‘‘(II) each participating employer 
takes such actions as the Secretary or 
such person determines are necessary 
for the plan to meet the requirements 
described in subclause (I), including 
providing to such person any disclo-
sures or other information which the 
Secretary may require or which such 
person otherwise determines is nec-
essary to administer the plan or to 
allow the plan to meet such require-
ments, 
‘‘(ii) registers as a pooled plan pro-
vider with the Secretary, and provides such 
other information to the Secretary as the 
Secretary may require, before beginning 
operations as a pooled plan provider, 
‘‘(iii) acknowledges in writing that 
such person is a named fiduciary (within 
the meaning of section 402(a)(2) of the 
Employee Retirement Income Security Act 
of 1974), and the plan administrator, with 
respect to the plan, and 
‘‘(iv) is responsible for ensuring that 
all persons who handle assets of, or who 
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are fiduciaries of, the plan are bonded in 
accordance with section 412 of the Em-
ployee Retirement Income Security Act of 
1974. 
‘‘(B) AUDITS, EXAMINATIONS AND INVES-
TIGATIONS.—The Secretary may perform au-
dits, examinations, and investigations of pooled 
plan providers as may be necessary to enforce 
and carry out the purposes of this subsection. 
‘‘(4) GUIDANCE.— 
‘‘(A) IN
GENERAL.—The Secretary shall 
issue such guidance as the Secretary determines 
appropriate to carry out this subsection, includ-
ing guidance— 
‘‘(i) to identify the administrative du-
ties and other actions required to be per-
formed by a pooled plan provider under 
this subsection, 
‘‘(ii) which describes the procedures to 
be taken to terminate a plan which fails to 
meet the requirements to be a plan de-
scribed in paragraph (1), including the 
proper treatment of, and actions needed to 
be taken by, any participating employer of 
the plan and the assets and liabilities of 
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the plan with respect to employees of that 
employer, and 
‘‘(iii) identifying appropriate cases to 
which the rules of paragraph (2)(A) will 
apply to employers failing to take the ac-
tions described in paragraph (1). 
The Secretary shall take into account under 
clause (iii) whether the failure of an employer 
or pooled plan provider to provide any disclo-
sures or other information, or to take any other 
action, necessary to administer a plan or to 
allow a plan to meet requirements applicable to 
the plan under section 401(a) or 408, whichever 
is applicable, has continued over a period of 
time that clearly demonstrates a lack of com-
mitment to compliance. 
‘‘(B) PROSPECTIVE
APPLICATION.—Any 
guidance issued by the Secretary under this 
paragraph shall not apply to any action or fail-
ure occurring before the issuance of such guid-
ance. 
‘‘(5) MODEL
PLAN.—The Secretary shall, in 
consultation with the Secretary of Labor when ap-
propriate, publish model plan language which meets 
the requirements of this subsection and of para-
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graphs (43) and (44) of section 3 of the Employee 
Retirement Income Security Act of 1974 and which 
may be adopted in order for a plan to be treated as 
a plan described in paragraph (1)(B).’’. 
(2) CONFORMING AMENDMENT.—Paragraph (3) 
of section 413(b) of such Code is amended by strik-
ing ‘‘section 401(a)’’ and inserting ‘‘sections 401(a) 
and 408(c)’’. 
(3) TECHNICAL AMENDMENT.—Subsection (c) 
of section 408 of such Code is amended by inserting 
after paragraph (2) the following new paragraph: 
‘‘(3) There is a separate accounting for any in-
terest of an employee or member (or spouse of an 
employee or member) in a Roth IRA.’’. 
(b) NO COMMON INTEREST REQUIRED FOR POOLED 
EMPLOYER PLANS.—Section 3(2) of the Employee Retire-
ment Income Security Act of 1974 (29 U.S.C. 1002(2)) 
is amended by adding at the end the following: 
‘‘(C) A pooled employer plan shall be treat-
ed as— 
‘‘(i) a single employee pension benefit 
plan or single pension plan; and 
‘‘(ii) a plan to which section 210(a) 
applies.’’. 
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pamtmann on DSKBFK8HB2PROD with BILLS
(c) POOLED EMPLOYER PLAN AND PROVIDER DE-
FINED.— 
(1) IN GENERAL.—Section 3 of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 
1002) is amended by adding at the end the fol-
lowing: 
‘‘(43) POOLED EMPLOYER PLAN.— 
‘‘(A) IN GENERAL.—The term ‘pooled em-
ployer plan’ means a plan— 
‘‘(i) which is an individual account 
plan established or maintained for the pur-
pose of providing benefits to the employees 
of 2 or more employers; 
‘‘(ii) which is a plan described in sec-
tion 401(a) of the Internal Revenue Code 
of 1986 which includes a trust exempt 
from tax under section 501(a) of such 
Code or a plan that consists of individual 
retirement accounts described in section 
408 of such Code (including by reason of 
subsection (c) thereof); and 
‘‘(iii) the terms of which meet the re-
quirements of subparagraph (B). 
Such term shall not include a plan with respect 
to which all of the participating employers have 
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both a common interest other than having 
adopted the plan and control of the plan. 
