Title: A bill to amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to modify the requirements for multiple employer plans, and for other purposes.
Policy area: Labor and Employment

Summary:
This bill modifies the qualification requirements and fiduciary duties for certain multiple employer retirement plans with pooled plan providers.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 3219 Introduced in Senate (IS)]

<DOC>






115th CONGRESS
  2d Session
                                S. 3219

To amend the Internal Revenue Code of 1986 and the Employee Retirement 
  Income Security Act of 1974 to modify the requirements for multiple 
                employer plans, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             July 17, 2018

   Mr. Cotton (for himself, Mr. Young, Ms. Heitkamp, and Mr. Booker) 
introduced the following bill; which was read twice and referred to the 
                          Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 and the Employee Retirement 
  Income Security Act of 1974 to modify the requirements for multiple 
                employer plans, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. MULTIPLE EMPLOYER PLANS.

    (a) Qualification Requirements.--
            (1) In general.--Section 413 of the Internal Revenue Code 
        of 1986 is amended by adding at the end the following new 
        subsection:
    ``(e) Application of Qualification Requirements for Certain 
Multiple Employer Plans With Pooled Plan Providers.--
            ``(1) In general.--Except as provided in paragraph (2), if 
        a defined contribution plan to which subsection (c) applies--
                    ``(A) is sponsored by employers all of which have 
                both a common interest other than having adopted the 
                plan and control of the plan, or
                    ``(B) in the case of a plan not described in 
                subparagraph (A), has a pooled plan provider,
        then the plan shall not be treated as failing to meet the 
        requirements under this title applicable to a plan described in 
        section 401(a) or to a plan that consists of individual 
        retirement accounts described in section 408 (including by 
        reason of subsection (c) thereof), whichever is applicable, 
        merely because one or more employers of employees covered by 
        the plan fail to take such actions as are required of such 
        employers for the plan to meet such requirements.
            ``(2) Limitations.--
                    ``(A) In general.--Paragraph (1) shall not apply to 
                any plan unless the terms of the plan provide that in 
                cases of employers failing to take the actions 
                described in paragraph (1)--
                            ``(i) the assets of the plan attributable 
                        to employees of the employer will be 
                        transferred to a plan maintained only by the 
                        employer (or its successor), to an eligible 
                        retirement plan as defined in section 
                        402(c)(8)(B) for each individual whose account 
                        is transferred, or to any other arrangement 
                        that the Secretary determines is appropriate, 
                        unless the Secretary determines it is in the 
                        best interests of such employees to retain the 
                        assets in the plan, and
                            ``(ii) the employer described in clause (i) 
                        (and not the plan with respect to which the 
                        failure occurred or any other participating 
                        employer in such plan) shall, except to the 
                        extent provided by the Secretary, be liable for 
                        any liabilities with respect to such plan 
                        attributable to employees of the employer.
                    ``(B) Failures by pooled plan providers.--If the 
                pooled plan provider of a plan described in paragraph 
                (1)(B) does not perform substantially all of the 
                administrative duties which are required of the 
                provider under paragraph (3)(A)(i) for any plan year, 
                the Secretary, in the Secretary's own discretion, may 
                provide that the determination as to whether the plan 
                meets the requirements under this title applicable to a 
                plan described in section 401(a) or to a plan that 
                consists of individual retirement accounts described in 
                section 408 (including by reason of subsection (c) 
                thereof), whichever is applicable, shall be made in the 
                same manner as would be made without regard to 
                paragraph (1).
