ment plans, established on behalf of the employ-
ees under paragraph (4), and 
‘‘(B) specifies, in such manner as the Sec-
retary may prescribe, the following information 
for each applicable employee for whom a con-
tribution is to be made: 
‘‘(i) The employee’s name and TIN. 
‘‘(ii) The amount of the contribution. 
‘‘(iii) The investment options selected 
by the employee (or deemed to have been 
selected by the employee under such auto-
matic enrollment arrangement) and the 
amount of the contribution allocated to 
each option. 
‘‘(4) ESTABLISHMENT AND MAINTENANCE OF 
ACCOUNTS UNDER PAYROLL TAX DEPOSIT PROCE-
DURE.— 
‘‘(A) IN GENERAL.—Subject to the provi-
sions of this section and section 408C, the TSP 
II Board shall provide for the establishment 
and maintenance of individual retirement plans 
(including automatic IRAs) into which contribu-
tions may be deposited under paragraph (3). To 
the maximum extent practicable, the TSP II 
Board shall— 
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‘‘(i) enter into contracts with persons 
eligible to be trustees of individual retire-
ment plans under section 408 to establish 
such plans, to provide the investment 
funds and investment management, and to 
provide notice, record keeping, and other 
administrative services, and 
‘‘(ii) ensure that the costs of invest-
ment management and administration are 
kept to a minimum, including through con-
sideration of the use of investments which 
involve passive management and which 
seek to replicate the performance of a por-
tion of the market. 
‘‘(B) PAYROLL DEPOSIT FEATURES.—The 
TSP II Board shall establish procedures so that 
contributions may be made to individual retire-
ment plans (including automatic IRAs) under 
paragraph (3) without undue administrative or 
paperwork requirements on participating em-
ployers. Such procedures shall ensure that only 
1 such plan may be established for each TIN. 
‘‘(C) LIMITATION ON ROLLOVERS.—If— 
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‘‘(i) any amount is paid or distributed 
out of an individual retirement plan estab-
lished under this paragraph, and 
‘‘(ii) such amount is paid into an indi-
vidual retirement plan which was not es-
tablished under this paragraph, 
the payment described in clause (ii) shall be 
treated as a rollover contribution for purposes 
of section 408(d)(3) if and only if the balance 
to the credit of the individual in such individual 
retirement plan or arrangement immediately be-
fore the payment described in clause (i) was at 
least $15,000. 
‘‘(g) COORDINATION WITH AUTOMATIC ENROLL-
MENT AND OTHER DEFAULT ELECTION PROVISIONS.— 
‘‘(1) IN GENERAL.—Contributions under a pay-
roll deposit IRA arrangement may be made pursuant 
to an automatic enrollment arrangement. 
‘‘(2) 
AUTOMATIC
ENROLLMENT
ARRANGE-
MENT.—The term ‘automatic enrollment arrange-
ment’ means an arrangement under a payroll deposit 
IRA arrangement and subject to rules prescribed by 
the Secretary— 
‘‘(A) under which an individual may elect 
to have the employer make payments as con-
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tributions to an individual account plan on be-
half of the individual, or to the individual di-
rectly in cash, 
‘‘(B) under which the individual is treated 
as having elected to have the employer make 
such contributions in an amount equal to a 
specified percentage of compensation or dollar 
amount until the individual specifically elects 
not to have such contributions made (or specifi-
cally elects to have such contributions made at 
a different percentage or in a different 
amount), and 
‘‘(C) which meets notice requirements sub-
stantially similar to those described in section 
414(w)(4). 
‘‘(3) DEFAULT INVESTMENTS.—If an employee 
is deemed under an automatic enrollment arrange-
ment to have made an election to participate in a 
payroll deposit IRA arrangement— 
‘‘(A) the employee shall be deemed to have 
made an election to make contributions in the 
amount specified in paragraph (4), 
‘‘(B) such contributions shall be trans-
ferred to— 
‘‘(i) an automatic IRA, or 
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‘‘(ii) if the employer has made an elec-
tion under subsection (f)(2), to an indi-
vidual retirement plan of the designated 
trustee or issuer but only if the require-
ments of subparagraph (C) are met with 
respect to such individual retirement plan, 
and 
‘‘(C) such contributions shall be invested 
as provided in paragraph (5). 
