the benchmarking requirements under this section. 
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SEC. 7. POOLED EMPLOYER PLANS MODIFICATION. 
Section 3(43)(B)(ii) of the Employee Retirement In-
come Security Act of 1974 (29 U.S.C. 1002(43)(B)(ii)) 
is amended to read as follows: 
‘‘(ii) designate a named fiduciary 
(other than an employer in the plan) to be 
responsible for collecting contributions to 
the plan and require such fiduciary to im-
plement written contribution collection pro-
cedures that are reasonable, diligent, and 
systematic;’’. 
SEC. 8. REVIEW OF PENSION RISK TRANSFER INTERPRE-
TIVE BULLETIN. 
Not later than 1 year after the date of enactment 
of this Act, the Secretary of Labor shall— 
(1) review section 2509.95–1 of title 29, Code 
of Federal Regulations (relating to the fiduciary 
standards under the Employee Retirement Income 
Security Act of 1974 when selecting an annuity pro-
vider for a defined benefit pension plan) to deter-
mine whether amendments to such section are war-
ranted; and 
(2) report to Congress on the findings of such 
review, including an assessment of any risk to par-
ticipants. 
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SEC. 9. REVIEW AND REPORT TO CONGRESS RELATING TO 
REPORTING 
AND 
DISCLOSURE 
REQUIRE-
MENTS. 
(a) STUDY.—As soon as practicable after the date of 
enactment of this Act, the Secretary of Labor, the Sec-
retary of the Treasury, and the Director of the Pension 
Benefit Guaranty Corporation shall review the reporting 
and disclosure requirements as applicable to each such 
agency head, of— 
(1) the Employee Retirement Income Security 
Act of 1974 applicable to pension plans (as defined 
in section 3(2) of such Act (29 U.S.C. 1002(2))); 
and 
(2) the Internal Revenue Code of 1986 applica-
ble to qualified retirement plans (as defined in sec-
tion 4974(c) of such Code, without regard to para-
graphs (4) and (5) of such section). 
(b) REPORT.— 
(1) IN GENERAL.—Not later than 2 years after 
the date of enactment of this Act, the Secretary of 
Labor, the Secretary of the Treasury, and the Direc-
tor of the Pension Benefit Guaranty Corporation, 
jointly, and after consultation with a balanced group 
of participant and employer representatives, shall 
with respect to plans referenced in subsection (a) re-
port on the effectiveness of the applicable reporting 
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and disclosure requirements and make such rec-
ommendations as may be appropriate to the Com-
mittee on Education and Labor and the Committee 
on Ways and Means of the House of Representatives 
and the Committee on Health, Education, Labor, 
and Pensions and the Committee on Finance of the 
Senate to consolidate, simplify, standardize, and im-
prove such requirements so as to simplify reporting 
for such plans and ensure that plans can furnish 
and participants and beneficiaries timely receive and 
better understand the information they need to mon-
itor their plans, plan for retirement, and obtain the 
benefits they have earned. 
(2) ANALYSIS OF EFFECTIVENESS.—To assess 
the effectiveness of the applicable reporting and dis-
closure requirements, the report shall include an 
analysis, based on plan data, of how participants 
and beneficiaries are providing preferred contact in-
formation, the methods by which plan sponsors and 
plans are furnishing disclosures, and the rate at 
which participants and beneficiaries (grouped by key 
demographics) are receiving, accessing, under-
standing, and retaining disclosures. 
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(3) COLLECTION OF INFORMATION.—The agen-
cies shall conduct appropriate surveys and data col-
lection to obtain any needed information. 
SEC. 10. ELIMINATING UNNECESSARY PLAN REQUIRE-
MENTS RELATED TO UNENROLLED PARTICI-
PANTS. 
(a) AMENDMENT OF EMPLOYEE RETIREMENT IN-
COME SECURITY ACT OF 1974.— 
(1) IN GENERAL.—Part 1 of subtitle B of sub-
chapter I of the Employee Retirement Income Secu-
rity Act of 1974 is amended by redesignating section 
111 as section 112 and by inserting after section 
110 the following new section: 
‘‘SEC. 111. ELIMINATING UNNECESSARY PLAN REQUIRE-
MENTS RELATED TO UNENROLLED PARTICI-
PANTS. 
‘‘(a) IN GENERAL.—Notwithstanding any other pro-
vision of this title, with respect to any individual account 
plan, no disclosure, notice, or other plan document (other 
than the notices and documents described in paragraphs 
(1) and (2)) shall be required to be furnished under this 
title to any unenrolled participant if the unenrolled partici-
pant receives— 
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