‘‘(B) REQUIREMENTS FOR PLAN TERMS.— 
The requirements of this subparagraph are met 
with respect to any plan if the terms of the 
plan— 
‘‘(i) designate a pooled plan provider 
and provide that the pooled plan provider 
is a named fiduciary of the plan; 
‘‘(ii) designate one or more trustees 
meeting 
the 
requirements 
of 
section 
408(a)(2) of the Internal Revenue Code of 
1986 (other than a participating employer) 
to be responsible for collecting contribu-
tions to, and holding the assets of, the 
plan and require such trustees to imple-
ment written contribution collection proce-
dures that are reasonable, diligent, and 
systematic; 
‘‘(iii) provide that each participating 
employer retains fiduciary responsibility 
for— 
‘‘(I) the selection and monitoring 
in accordance with section 404(a) of 
the person designated as the pooled 
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pamtmann on DSKBFK8HB2PROD with BILLS
plan provider and any other person 
who, in addition to the pooled plan 
provider, is designated as a named fi-
duciary of the plan; and 
‘‘(II) to the extent not otherwise 
delegated to another fiduciary by the 
pooled plan provider and subject to 
the provisions of section 404(c), the 
investment and management of that 
portion of the plan’s assets attrib-
utable to the employees of that par-
ticipating employer; 
‘‘(iv) provide that a participating em-
ployer, or a participant or beneficiary, is 
not subject to unreasonable restrictions, 
fees, or penalties with regard to ceasing 
participation, receipt of distributions, or 
otherwise transferring assets of the plan in 
accordance with section 208 or paragraph 
(44)(C)(i)(II); 
‘‘(v) require— 
‘‘(I) the pooled plan provider to 
provide to participating employers any 
disclosures or other information which 
the Secretary may require, including 
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pamtmann on DSKBFK8HB2PROD with BILLS
any disclosures or other information 
to facilitate the selection or any moni-
toring of the pooled plan provider by 
participating employers; and 
‘‘(II) each participating employer 
to take such actions as the Secretary 
or the pooled plan provider determines 
are necessary to administer the plan 
or for the plan to meet any require-
ment applicable under this Act or the 
Internal Revenue Code of 1986 to a 
plan described in section 401(a) of 
such Code or to a plan that consists 
of individual retirement accounts de-
scribed in section 408 of such Code 
(including by reason of subsection (c) 
thereof), whichever is applicable, in-
cluding providing any disclosures or 
other information which the Secretary 
may require or which the pooled plan 
provider otherwise determines is nec-
essary to administer the plan or to 
allow the plan to meet such require-
ments; and 
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‘‘(vi) provide that any disclosure or 
other information required to be provided 
under clause (v) may be provided in elec-
tronic form and will be designed to ensure 
only reasonable costs are imposed on 
pooled plan providers and participating 
employers. 
‘‘(C) EXCEPTIONS.—The term ‘pooled em-
ployer plan’ does not include— 
‘‘(i) a multiemployer plan; or 
‘‘(ii) a plan established before the 
date of the enactment of the Retirement 
Enhancement and Savings Act of 2019, 
unless the plan administrator elects that 
the plan will be treated as a pooled em-
ployer plan and the plan meets the require-
ments of this title applicable to a pooled 
employer plan established on or after such 
date. 
‘‘(44) POOLED PLAN PROVIDER.— 
‘‘(A) IN GENERAL.—The term ‘pooled plan 
provider’ means a person who— 
‘‘(i) is designated by the terms of a 
pooled employer plan as a named fiduciary, 
as the plan administrator, and as the per-
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pamtmann on DSKBFK8HB2PROD with BILLS
son responsible for the performance of all 
administrative duties (including conducting 
proper testing with respect to the plan and 
employees of each participating employer) 
which are reasonably necessary to ensure 
that— 
‘‘(I) the plan meets any require-
ment applicable under this Act or the 
Internal Revenue Code of 1986 to a 
plan described in section 401(a) of 
such Code or to a plan that consists 
of individual retirement accounts de-
scribed in section 408 of such Code 
(including by reason of subsection (c) 
thereof), whichever is applicable; and 
‘‘(II) each participating employer 
takes such actions as the Secretary or 
pooled plan provider determines are 
necessary for the plan to meet the re-
quirements described in subclause (I), 
including providing the disclosures 
and information described in para-
graph (43)(B)(v)(II); 
‘‘(ii) registers as a pooled plan pro-
vider with the Secretary, and provides to 
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the Secretary such other information as 
the Secretary may require, before begin-
ning operations as a pooled plan provider; 
‘‘(iii) acknowledges in writing that 
such person is a named fiduciary, and the 
plan administrator, with respect to the 
pooled employer plan; and 
‘‘(iv) is responsible for ensuring that 
all persons who handle assets of, or who 
are fiduciaries of, the pooled employer plan 
are bonded in accordance with section 412. 
‘‘(B) AUDITS, EXAMINATIONS AND INVES-
TIGATIONS.—The Secretary may perform au-
dits, examinations, and investigations of pooled 
plan providers as may be necessary to enforce 
and carry out the purposes of this paragraph 
and paragraph (43). 
‘‘(C) GUIDANCE.— 
‘‘(i) IN
GENERAL.—The Secretary 
shall issue such guidance as the Secretary 
determines appropriate to carry out this 
paragraph and paragraph (43), including 
guidance— 
‘‘(I) to identify the administra-
tive duties and other actions required 
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pamtmann on DSKBFK8HB2PROD with BILLS
to be performed by a pooled plan pro-
vider under either such paragraph; 
and 
‘‘(II) which requires in appro-
priate cases that if a participating 
employer fails to take the actions re-
quired 
under 
subparagraph 
(A)(i)(II)— 
‘‘(aa) the assets of the plan 
attributable to employees of the 
participating employer are trans-
ferred to a plan maintained only 
by the participating employer (or 
its successor), to an eligible re-
tirement plan as defined in sec-
tion 402(c)(8)(B) of the Internal 
Revenue Code of 1986 for each 
individual 
whose 
account 
is 
transferred, or to any other ar-
rangement that the Secretary de-
termines is appropriate in such 
guidance; and 
‘‘(bb) the participating em-
ployer described in item (aa) 
(and not the plan with respect to 
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