‘‘(4) AMOUNT OF CONTRIBUTIONS.— 
‘‘(A) IN GENERAL.—The amount specified 
in this paragraph is 3 percent of compensation. 
‘‘(B) AUTHORITY OF BOARD TO PROVIDE 
FOR ANNUAL INCREASES.—The TSP II Board 
may by regulation provide for annual increases 
in the percentage of compensation an employee 
is deemed to have elected under paragraph (2) 
but in no event shall the percentage of com-
pensation an employee is deemed to have elect-
ed exceed 8 percent. 
‘‘(C) CONTRIBUTION
LIMIT.—The con-
tributions under paragraph (2) on behalf of an 
employee for any calendar year shall not exceed 
the dollar limits applicable to the employee for 
the calendar year under section 219 or 408A. 
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‘‘(5) INVESTMENT
IN
LIFE
CYCLE
FUND
OR 
OTHER INVESTMENTS SPECIFIED BY THE BOARD.— 
Amounts contributed under paragraph (3) shall be 
invested in— 
‘‘(A) a life cycle fund similar to the life 
cycle funds offered under the Thrift Savings 
Fund established under subchapter III of chap-
ter 84 of title 5, United States Code, or 
‘‘(B) such other investment or investments 
as the TSP II Board specifies in regulations 
(which shall be promulgated after taking into 
account, but not necessarily conforming to, reg-
ulations prescribed by the Secretary of Labor 
under section 404(c)(5) of the Employee Retire-
ment Income Security Act of 1974) and which 
entails asset allocation and extensive diversifica-
tion. 
‘‘(6) COORDINATION
WITH
WITHHOLDING.— 
The Secretary shall modify the withholding exemp-
tion certificate under section 3402(f) so that any no-
tice and election requirements with respect to an 
automatic enrollment arrangement which is part of 
a payroll deposit IRA arrangement may be met 
through the use of such certificate. 
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‘‘(h) MODEL NOTICE.—The Secretary, in consulta-
tion with the TSP II Board, shall— 
‘‘(1) provide a model notice, written in a man-
ner calculated to be understandable to the average 
worker, that is simple for employers to use— 
‘‘(A) to notify employees of the require-
ment under this section for the employer to pro-
vide certain employees with the opportunity to 
participate in a payroll deposit IRA arrange-
ment, and 
‘‘(B) to satisfy the requirements of sub-
section (b)(2)(D), 
‘‘(2) provide uniform forms for enrollment, in-
cluding automatic enrollment, in a payroll deposit 
IRA arrangement, and 
‘‘(3) establish a web site or other electronic 
means for small employers to access and use to ob-
tain information on payroll deposit IRA arrange-
ments and to obtain required notices and forms. 
‘‘(i) CROSS REFERENCE.—For provision preempting 
conflicting State laws, see section 2(g) of the Automatic 
IRA Act of 2007.’’. 
(b) NOTICE
OF
AVAILABILITY
OF
INVESTMENT 
GUIDELINES.—Section 408(i) of the Internal Revenue 
Code of 1986 (relating to reports) is amended by adding 
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at the end the following new sentence: ‘‘Any report fur-
nished under paragraph (2) to an individual shall include 
notice of the availability of, and methods of acquiring, the 
basic investment guidelines prepared by the Secretary of 
Labor.’’. 
(c) DEVELOPMENT OF BASIC INVESTMENT GUIDE-
LINES.— 
(1) IN
GENERAL.—The Secretary of Labor 
shall, in consultation with the Secretary of Treasury, 
develop and publish basic guidelines for investing for 
retirement. Except as otherwise provided by the Sec-
retary of Labor, such guidelines shall include— 
(A) information on the benefits of diver-
sification, 
(B) information on the essential dif-
ferences, in terms of risk and return, between 
various pension plan investments, including 
stocks, bonds, mutual funds, and money market 
investments, 
(C) information on how an individual’s 
pension plan investment allocations may differ 
depending on the individual’s age and years to 
retirement and on other factors determined by 
the Secretary of Labor, 
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(D) sources of information where individ-
uals may learn more about pension rights, indi-
vidual investing, and investment advice, and 
(E) such other information related to indi-
vidual investing as the Secretary of Labor de-
termines appropriate. 