            ``(3) Pooled plan provider.--For purposes of this 
        subsection--
                    ``(A) In general.--The term `pooled plan provider' 
                means, with respect to any plan, a person who--
                            ``(i) is designated by the terms of the 
                        plan as a named fiduciary (within the meaning 
                        of section 402(a)(2) of the Employee Retirement 
                        Income Security Act of 1974), as the plan 
                        administrator, and as the person responsible to 
                        perform 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 
                                requirement applicable under the 
                                Employee Retirement Income Security Act 
                                of 1974 or this title to a plan 
                                described in section 401(a) or to a 
                                plan that consists of individual 
                                retirement accounts described in 
                                section 408 (including by reason of 
                                subsection (c) thereof), whichever is 
                                applicable, and
                                    ``(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 
                                disclosures or other information which 
                                the Secretary may require or which such 
                                person otherwise determines is 
                                necessary to administer the plan or to 
                                allow the plan to meet such 
                                requirements,
                            ``(ii) registers as a pooled plan provider 
                        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 are 
                        fiduciaries of, the plan are bonded in 
                        accordance with section 412 of the Employee 
                        Retirement Income Security Act of 1974.
                    ``(B) Audits, examinations, and investigations.--
                The Secretary may perform audits, 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, including guidance--
                            ``(i) to identify the administrative duties 
                        and other actions required to be performed 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 described 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 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 actions 
                        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 disclosures 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 commitment to compliance.
                    ``(B) Prospective application.--Any guidance issued 
                by the Secretary under this paragraph shall not apply 
                to any action or failure occurring before the issuance 
                of such guidance.
            ``(5) Model plan.--Not later than June 30, 2019, the 
        Secretary shall, in consultation with the Secretary of Labor 
        when appropriate, publish--
                    ``(A) model plan language which may be adopted by a 
                plan to which subsection (c) applies and which is not 
                described in paragraph (1)(B), in order for the plan to 
                qualify for the application of this subsection, and
                    ``(B) model plan language which meets the 
                requirements of this subsection and of paragraphs (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 striking ``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 interest 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 Retirement 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 treated as--
                            ``(i) a single employee pension benefit 
                        plan or single pension plan; and
                            ``(ii) a plan to which section 210(a) 
                        applies.''.
    (c) Pooled Employer Plan and Provider Defined.--
            (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 following:
            ``(43) Pooled employer plan.--
                    ``(A) In general.--The term `pooled employer plan' 
                means a plan--
                            ``(i) which is an individual account plan 
                        established or maintained for the purpose of 
                        providing benefits to the employees of two or 
                        more employers;
                            ``(ii) which is a plan described in section 
                        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 
                        requirements of subparagraph (B).
                Such term shall not include a plan with respect to 
                which all of the participating employers have 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 contributions to, 
                        and holding the assets of, the plan and require 
                        such trustees to implement written contribution 
                        collection procedures that are reasonable, 
                        diligent, and systematic;
                            ``(iii) except as provided in section 
                        404(e), 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 
                                plan provider and any other person who, 
                                in addition to the pooled plan 
                                provider, is designated as a named 
                                fiduciary 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 
                                attributable to the employees of that 
                                participating employer;
                            ``(iv) provide that a participating 
                        employer, 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 
                                any disclosures or other information to 
                                facilitate the selection or any 
                                monitoring 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 requirement 
                                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 
                                described in section 408 of such Code 
                                (including by reason of subsection (c) 
                                thereof), whichever is applicable, 
                                including providing any disclosures or 
                                other information which the Secretary 
                                may require or which the pooled plan 
                                provider otherwise determines is 
                                necessary to administer the plan or to 
                                allow the plan to meet such 
                                requirements; and
                            ``(vi) provide that any disclosure or other 
                        information required to be provided under 
                        clause (v) may be provided in electronic form 
                        and will be designed to ensure only reasonable 
                        costs are imposed on pooled plan providers and 
                        participating employers.
                    ``(C) Exceptions.--The term `pooled employer plan' 
                does not include--
                            ``(i) a multiemployer plan;
                            ``(ii) a plan established before January 1, 
                        2016, unless the plan administrator elects that 
                        the plan will be treated as a pooled employer 
                        plan and the plan meets the requirements of 
                        this title applicable to a pooled employer plan 
                        established on or after such date; and
                            ``(iii) a plan with respect to which all of 
                        the participating employers have both a common 
                        interest other than having adopted the plan and 
                        control of the plan.
