[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3185 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3185

To amend the Employee Retirement Income Security Act of 1974 to provide 
special reporting and disclosure rules for individual account plans and 
    to establish in the Department of Labor an Advisory Council on 
           Improving Employer-Employee Retirement Practices.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 26, 2007

 Mr. George Miller of California introduced the following bill; which 
          was referred to the Committee on Education and Labor

_______________________________________________________________________

                                 A BILL


 
To amend the Employee Retirement Income Security Act of 1974 to provide 
special reporting and disclosure rules for individual account plans and 
    to establish in the Department of Labor an Advisory Council on 
           Improving Employer-Employee Retirement Practices.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``401(k) Fair Disclosure for 
Retirement Security Act of 2007''.

SEC. 2. SPECIAL REPORTING AND DISCLOSURE RULES FOR INDIVIDUAL ACCOUNT 
              PLANS.

    (a) In General.--Part 1 of subtitle B of title I of the Employee 
Retirement Income Security Act of 1974 is amended--
            (1) by redesignating section 111 (29 U.S.C. 1031) as 
        section 112; and
            (2) by inserting after section 110 (29 U.S.C. 1030) the 
        following new section:

 ``special reporting and disclosure rules for individual account plans

    ``Sec. 111.  (a) Disclosure to Employers Sponsoring 401(k) Plans.--
            ``(1) Service disclosure statement.--The plan administrator 
        of an individual account plan which includes a qualified cash 
        or deferred arrangement (or any other plan official with 
        contracting authority under the terms of the plan) may not 
        enter into any contract with any person for services to the 
        plan unless such plan administrator or other official has 
        received, reasonably in advance of entering into the contract, 
        a written statement from such person which--
                    ``(A) identifies who will be performing services 
                for the plan under the contract (including any other 
                affiliated or other third party service provider whose 
                services will be provided under the contract), and
                    ``(B) describes each such service and specifies the 
                expected total annual cost of such services, itemized 
                as to all relevant components of the total cost, 
                including any amounts to be paid to affiliated or other 
                third-party service providers under the contract.
            ``(2) Minimum itemization requirements.--
                    ``(A) In general.--The itemization required under 
                paragraph (1)(B) shall set forth at least the 
                following:
                            ``(i) any commission for making a sale;
                            ``(ii) any start-up fees;
                            ``(iii) expenses for investment management;
                            ``(iv) expenses for investment advice;
                            ``(v) estimated trading expenses;
                            ``(vi) expenses for administration and 
                        record keeping;
                            ``(vii) legal fees;
                            ``(viii) trustee fees;
                            ``(ix) possible termination or surrender 
                        charges;
                            ``(x) total asset based fees;
                            ``(xi) remuneration paid as described in 
                        Rule 12b-1 of the Securities and Exchange 
                        Commission under the Investment Company Act of 
                        1940 (17 CFR 270.12b-1);
                            ``(xii) commissions paid as described in 
                        section 28(e) of the Securities Exchange Act of 
                        1934 (15 U.S.C. 78bb(e)); and
                            ``(xiii) such other costs as may be 
                        specified by the Secretary.
                    ``(B) Estimations.--To the extent that the actual 
                amount with respect to any information required to be 
                provided in the itemization required under paragraph 
                (1)(B) is not known, the plan administrator may provide 
                a reasonable and representative estimate and shall 
                indicate any such estimate as being such an estimate. 
                If any estimate provided under this paragraph is 
                subsequently determined to be materially incorrect, the 
                plan administrator shall provide the correct amount in 
                an amended report as soon as practicable after such 
                correct amount is known.
                    ``(C) Definitions.--The Secretary shall provide by 
                regulation definitions of the terms used in this 
                paragraph.
            ``(3) Disclosure of financial relationships.--The statement 
        required under paragraph (1) shall include a written disclosure 
        of the nature of any conflicts of interest of each service 
        provider identified pursuant to paragraph (1)(A) due to 
        financial or personal relationship--
                    ``(A) which the service provider may have with the 
                plan sponsor, the plan, or other persons providing 
                services to the plan, and
                    ``(B) for which the service provider receives a 
                payment for services,
        including the extent to which the service provider uses its own 
        proprietary investment products, the extent to which payments 
        are received by a service provider for including certain 
        investment options as part of a menu of investment options, and 
        such other possible conflicts as may be specified by the 
        Secretary.
            ``(4) Disclosure of impact of share classes.--The statement 
        required under paragraph (1) shall, to the extent applicable, 
        disclose that the share prices of certain mutual fund 
        investments may be different than the retail share price 
        outside of the plan due to the existence of different share 
        classes.
            ``(5) Disclosure of certain arrangements in connection with 
        free or discounted services or rebates by service providers.--
        In any case in which services are provided to the plan, or to 
        the plan sponsor in connection with the plan, by any service 
        provider without charge or for fees set at a discounted rate or 
        subject to rebate, the statement required under this subsection 
        shall include a description of the extent to which, and the 
        amount by which, consideration is otherwise obtained by the 
        service provider, the plan, or the plan sponsor for such 
