I 
111TH CONGRESS 
1ST SESSION H. R. 2792 
To amend title I of the Employee Retirement Income Security Act of 1974 
to require individual account plans which permit participants and bene-
ficiaries to direct the investment of assets in their individual accounts 
to include in pension benefit statements appropriate points of comparison 
to demonstrate relative performance of investment options under such 
plans. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 10, 2009 
Mrs. DAVIS of California (for herself and Mr. GEORGE MILLER of California) 
introduced the following bill; which was referred to the Committee on 
Education and Labor 
A BILL 
To amend title I of the Employee Retirement Income Secu-
rity Act of 1974 to require individual account plans 
which permit participants and beneficiaries to direct the 
investment of assets in their individual accounts to in-
clude in pension benefit statements appropriate points 
of comparison to demonstrate relative performance of 
investment options under such plans. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Retirement Savings 
Transparency Act of 2009’’. 
SEC. 2. POINTS OF COMPARISON FOR INVESTMENT OP-
TIONS UNDER INDIVIDUAL ACCOUNT PLANS. 
(a) IN GENERAL.—Section 105(a)(2) of the Em-
ployee Retirement Income Security Act of 1974 (29 
U.S.C. 1025(a)(2)) is amended by adding at the end the 
following new subparagraph: 
‘‘(D) POINTS
OF
COMPARISON
FOR
IN-
VESTMENT
OPTIONS
UNDER
INDIVIDUAL
AC-
COUNT PLANS.— 
‘‘(i) IN GENERAL.—In the case of an 
individual account plan which permits a 
participant or beneficiary to direct the in-
vestment of assets in their individual ac-
count, any pension benefit statement under 
paragraph (1)(A)(i) shall include, as deter-
mined periodically by the Secretary in con-
sultation with the Securities and Exchange 
Commission, appropriate and consistent 
points of comparison for each of the fol-
lowing: 
‘‘(I) the amounts of the fees as-
sessed in connection with each invest-
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ment option made available for elec-
tion under the plan, and 
‘‘(II) the historic returns net of 
fees and expenses for each such in-
vestment option for the previous year, 
5 years, and 10 years (or for the pe-
riod since inception, if shorter), in-
cluding a separate point of compari-
son with respect to each such time pe-
riod. 
‘‘(ii) DIFFERENCES IN CLASSES AND 
TYPES OF INVESTMENTS TAKEN INTO AC-
COUNT.—In selecting or developing the 
points of comparison pursuant to clause 
(i), the Secretary, in consultation with the 
Securities and Exchange Commission, shall 
take into account, to the extent possible, 
differences between classes and types of in-
vestments.’’. 
(b) EFFECTIVE DATE.—The amendment made by 
this section shall apply with respect to pension benefit 
statements for calendar quarters beginning on or after 
January 1, 2010. 
Æ 
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