            ``(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 person 
                        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 
                                requirement 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 
                                described 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 
                                requirements described in subclause 
                                (I), including providing the 
                                disclosures and information described 
                                in paragraph (43)(B)(v)(II);
                            ``(ii) registers as a pooled plan provider 
                        with the Secretary, and provides to the 
                        Secretary such other information as the 
                        Secretary may require, before beginning 
                        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 investigations.--
                The Secretary may perform audits, 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 
                                administrative duties and other actions 
                                required to be performed by a pooled 
                                plan provider under either such 
                                paragraph; and
                                    ``(II) which requires in 
                                appropriate cases that if a 
                                participating employer fails to take 
                                the actions required under subparagraph 
                                (A)(i)(II)--
                                            ``(aa) the assets of the 
                                        plan attributable to employees 
                                        of the participating employer 
                                        are transferred to a plan 
                                        maintained only by the 
                                        participating employer (or its 
                                        successor), to an eligible 
                                        retirement plan as defined in 
                                        section 402(c)(8)(B) of the 
                                        Internal Revenue Code of 1986 
                                        for each individual whose 
                                        account is transferred, or to 
                                        any other arrangement that the 
                                        Secretary determines is 
                                        appropriate in such guidance; 
                                        and
                                            ``(bb) the participating 
                                        employer described in item (aa) 
                                        (and not the plan with respect 
                                        to which the failure occurred 
                                        or any other participating 
                                        employer in such plan) shall, 
                                        except to the extent provided 
                                        in such guidance, be liable for 
                                        any liabilities with respect to 
                                        such plan attributable to 
                                        employees of the participating 
                                        employer.
                                The Secretary shall take into account 
                                under subclause (II) whether the 
                                failure of an employer or pooled plan 
                                provider to provide any disclosures or 
                                other information, or to take any other 
                                action, necessary to administer a plan 
                                or to allow a plan to meet requirements 
                                described in subparagraph (A)(i)(II) 
                                has continued over a period of time 
                                that clearly demonstrates a lack of 
                                commitment to compliance. The Secretary 
                                may waive the requirements of subclause 
                                (II)(aa) in appropriate circumstances 
                                if the Secretary determines it is in 
                                the best interests of the employees of 
                                the participating employer described in 
                                such clause to retain the assets in the 
                                plan with respect to which the 
                                employer's failure occurred.
                            ``(ii) Prospective application.--Any 
                        guidance issued by the Secretary under this 
                        subparagraph shall not apply to any action or 
                        failure occurring before the issuance of such 
                        guidance.
                    ``(D) Aggregation rules.--For purposes of this 
                paragraph--
                            ``(i) In general.--In determining whether a 
                        person meets the requirements of this paragraph 
                        to be a pooled plan provider with respect to 
                        any plan, all persons who are members of the 
                        same controlled group and who perform services 
                        for the plan shall be treated as one person.
                            ``(ii) Members of common group.--Persons 
                        shall be treated as members of the same 
                        controlled group if such persons are treated as 
                        a single employer under subsection (c) or (d) 
                        of section 210.''.
            (2) Bonding requirements for pooled employer plans.--The 
        last sentence of section 412(a) of the Employee Retirement 
        Income Security Act of 1974 (29 U.S.C. 1112(a)) is amended by 
        inserting ``or in the case of a pooled employer plan (as 
        defined in section 3(43))'' after ``section 407(d)(1))''.
            (3) Conforming and technical amendments.--Section 3 of the 
        Employee Retirement Income Security Act of 1974 (29 U.S.C. 