        services, directly or indirectly, by means of any charges 
        against the account of the participant or beneficiary.
            ``(6) Model statement.--The Secretary shall prescribe a 
        model statement that may be used for purposes of satisfying the 
        requirements of this subsection.
            ``(7) Updating.--Each contract with a service provider 
        entered into as described in paragraph (1) shall require that 
        the service provider provide to the plan administrator, during 
        the term of the contract, an updated written statement 
        described in paragraph (1)--
                    ``(A) at least annually, and
                    ``(B) within 30 days of any material change in the 
                information provided in the statement.
            ``(8) Availability to participants.--The plan sponsor or 
        plan administrator shall--
                    ``(A) provide to participants and beneficiaries a 
                copy of any statement received pursuant to this 
                subsection within 30 days after receipt of a written 
                request for such statement, and
                    ``(B) post a copy of such statement on any Intranet 
                website maintained by the plan sponsor (or plan 
                administrator on behalf of the plan sponsor).
            ``(9) Limitation.--The requirements of this subsection 
        shall apply with respect to any contract for services only if 
        the total cost for such services under such contract equals or 
        exceeds $1,000.
            ``(10) Qualified cash or deferred arrangement.--For 
        purposes of this subsection, the term `qualified cash or 
        deferred arrangement' has the meaning given such term by 
        section 401(k)(2) of the Internal Revenue Code of 1986.
    ``(b) Investment Election Information.--
            ``(1) Advance notice of available investment options.--The 
        plan administrator of an individual account plan which permits 
        a participant or beneficiary to exercise control over the 
        assets in the account of the participant or beneficiary shall 
        provide to the participant or beneficiary with respect to each 
        plan year notice of the investment options available for 
        election under the plan at least 15 days prior to--
                    ``(A) the beginning of the plan year, and
                    ``(B) the effective date of any material change in 
                investment options,
        or, if later, on the date on which the participant commences 
        participation in the plan.
            ``(2) Information included in notice.--The notice required 
        under paragraph (1) shall--
                    ``(A) set forth, with respect to each available 
                investment option--
                            ``(i) the name of the option,
                            ``(ii) the investment objectives of the 
                        option,
                            ``(iii) the level of risk associated with 
                        the option,
                            ``(iv) whether the option is a 
                        comprehensive investment designed to achieve 
                        long-term retirement security or should be 
                        combined with other options in order to achieve 
                        such security,
                            ``(v) the historical return and percentage 
                        fee assessed against amounts invested under the 
                        option,
                            ``(vi) an explanation of the differences 
                        between any asset-based fees and any annual 
                        fees in connection with the option,
                            ``(vii) a comparison to a nationally 
                        recognized market-based index or other 
                        investment option that is recommended in the 
                        retirement industry as a benchmark retirement 
                        investment option,
                            ``(viii) where, and the manner in which, 
                        additional, plan-specific, and generally 
                        available investment information regarding the 
                        option may be obtained,
                    ``(B) include, together with any form necessary for 
                making the election of investment options, a statement 
                explaining that investment options should be selected 
                not only on the basis of the level of fees charged by 
                each option but also on the basis of careful 
                consideration of other key factors, including the level 
                of risk of the option and historical returns by the 
                option, and
                    ``(C) include a fee menu, relating to all 
                investment options available under the plan, as 
                provided in paragraph (3).
            ``(3) Fee menu.--
                    ``(A) In general.--The notice provided under this 
                subsection shall include a fee menu consisting of a 
                menu of the potential service fees that could be 
                assessed against the account of the participant or 
                beneficiary with respect to the plan year. The fee menu 
                shall be presented in a manner which is easily 
                understood by the average participant and include such 
                information as the Secretary determines necessary to 
                permit participants and beneficiaries to assess the 
                potential services that could be provided in connection 
                with the investment options and the potential fees that 
                could be assessed against their accounts for such 
                services.
                    ``(B) Categorization of fees.--The fee menu shall 
                provide information in relation to 3 categories of 
                fees, as follows:
                            ``(i) fees that vary depending on the 
                        investment options selected by the participant 
                        or beneficiary, including expense ratios, 
                        investment-specific asset-based fees, possible 
                        redemption fees, and possible surrender 
                        charges;
                            ``(ii) fees that are assessed as a 
                        percentage of the total assets in the account 
                        of the participant or beneficiary, regardless 
                        of the investment option selected; and
                            ``(iii) administration and transaction-
                        based fees, including plan loan origination 
                        fees, that are either automatically deducted 
                        each year or result from certain transactions 
                        engaged in by the participant or beneficiary.