(2) CALCULATION INFORMATION.—The guide-
lines under paragraph (1) shall include addresses for 
Internet sites and worksheets which a participant or 
beneficiary in a pension plan may use to calculate— 
(A) the retirement age value of the partici-
pant’s or beneficiary’s nonforfeitable pension 
benefits under the plan (expressed as an annu-
ity amount and determined by reference to var-
ied historical annual rates of return and annu-
ity interest rates), and 
(B) other important amounts relating to 
retirement savings, including the amount which 
a participant or beneficiary would be required 
to save annually to provide a retirement income 
equal to various percentages of their current 
salary (adjusted for expected growth prior to 
retirement). 
(3) PUBLIC
COMMENT.—The Secretary of 
Labor shall provide at least 90 days for public com-
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ment on proposed guidelines before publishing the 
final guidelines. 
(4) RULES
RELATING
TO
GUIDELINES.—The 
guidelines under paragraph (1)— 
(A) shall be written in a manner calculated 
to be understood by the average plan partici-
pant, and 
(B) may be delivered in written, electronic, 
or other appropriate manner to the extent such 
manner would ensure that the guidelines are 
reasonably accessible to participants and bene-
ficiaries. 
(d) PENALTY FOR FAILURE TO PROVIDE ACCESS TO 
PAYROLL SAVINGS ARRANGEMENTS.—Chapter 43 of the 
Internal Revenue Code of 1986 (relating to qualified pen-
sion, etc., plans) is amended by adding at the end the fol-
lowing new section: 
‘‘SEC. 4980H. REQUIREMENTS FOR EMPLOYERS TO PRO-
VIDE EMPLOYEES ACCESS TO PAYROLL DE-
POSIT IRA ARRANGEMENTS. 
‘‘(a) GENERAL RULE.—There is hereby imposed a 
tax on any failure by an employer to meet the require-
ments of subsection (d) for a calendar year. 
‘‘(b) AMOUNT.— 
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‘‘(1) IN GENERAL.—The amount of the tax im-
posed by subsection (a) on any failure for any cal-
endar year shall be $100 with respect to each em-
ployee to whom such failure relates. 
‘‘(2) TAX NOT TO APPLY WHERE FAILURE NOT 
DISCOVERED
AND
REASONABLE
DILIGENCE
EXER-
CISED.—No tax shall be imposed by subsection (a) 
on any failure during any period for which it is es-
tablished to the satisfaction of the Secretary that the 
employer subject to liability for the tax did not know 
that the failure existed and exercised reasonable dili-
gence to meet the requirements of subsection (d). In 
no event shall the tax be imposed with respect to 
any failure that ends before the expiration of 90 
days after the employer has responded or has had a 
reasonable opportunity to respond to a request for 
confirmation of compliance under subsection (c). 
‘‘(3) TAX NOT TO APPLY TO FAILURES COR-
RECTED WITHIN 30 DAYS.—No tax shall be imposed 
by subsection (a) on any failure if— 
‘‘(A) the employer subject to liability for 
the tax under subsection (a) exercised reason-
able diligence to meet the requirements of sub-
section (d), and 
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‘‘(B) the employer provides the payroll de-
posit IRA arrangement described in section 
408B to each employee eligible to participate in 
the arrangement by the end of the 30-day pe-
riod beginning on the first date the employer 
knew, or exercising reasonable diligence would 
have known, that such failure existed. 
‘‘(4) WAIVER BY SECRETARY.—In the case of a 
failure which is due to reasonable cause and not to 
willful neglect, the Secretary may waive part or all 
of the tax imposed by subsection (a) to the extent 
that the payment of such tax would be excessive or 
otherwise inequitable relative to the failure involved. 
‘‘(c) PROCEDURES FOR NOTICE.—Not later than 6 
months after the date of the enactment of this section, 
the Secretary shall prescribe and implement procedures 
for obtaining from employers confirmation that such em-
ployers are in compliance with the requirements of sub-
section (d). The Secretary, in the Secretary’s discretion, 
may prescribe that the confirmation shall be obtained on 
an annual or less frequent basis, and may use for this 
purpose the annual report or quarterly report for employ-
ment taxes, or such other means as the Secretary may 
deem advisable. 
