(2) by striking ‘‘fiduciary, and upon accept-
ance’’ and inserting ‘‘fiduciary. Upon acceptance’’; 
and 
(3) in subparagraph (A) (as so redesignated), 
by striking ‘‘the plan’’ the first place it appears and 
inserting ‘‘in the case of a plan other than a pension 
plan which is a single-employer plan, the plan’’. 
SEC. 102. EFFECTIVE DATE. 
The amendments made by this title shall apply with 
respect to plan years beginning after 180 days after the 
date of the enactment of this Act. The Secretary of Labor 
shall prescribe the initial regulations necessary to carry 
out the provisions of such amendments not later than 90 
days after the date of the enactment of this Act. 
TITLE II—INVESTMENT 
INFORMATION 
SEC. 
201. 
PROVISION 
TO 
PARTICIPANTS 
AND 
BENE-
FICIARIES OF MATERIAL INVESTMENT IN-
FORMATION IN ACCURATE FORM. 
(a) IN GENERAL.—Section 404(c) of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 
1104(c)) is amended by adding at the end the following 
new paragraph: 
‘‘(6) PROVISION OF ACCURATE MATERIAL IN-
VESTMENT ADVICE.—The plan sponsor and plan ad-
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ministrator of a pension plan described in paragraph 
(1) shall have a fiduciary duty to ensure that each 
participant and beneficiary under the plan, in con-
nection with the investment by the participant or 
beneficiary of plan assets in the exercise of his or 
her control over assets in his account, is provided 
with all material investment information regarding 
investment of such assets to the extent that the pro-
vision of such information is generally required to be 
disclosed by the plan sponsor to investors in connec-
tion with such an investment under applicable secu-
rities laws. The provision by the plan sponsor or 
plan administrator of any misleading investment in-
formation shall be treated as a violation of this para-
graph.’’. 
(b) ENFORCEMENT.— 
(1) IN GENERAL.—Section 502(c) of such Act 
(29 U.S.C. 1132(c)) is amended— 
(A) by redesignating paragraph (9) as 
paragraph (10); and 
(B) by inserting after paragraph (8) the 
following new paragraph: 
‘‘(9) The Secretary may assess a civil penalty against 
any person of up to $1,000 a day from the date of the 
person’s failure or refusal to comply with the requirements 
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of section 404(c)(6) until such failure or refusal is cor-
rected.’’. 
(2) 
CONFORMING
AMENDMENT.—Section 
502(a)(6) of such Act (29 U.S.C. 1132(a)(6)) is 
amended by striking ‘‘(7), or (8)’’ and inserting 
‘‘(7), (8), or (9)’’. 
SEC. 202. EFFECTIVE DATE OF TITLE. 
The amendments made by this title shall apply with 
respect to investments made on or after the date of the 
enactment of this Act. 
TITLE III—STRENGTHENED PRO-
TECTIONS 
AGAINST 
ABUSE 
OF THE BANKRUPTCY AND 
TERMINATION PROCESS 
SEC. 301. ADDITIONAL REQUIREMENTS FOR TERMINATION. 
(a) ADDITIONAL
REQUIREMENTS
FOR
DISTRESS 
TERMINATION.—Section 4041(c)(2) of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 
1341(c)(2)) is amended by adding at the end the fol-
lowing: 
‘‘(E) ADDITIONAL
REQUIREMENTS.—Not-
withstanding any other provision of this section, 
unless the corporation or the court, in the case 
of a distress termination pursuant to subpara-
graph (B)(ii), has determined that reasonable 
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efforts to consider available alternatives to ter-
mination (including, but not limited to, alter-
natives described in section 4042(c)(4)) have 
been undertaken by such person (and, in the 
case of a plan maintained pursuant to a collec-
tive bargaining agreement, have been under-
taken by the bargaining parties in good faith 
bargaining), the plan may not be terminated. A 
participant or beneficiary of the plan or an em-
ployee organization representing such partici-
pants or beneficiaries may bring an action in 
the appropriate court to challenge such deter-
mination by the corporation and seek equitable 
relief or must be afforded an opportunity to be 
heard by the appropriate court if a court is 
making such determination.’’. 
(b) ADDITIONAL REQUIREMENTS FOR COURT DE-
CREES.—Section 4042(c)(1) of such Act (29 U.S.C. 
1342(c)(1)) is amended— 
(1) by inserting after the first sentence the fol-
lowing new sentences: ‘‘The court may not enter 
such a decree unless that court has found that rea-
sonable efforts to consider available alternatives to 
termination (including, but not limited to, alter-
natives described in paragraph (4) have been under-
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taken by the plan sponsor (and, in the case of a plan 
maintained pursuant to a collective bargaining 
agreement, have been undertaken by the bargaining 
parties in good faith bargaining). There is a pre-
sumption that a plan need not be terminated if the 
plan sponsor can continue in business, outside a case 
under title 11, United States Code (or under any 
similar law of a State or a political subdivision of a 
State) in which reorganization is sought, without 
terminating the plan.’’; and 
(2) in the sentence following the sentences in-
serted by paragraph (1), by striking ‘‘the preceding 
sentence’’ and inserting ‘‘the first sentence of this 
paragraph,’’. 
(c) RIGHT TO INTERVENE TO CHALLENGE COURT 
DECREE.—Section 4042(c) of such Act (as amended by 
subsection (b)) is further amended by inserting after the 
fourth sentence the following new sentence: ‘‘If any party 
consisting of the plan sponsor, a plan participant, or (in 
the case of a plan maintained pursuant to a collective bar-
gaining agreement) the employee organization rep-
resenting plan participants for purposes of collective bar-
gaining disagrees with any such determination by the cor-
poration, such party may intervene in the proceeding to 
challenge the determinations of the corporation.’’. 
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