                    ``(C) Description of purpose for fees.--The fee 
                menu shall include a general description of the 
                purposes for each fee, including whether such fee is 
                for investment management, commissions, administration, 
                and recordkeeping.
                    ``(D) Potential conflicts of interest.--The fee 
                menu shall include such information as the Secretary 
                shall determine appropriate to describe potential 
                conflicts of interests that may exist with respect to 
                any service providers or other parties-in-interest 
                receiving fees disclosed in the fee menu.
            ``(4) Model notice.--The Secretary shall prescribe a model 
        notice that may be used for purposes of satisfying the 
        requirements of this subsection, including a model fee menu.
            ``(5) Estimations.--To the extent that the actual amount 
        with respect to any information required to be provided in the 
        fee menu is not known, the plan administrator may provide a 
        reasonable and representative estimate and shall indicate any 
        such estimate as being such an estimate. If any estimate 
        provided under this subsection is subsequently determined to be 
        materially incorrect, the plan administrator shall provide the 
        correct amount in an amended report as soon as practicable 
        after such correct amount is known.
    ``(c) Annual Benefit Statement Provided to Participants.--
            ``(1) In general.--The plan administrator of an individual 
        account plan which permits a participant or beneficiary to 
        exercise control over the assets in the account of the 
        participant or beneficiary shall provide to each participant 
        and beneficiary an annual benefit statement, with respect to 
        the assets in such account that are subject to such control, 
        not later than 90 days after the close of each plan year.
            ``(2) Requirements.--The annual benefit statement of a plan 
        shall disclose, for the preceding plan year--
                    ``(A) the starting balance of the participant's 
                account,
                    ``(B) the participant's vesting status,
                    ``(C) contributions made during the plan year, 
                itemizing separately totals for employer and totals for 
                employee contributions,
                    ``(D) earnings on the account balance during the 
                plan year,
                    ``(E) fees assessed from the account during the 
                plan year,
                    ``(F) the ending balance of the account,
                    ``(G) the participant's asset allocation, 
                categorized by investment option, including--
                            ``(i) the current asset value,
                            ``(ii) the changes in the asset value 
                        during the year, and
                            ``(iii) the net return for the year, 
                        expressed as an amount and as a percentage,
                    ``(H) the service fees charged against the 
                participant's account for the year for each investment 
                option, indicating separately--
                            ``(i) underlying investment fees, including 
                        expense ratios and trading costs,
                            ``(ii) load fees,
                            ``(iii) total asset based fees, including 
                        variable annuity charges,
                            ``(iv) mortality and expense charges,
                            ``(v) guaranteed investment contract fees,
                            ``(vi) employer stock fees,
                            ``(vii) directed brokerage charges,
                            ``(viii) plan administration fees,
                            ``(ix) participant transaction fees,
                            ``(x) total fees, and
                            ``(xi) total fees as a percentage of 
                        current assets, and
                    ``(I) the performance of the investment options 
                selected by the participant during the year as compared 
                to a nationally recognized market-based index.
            ``(3) Historical information.--The plan administrator may 
        include in the annual benefit statement information relating to 
        the historical return and risk level of each investment option 
        and the estimated amount that the participant needs to save 
        each month to retire at age 65.
            ``(4) Estimations.--To the extent that the actual amount 
        with respect to any information required to be provided in the 
        annual benefit statement is not known, the plan administrator 
        may provide a reasonable and representative estimate and shall 
        indicate any such estimate as being such an estimate. If any 
        estimate provided under this subsection is subsequently 
        determined to be materially incorrect, the plan administrator 
        shall provide the correct amount in an amended statement as 
        soon as practicable after such correct amount is known.
            ``(5) Model statement.--The Secretary shall prescribe a 
        model annual benefit statement that may be used for purposes of 
        satisfying the requirements of this subsection.
    ``(d) Construction.--Nothing in this section shall be construed to 
limit, or serve as the basis for any inference regarding, the duties of 
a fiduciary under section 404(a)(1)(A)(ii).
    ``(e) Assistance to Small Employers.--The Secretary shall make 
available to small employers--
            ``(1) educational and compliance materials designed to 
        assist such employers in selecting and monitoring service 
        providers for individual account plans, investment options 
        under such plans, and fees relating to such options, without 
        any bias as to the size of the service provider and the way any 
        particular service provider delivers plan services, and
            ``(2) services designed to assist small employers in 
        finding and understanding affordable investment options for 
        such plans.
    ``(f) Assistance to Plan Sponsors and Plan Participants and 
Beneficiaries.--The Secretary shall provide assistance to plan sponsors 
of individual account plans and participants and beneficiaries under 
such plans with any questions or problems regarding compliance with the 
requirements of this section.''.
    (b) Enforcement.--Section 502(c)(7) of such Act (29 U.S.C. 
1132(c)(7)) is amended by striking ``section 101.'' and inserting 
``section 101, or to provide a statement to participants and 
beneficiaries in accordance with section 111.''
    (c) Conforming Amendment.--The table of contents in section 1 of 
such Act is amended by striking the item relating to section 111 and 
inserting the following new items:

``Sec. 111. Special reporting and disclosure rules for individual 
                            account plans.
``Sec. 112. Repeal and effective date.''.
    (d) Effective Date.--The amendments made by this section shall 
apply with respect to plan years beginning after the date of the 
enactment of this Act.

SEC. 3. MINIMUM INVESTMENT OPTION REQUIREMENT.

    (a) In General.--Section 402 of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1102) is amended by adding at the end 
the following new subsection:
    ``(c) An individual account plan which permits a participant or 
beneficiary to exercise control over the assets in the account of the 
participant or beneficiary shall include at least one investment option 
which is a nationally recognized market-based index fund and which, as 
determined from time to time under regulations which shall be 
prescribed by the Secretary, offers a combination of historical 
returns, risk, and fees that is likely to meet retirement income needs 
at adequate levels of contribution.''.
    (b) Effective Date.--The amendment made by this section shall apply 
with respect to plan years beginning after the date of the enactment of 
this Act.

SEC. 4. ADVISORY COUNCIL ON IMPROVING EMPLOYER-EMPLOYEE RETIREMENT 
              PRACTICES.

    (a) In General.--Part 5 of subtitle B of title I of the Employee 
Retirement Income Security Act of 1974 is amended by adding after 
section 518 (29 U.S.C. 1148) the following new section:

``SEC. 519. ADVISORY COUNCIL ON IMPROVING EMPLOYER-EMPLOYEE RETIREMENT 
              PRACTICES.