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‘‘(d) REQUIREMENT TO PROVIDE EMPLOYEE ACCESS 
TO PAYROLL DEPOSIT IRA ARRANGEMENTS.—The re-
quirements of this subsection are met if the employer 
meets the requirements of section 408B.’’. 
(e) COORDINATION WITH ERISA FIDUCIARY DU-
TIES.—Section 404(c)(2) of Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1104(c)(2)) is amend-
ed— 
(1) by inserting ‘‘or an individual retirement 
plan designated by the employer under section 408B 
of such Code’’ after ‘‘1986’’, 
(2) by inserting ‘‘(7 days after notice has been 
given to an employee that an individual retirement 
plan has been established on behalf of the employee 
under section 408B of such Code)’’ after ‘‘estab-
lished’’ in subparagraph (C), and 
(3) by inserting ‘‘or with respect to an indi-
vidual retirement plan designated by an employer 
under section 408B of such Code’’ after ‘‘arrange-
ment’’ in the last sentence. 
(f) CONFORMING AMENDMENTS.— 
(1) The table of sections for subpart A of part 
I of subchapter A of chapter 1 of the Internal Rev-
enue Code of 1986 is amended by inserting after the 
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item relating to section 408A the following new 
item: 
‘‘Sec. 408B. Right to payroll deposit IRA arrangements at work.’’. 
(2) The table of sections for chapter 43 of such 
Code is amended by adding at the end the following 
new item: 
‘‘Sec. 4980H. Requirements for employers to provide employees access to pay-
roll deposit IRA arrangements.’’. 
(g) PREEMPTION OF CONFLICTING STATE LAWS.— 
The amendments made by this section shall supersede any 
law of a State that would directly or indirectly prohibit 
or restrict the establishment or operation of a payroll de-
posit IRA arrangement meeting the requirements of sec-
tion 408B of the Internal Revenue Code of 1986 (includ-
ing the inclusion in any such arrangement of an automatic 
enrollment arrangement as defined in section 408B(g) of 
such Code). 
(h) EFFECTIVE DATE.—The amendments made by 
this section shall apply to calendar years beginning after 
December 31, 2008. 
SEC. 3. CREDIT FOR SMALL EMPLOYERS MAINTAINING 
PAYROLL DEPOSIT IRA ARRANGEMENTS. 
(a) IN GENERAL.—Subpart D of part IV of sub-
chapter A of chapter 1 of the Internal Revenue Code of 
1986 (relating to business related credits) is amended by 
adding at the end the following new section: 
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‘‘SEC. 45O. SMALL EMPLOYER PAYROLL DEPOSIT IRA AR-
RANGEMENT COSTS. 
‘‘(a) GENERAL RULE.—For purposes of section 38, 
in the case of an eligible employer maintaining a payroll 
deposit IRA arrangement meeting the requirements of sec-
tion 408B (without regard to whether or not the employer 
is required to maintain the arrangement), the small em-
ployer payroll deposit IRA arrangement cost credit deter-
mined under this section for any taxable year is the 
amount determined under subsection (b). 
‘‘(b) AMOUNT OF CREDIT.— 
‘‘(1) IN GENERAL.—The amount of the credit 
determined under this section for any taxable year 
with respect to an eligible employer shall be equal to 
the lesser of— 
‘‘(A) $25 multiplied by the number of ap-
plicable employees (within the meaning of sec-
tion 408B(c)) for whom contributions are made 
under the payroll deposit IRA arrangement re-
ferred to in subsection (a) for the calendar year 
in which the taxable year begins, or 
‘‘(B) $250. 
‘‘(2) DURATION OF CREDIT.—No credit shall be 
determined under this section for any taxable year 
other than a taxable year which begins in the first 
2 calendar years in which the eligible employer 
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maintains a payroll deposit IRA arrangement meet-
ing the requirements of section 408B. 
‘‘(3) COORDINATION
WITH
SMALL
EMPLOYER 
STARTUP CREDIT.—No credit shall be allowed under 
this section for any taxable year if a credit is deter-
mined under section 45E for the taxable year. 
‘‘(c) ELIGIBLE EMPLOYER.—For purposes of this 
section, the term ‘eligible employer’ means, with respect 
to any calendar year in which the taxable year begins, an 
employer which maintains a payroll deposit IRA arrange-
ment meeting the requirements of section 408B and 
which, on each day during the preceding calendar year, 
had no more than 100 employees.’’. 