        1002) is amended--
                    (A) in paragraph (16)(B)--
                            (i) by striking ``or'' at the end of clause 
                        (ii); and
                            (ii) by striking the period at the end and 
                        inserting ``, or (iv) in the case of a pooled 
                        employer plan, the pooled plan provider.''; and
                    (B) by striking the second paragraph (41).
    (d) Effective Date.--
            (1) In general.--The amendments made by this section shall 
        apply to years beginning after December 31, 2019.
            (2) Rule of construction.--Nothing in the amendments made 
        by subsection (a) shall be construed as limiting the authority 
        of the Secretary of the Treasury or the Secretary's delegate 
        (determined without regard to such amendment) to provide for 
        the proper treatment of a failure to meet any requirement 
        applicable under the Internal Revenue Code of 1986 with respect 
        to one employer (and its employees) in a multiple employer 
        plan.

SEC. 2. LIMITATION ON EMPLOYER LIABILITY.

    Section 404 of the Employee Retirement Income Security Act of 1974 
(29 U.S.C. 1104) is amended by adding at the end the following new 
subsection:
    ``(e)(1) Except as provided in paragraph (2), an eligible employer 
(as defined in section 408(p)(2)(C)(i) of the Internal Revenue Code of 
1986) participating in a registered pooled employer plan shall not be 
treated as a fiduciary with respect to such plan, including with 
respect to the selection or monitoring of any plan service provider or 
any investment under the plan, if--
            ``(A) the employer selected the registered pooled employer 
        plan from the Department of Labor Internet website established 
        under paragraph (6);
            ``(B) the pooled plan provider of such plan receives no 
        more than reasonable compensation for its services; and
            ``(C) the employer is not the pooled plan provider or a 
        plan service provider for the plan.
    ``(2) Notwithstanding paragraph (1), eligible employers 
participating in such a registered pooled employer plan shall be 
responsible for--
            ``(A) ensuring, at the time of entering into the 
        participation agreement and periodically thereafter (not less 
        frequently than annually and upon any agreed-to change in the 
        compensation of the pooled plan provider), that the 
        compensation received by the pooled plan provider pursuant to 
        the participation agreement is reasonable;
            ``(B) meeting the enrollment requirements applicable to 
        such employer under the plan;
            ``(C) transmitting contributions to the plan in a timely 
        manner in accordance with the terms of the plan;
            ``(D) providing such information and assistance as is 
        within the sole control of the eligible employer and is needed 
        by the plan to operate in accordance with the plan document; 
        and
            ``(E) providing such other information or assistance as may 
        be required in regulations prescribed by the Secretary.
    ``(3) For purposes of this subsection, the term `registered pooled 
employer plan' means a pooled employer plan if the pooled plan 
provider--
            ``(A) agrees in the plan document to--
                    ``(i) comply with all requirements applicable to a 
                pooled plan provider under this title and the Internal 
                Revenue Code of 1986;
                    ``(ii) assume all fiduciary responsibility for the 
                plan (except as retained by the eligible employer under 
                paragraph (2)) with respect to such eligible employer, 
                including for the prudent selection and monitoring of 
                investments and negotiation of reasonable fees;
                    ``(iii) serve as the plan sponsor for purposes of 
                this title; and
                    ``(iv) notify the eligible employer reasonably in 
                advance of the obligations of both the employer and the 
                pooled plan provider under the pooled employer plan;
            ``(B) submits all key plan information requested by the 
        Secretary under paragraph (5);
            ``(C) would not be precluded for any other reason from 
        acting as a fiduciary of the plan under this title; and
            ``(D) either--
                    ``(i) has fiduciary liability insurance with a per-
                claim limit which is at least--
                            ``(I) the greater of 5 percent of plan 
                        assets or $1,000,000; or
                            ``(II) such other amount as is determined 
                        by the Secretary by regulation; or
                    ``(ii) is--
                            ``(I) a bank, as defined in section 
                        202(a)(2) of the Investment Advisers Act of 
                        1940, that has the power to manage, acquire, or 
                        dispose of assets of a plan, and that has, as 