    ``(a) Establishment.--
            ``(1) In general.--There is hereby established in the 
        Department of Labor an Advisory Council on Improving Employer-
        Employee Retirement Practices (hereinafter in this section 
        referred to as the `Council') consisting of 12 members--
                    ``(A) 6 of whom shall be appointed by the 
                President, and
                    ``(B) 3 of whom shall be appointed by the Chairman 
                of the Committee on Education and Labor of the House of 
                Representatives, at the direction of the Committee, and 
                3 of whom shall be appointed by the Chairman of the 
                Committee on Health, Education, Labor, and Pensions of 
                the Senate, at the direction of the Committee.
            ``(2) Qualifications.--Members appointed under this 
        subsection shall have demonstrated knowledge and experience in 
        the law governing, and the operation of, employee pension 
        benefit plans. In making appointments under this subsection, 
        the President and the Chairmen making such appointments shall 
        consult to as to ensure that, of the members appointed under 
        this subsection--
                    ``(A) 6 shall be representatives of pension plan 
                participants, and
                    ``(B) 6 shall be representatives of employers, with 
                at least 2 of such representatives of employers having 
                specialized knowledge regarding small business 
                retirement plans.
            ``(3) Terms.--Members shall serve for terms of 3 years. A 
        member may be reappointed. A member appointed to fill a vacancy 
        shall be appointed only for the remainder of such term.
            ``(4) Meetings.--The Council shall meet not less often than 
        semi-annually. A majority of members shall constitute a quorum 
        and action shall be taken only by a majority vote of those 
        present and voting.
    ``(b) Administration and Operations.--
            ``(1) Compensation.--Members of the Council appointed under 
        this subsection and the ex officio members of the Council shall 
        serve without compensation for their service on the Council, 
        except that, while away from their homes or regular places of 
        business in the performance of services for Council, members of 
        the Council shall be allowed travel expenses, including per 
        diem in lieu of subsistence, in the same manner as persons 
        employed intermittently in the Government service are allowed 
        expenses under section 5703(b) of title 5 of the United States 
        Code.
            ``(2) Administrative resources.--The Secretary shall 
        furnish to the Council an executive secretary and such 
        secretarial, clerical, and other services as are deemed 
        necessary to conduct its business. The Council may call upon 
        other agencies of the Government for statistical data, reports, 
        and other information which will assist the Council in the 
        performance of its duties.
            ``(3) Federal advisory committee act.--Section 14(a) of the 
        Federal Advisory Committee Act (relating to termination) shall 
        not apply to the Council.
    ``(c) Duties of the Council.--It shall be the duty of the Council--
            ``(1) to invite members of the public to submit requests 
        for the Council to consider any issue affecting the operation 
        of employee pension benefit plans and to review all issues 
        presented to the Council, to schedule any such issues for 
        consideration by the Council as the Council deems appropriate,
            ``(2) to hold such hearings as the Council considers 
        appropriate to hear testimony of relevant experts and key 
        stakeholders in issues relating to employee retirement income 
        security under employee pension benefit plans,
            ``(3) to issue such advisories as the Council considers 
        appropriate to pension plan practitioners, service providers, 
        and the public on best practices for employee pension benefit 
        plan design and operation,
            ``(4) to present to employee pension benefit plans, plan 
        service providers, and the public such academic or peer-
        reviewed research as the Council considers appropriate 
        regarding best practices for employee pension benefit plan 
        design and operation,
            ``(5) to issue information directed at employee pension 
        benefit plan fiduciaries and participants regarding ways to 
        benchmark their investment results against other plan designs 
        and investment options,
            ``(6) to establish and maintain a presence on the website 
        maintained by the Department of Labor for access by the general 
        public and to include on such website (in addition to such 
        other means of communication as the Council deems 
        appropriate)--
                    ``(A) information, presented in a prominent manner, 
                about the Council and how citizens may write to the 
                Council raising issues concerning the operation of 
                employee pension benefit plans, and
                    ``(B) information otherwise issued by the Council, 
                as determined appropriate by the Council,
            ``(7) to issue, in addition to the Annual Report on 
        Retirement Trends and Issues issued pursuant to subsection (d), 
        an annual report to the Secretary, the President, the Committee 
        on Education and Labor of the House of Representatives, and the 
        Committee on Health, Education, Labor, and Pensions of the 
        Senate summarizing--
                    ``(A) those issues which were presented to the 
                Council during the year covered by the report,
                    ``(B) those issues which were discussed during 
                meetings of the Council, and
                    ``(C) recommendations made to the Council by 
                Members of Congress, officials of the Employee Benefits 
                Security Administration, employers, service providers, 
                employees, and retirees, and
            ``(8) to make, from time to time, such recommendations to 
        the Committee on Education and Labor of the House of 
        Representatives, the Committee on Health, Education, Labor, and 
        Pensions of the Senate, the Secretary, employers, service 
        providers, employees, and the general public as the Council 
        deems appropriate on ways to improve the delivery and operation 
        of employee pension benefit plans.
    ``(d) Annual Report on Retirement Trends and Issues.--
            ``(1) In general.--The Council shall issue an annual report 
        to each House of the Congress and to the general public 
        regarding the state of retirement income security in the United 
        States, including--
                    ``(A) data illustrating the current operation of 
                the employer-sponsored retirement system in the United 
                States and emerging trends relating to such system, and
                    ``(B) recommendations for reform to improve the 
                delivery of employer-sponsored pension benefits to 
                retired workers and their families and improve adequacy 
                of retirement income security in the United States.
            ``(2) Other specific information.--The Annual Report issued 
        pursuant to paragraph (1) shall specify--
                    ``(A) the number of private employee pension 
                benefit plans in the United States, categorized as to 
                types of plans as determined appropriate by the 
                Council,
                    ``(B) the number of active workers covered or 
                participating in such plans,
                    ``(C) the number of retirees and dependents 
                receiving benefits from such plans,
                    ``(D) the number workers who have separated from 
                service covered under such plans and who have roll-over 
                pension accounts or deferred vested benefits,
                    ``(E) the number of workers and retirees with no 
                private employee pension benefit plan coverage or 
                benefits,
                    ``(F) current design features of employee pension 
                benefit plans relating to retirement income security, 
                including--
                            ``(i) contribution levels,
                            ``(ii) benefit levels,
                            ``(iii) vesting periods,
                            ``(iv) annuity features and lump sum 
                        payment features,
                            ``(v) eligibility requirements,
                            ``(vi) pre-retirement distributions, and
                            ``(vii) investment of plan assets, and
                    ``(G) such other information as the Council deems 
                appropriate.''.
    (b) Conforming Amendment.--The table of contents in section 1 of 
such Act is amended by inserting after the item relating to section 518 
the following new item:

``Sec. 519. Advisory Council on Employee Benefit Best Practices.''.

SEC. 5. ENFORCEMENT COORDINATION AND REVIEW BY THE DEPARTMENT OF LABOR.

    (a) In General.--Section 502 of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1132) is amended by adding at the end 
the following new subsection:
    ``(n) Enforcement Coordination of Certain Disclosure Requirements 
and Review by the Department of Labor.--
            ``(1) In general.--The Secretary shall notify the 
        applicable regulatory authority (including, as determined 
        appropriate by the Secretary, the Securities and Exchange 
        Commission or the Comptroller of the Currency) in any case in 
        which the Secretary determines that a service provider is 
        engaged in a pattern or practice that precludes compliance by 
        plan administrators with section 111. The Secretary shall, in 
        consultation with the applicable authority, take such timely 
        enforcement action under this title as is necessary to assure 
        that such pattern or practice ceases and desists and assess any 
        appropriate penalties. The Secretary shall widely disseminate 
        to employee pension benefit plans covered by this title and 
        their participants and beneficiaries the identity of any 
        service providers with respect to such plans found to be 
        engaged in any such pattern or practice and the particulars of 
        such pattern or practice.
            ``(2) Annual audit of representative sampling of individual 
        account plans.--The Secretary shall annually audit a 
        representative sampling of individual account plans covered by 
        this title to determine compliance with the requirements of 
        section 111. The Secretary shall annually report the results of 
        such audit and any related recommendations of the Secretary to 
        the Committee on Education and Labor of the House of 
        Representatives and the Committee on Health, Education, Labor, 
        and Pensions of the Senate.''.
    (b) Review and Report to the Congress by Secretary of Labor 
Relating to Reporting and Disclosure Requirements.--
            (1) Study.--As soon as practicable after the date of the 
        enactment of this Act, the Secretary of Labor shall review the 
        reporting and disclosure requirements of part 1 of subtitle B 
        of this title and related provisions of the Pension Protection 
        Act of 2006.
            (2) Report.--Not later than 18 months after the date of the 
        enactment of this Act, the Secretary shall make such 
        recommendations as the Secretary considers appropriate to the 
        appropriate committees of the Congress to consolidate, 
        simplify, standardize, and improve the applicable reporting and 
        disclosure requirements so as to simplify reporting for 
        employee pension benefit plans and ensure that needed 
        understandable information is provided to participants and 
        beneficiaries of such plans.
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