(b) CREDIT ALLOWED AS PART OF GENERAL BUSI-
NESS CREDIT.—Section 38(b) of the Internal Revenue 
Code of 1986 (defining current year business credit) is 
amended by striking ‘‘plus’’ at the end of paragraph (30), 
by striking the period at the end of paragraph (31) and 
inserting ‘‘, plus’’, and by adding at the end the following 
new paragraph: 
‘‘(32) in the case of an eligible employer (as de-
fined in section 45O(c)) maintaining a payroll de-
posit IRA arrangement meeting the requirements of 
section 408B, the small employer payroll deposit 
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IRA arrangement cost credit determined under sec-
tion 45O(a).’’ 
(c) CLERICAL AMENDMENT.—The table of sections 
for subpart D of part IV of subchapter A of chapter 1 
of the Internal Revenue Code of 1986 is amended by add-
ing at the end the following new item: 
‘‘Sec. 45O. Small employer payroll deposit IRA arrangement costs.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2008. 
SEC. 4. ESTABLISHMENT OF AUTOMATIC IRAS. 
(a) IN GENERAL.—Subpart A of part I of subchapter 
A of chapter 1 of the Internal Revenue Code of 1986 (re-
lating to pension, profit-sharing, stock bonus plans, etc.), 
as amended by section 2, is amended by inserting after 
section 408B the following new section: 
‘‘SEC. 408C. AUTOMATIC IRAS. 
‘‘(a) GENERAL RULE.—An automatic IRA shall be 
treated for purposes of this title in the same manner as 
an individual retirement plan. An automatic IRA may also 
be treated as a Roth IRA for purposes of this title if it 
meets the requirements of section 408A. 
‘‘(b) AUTOMATIC IRA.—For purposes of this section, 
the term ‘automatic IRA’ means an individual retirement 
plan (as defined in section 7701(a)(37)) which meets the 
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investment and fee requirements under the regulations 
under subsection (c). 
‘‘(c) INVESTMENT AND FEE REQUIREMENTS.— 
‘‘(1) IN GENERAL.—The TSP II Board, in con-
sultation with the Secretary and the Secretary of 
Labor, shall, not later than 1 year after the date of 
the enactment of this section, prescribe regulations 
which set forth the requirements of this subsection 
which an individual retirement plan must meet in 
order to be treated as an automatic IRA. 
‘‘(2) INVESTMENT
OPTIONS.—The regulations 
under paragraph (1) shall provide that an automatic 
IRA shall allow the individual on whose behalf the 
individual retirement plan is established to invest 
contributions to, and earnings of, the plan in all of 
the following investment options: 
‘‘(A) Options which are similar to all in-
vestment options which are available (at the 
time the plan is established) to a participant in 
the Thrift Savings Fund established under sub-
chapter III of chapter 84 of title 5, United 
States Code. 
‘‘(B) Any other investment option specified 
in the regulations. 
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Such regulations shall specify which of the invest-
ment options shall be treated as default investment 
options for purposes of section 408B(g)(5). 
‘‘(3) INVESTMENT FEES.— 
‘‘(A) IN GENERAL.—The regulations under 
paragraph (1) shall provide that an automatic 
IRA shall not charge any investment fees 
which, in the aggregate, are not reasonable (as 
determined under such regulations). 
‘‘(B) INVESTMENT FEES.—For purposes of 
this paragraph, the term ‘investment fees’ in-
cludes any fee, commission, asset management 
fee, compensation for services, or any other 
charge or fee specified in the regulations under 
paragraph (1) which is imposed with respect to 
the automatic IRA.’’. 
(b) STUDIES OF SPOUSAL CONSENT REQUIREMENTS 
AND PROMOTION OF CERTAIN LIFETIME INCOME AR-
RANGEMENTS.— 
(1) IN GENERAL.—The Secretary of the Treas-
ury and the Secretary of Labor shall jointly conduct 
a separate study of the feasibility and desirability of 
each of the following: 
(A) Extending to automatic IRAs spousal 
consent requirements similar to, or based on, 
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those that apply under the Federal employees’ 
Thrift Savings Plan, including consideration of 
whether modifications of such requirements are 
necessary to apply them to automatic IRAs. 