                        of the last day of its most recent fiscal year, 
                        equity capital in excess of $1,000,000;
                            ``(II) a savings and loan association, the 
                        accounts of which are insured by the Federal 
                        Savings and Loan Insurance Corporation, that 
                        has made application for and been granted trust 
                        powers to manage, acquire, or dispose of assets 
                        of any plan by a State or Federal authority 
                        having supervision over savings and loan 
                        associations, and that has, as of the last day 
                        of its most recent fiscal year, equity capital 
                        or net worth in excess of $1,000,000;
                            ``(III) an insurance company subject to 
                        supervision and examination by a State 
                        authority having supervision over insurance 
                        companies that is qualified under the laws of 
                        more than 1 State to manage, acquire, or 
                        dispose of assets of a plan, and that has, as 
                        of the last day of its most recent fiscal year, 
                        net worth in excess of $1,000,000; or
                            ``(IV) an investment adviser registered 
                        under the Investment Advisers Act of 1940 that, 
                        as of the last day of its most recent fiscal 
                        year, has total client assets under its 
                        management and control in excess of 
                        $85,000,000, and shareholders' or partners' 
                        equity in excess of $1,000,000.
    ``(4)(A) In the case of a registered pooled employer plan that 
substantially fails to comply with the requirements of paragraph (3), 
the Secretary shall provide notification to the pooled plan provider 
with an explanation of the noncompliance and actions needed to return 
to compliance.
    ``(B) If the plan fails to return to compliance with paragraph (3) 
within 90 days of receiving the notification under subparagraph (A), 
the Secretary shall remove the plan from the website established under 
paragraph (6) and provide notification to all participating employers 
that the plan no longer qualifies them to be relieved of fiduciary duty 
under paragraph (1), and if they desire such relief they must select 
another registered pooled employer plan listed on such website.
    ``(C) The Secretary shall promulgate regulations as necessary to 
ensure that timely notification is provided to eligible employers 
pursuant to subparagraph (B) and in the case of a registered pooled 
employer plan that terminates registration.
    ``(5)(A) The Secretary, in consultation with the Secretary of the 
Treasury, shall determine the information that a pooled employer plan 
must submit in order to be included on the website established under 
paragraph (6), including sufficient information for employers and 
participants to evaluate and compare plans.
    ``(B) The information required under subparagraph (A) may be 
provided in any reasonable manner or pursuant to regulations issued by 
the Secretary. The Secretary shall take reasonable efforts to ensure 
the collection of such information is not unduly burdensome for pooled 
plan providers while balancing the needs of employers and participants, 
and to ensure that the information requested does not discriminate in 
favor of certain providers with respect to the type of investments or 
investment strategies offered.
    ``(6)(A) Not later than the date that is 1 year after the date of 
the enactment of this Act, the Secretary, in consultation with the 
Secretary of the Treasury, shall make publicly available an Internet 
website to provide key plan information for plans that qualify as 
pooled employer plans (including contact information) to employers 
searching for a plan in which to participate.
    ``(B) The website established under this paragraph shall include, 
in a timely manner, all plans that qualify as pooled employer plans and 
that have submitted in full, on an annual basis and at the time of any 
material change, the information described in paragraph (5). Such 
website shall enable users to search pooled employer plans based on the 
information submitted under paragraph (5), including whether the pooled 
plan provider of the plan has accepted the additional fiduciary 
responsibilities described in paragraph (3)(A). The Secretary shall 
take reasonable efforts to ensure that the information on the website 
is written in a manner calculated to be understood by the average plan 
participant, and is sufficiently accurate and comprehensive to 
reasonably apprise participants and beneficiaries of their rights and 
obligations under each plan.
    ``(C) The submission of information for inclusion on such website 
by a plan shall be voluntary, except in the case of a plan seeking 
treatment as a registered pooled employer plan.''.
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