(B) Promoting the use of low-cost annu-
ities, longevity insurance, or other guaranteed 
lifetime income arrangements in automatic 
IRAs, including consideration of— 
(i) appropriate means of arranging 
for, or encouraging, individuals to receive 
at least a portion of their distributions in 
some form of low-cost guaranteed lifetime 
income, and 
(ii) issues presented by possible addi-
tional differences in, or uniformity of, pro-
visions governing different IRAs. 
(2) REPORT.—Not later than 18 months after 
the date of the enactment of this Act, the Secre-
taries shall report the results of each study con-
ducted under subsection (a), together with any rec-
ommendations for legislative changes, to the Com-
mittees 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. 
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(c) 
MANDATORY
TRANSFERS.—Section 
401(a)(31)(B) of the Internal Revenue Code of 1986 is 
amended— 
(1) by inserting ‘‘(including an automatic 
IRA)’’ after ‘‘individual retirement plan’’ each place 
it appears, and 
(2) by adding at the end the following new sen-
tence: ‘‘Any amount so transferred (and any earn-
ings thereon) shall be invested in a default invest-
ment described in section 408B(g)(5).’’ 
(d) CLERICAL AMENDMENT.—The table of sections 
for subpart A of part I of subchapter A of chapter 1 of 
the Internal Revenue Code of 1986 is amended by insert-
ing after the item relating to section 408B the following 
new item: 
‘‘Sec. 408C. Automatic IRAs.’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to calendar years beginning on or 
after the date on which proposed and temporary or final 
regulations described in section 408C(c) of the Internal 
Revenue Code of 1986 (as added by this Act) are issued. 
SEC. 5. ESTABLISHMENT OF TSP II BOARD. 
(a) ESTABLISHMENT.—There is established in the ex-
ecutive branch of the Government a TSP II Board. The 
board shall be established and maintained in the same 
manner as the Federal Retirement Thrift Investment 
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Board under subchapter VII of chapter 84 of title 5, 
United States Code. 
(b) EXECUTIVE DIRECTOR.—The TSP II Board shall 
appoint an Executive Director in a similar manner and 
with similar functions as the Executive Director of the 
Federal Retirement Thrift Investment Board under sec-
tion 8474 of title 5, United States Code. 
(c) DUTIES OF BOARD.—The TSP II Board shall es-
tablish policies and procedures for— 
(1) establishment and maintenance of individual 
retirement plans under section 408B(f)(3) of the In-
ternal Revenue Code of 1986, 
(2) the investment and management of con-
tributions to such individual retirement plans, 
(3) the amount of contributions, and the invest-
ment of such contributions, under automatic enroll-
ment arrangements under section 408B(g) of such 
Code, including the designation of investment funds 
in which such contributions may be invested, and 
(4) the establishment of automatic IRAs under 
section 408C of such Code, including the issuance of 
regulations under subsection (c) of such section. 
(d) BEST PRACTICES.—The TSP II Board shall, on 
a continual basis, prescribe and encourage best practices 
(including cost efficiencies and innovations) in enrollment, 
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investment, distribution, and other procedures or arrange-
ments relating to retirement savings and investment. In 
carrying out its responsibilities under this section, the 
TSP II Board may implement (by contract or otherwise) 
pilot projects to help assess the efficacy and workability 
of specific practices and arrangements. 
(e) EXPANSION
OF USE
OF IRAS
BY SELF-EM-
PLOYED AND OTHER INDIVIDUALS.—The TSP II Board 
shall establish procedures to disseminate information 
(through use of the Internet and other appropriate means) 
to facilitate and encourage— 
(1) the use by self-employed and other individ-
uals of automatic debit and similar arrangements for 
investment in individual retirement plans, including 
automatic IRAs, 
(2) efforts by voluntary associations to promote 
savings in individual retirement plans, including 
automatic IRAs, by their members and others, and 
(3) the direct deposit of Federal and State in-
come tax refunds in individual retirement plans, in-
cluding automatic IRAs. 
(f) EXCLUSIVE INTEREST.—The members of the 
TSP II Board shall discharge their responsibilities solely 
in the interest of participants and beneficiaries under indi-
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