[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2792 Introduced in House (IH)]

111th CONGRESS
  1st Session
                                H. R. 2792

To amend title I of the Employee Retirement Income Security Act of 1974 
   to require individual account plans which permit participants and 
 beneficiaries to direct the investment of assets in their individual 
accounts to include in pension benefit statements appropriate points of 
 comparison to demonstrate relative performance of investment options 
                           under such plans.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 10, 2009

    Mrs. Davis of California (for herself and Mr. George Miller of 
 California) introduced the following bill; which was referred to the 
                    Committee on Education and Labor

_______________________________________________________________________

                                 A BILL


 
To amend title I of the Employee Retirement Income Security Act of 1974 
   to require individual account plans which permit participants and 
 beneficiaries to direct the investment of assets in their individual 
accounts to include in pension benefit statements appropriate points of 
 comparison to demonstrate relative performance of investment options 
                           under such plans.

    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 ``Retirement Savings Transparency Act 
of 2009''.

SEC. 2. POINTS OF COMPARISON FOR INVESTMENT OPTIONS UNDER INDIVIDUAL 
              ACCOUNT PLANS.

    (a) In General.--Section 105(a)(2) of the Employee Retirement 
Income Security Act of 1974 (29 U.S.C. 1025(a)(2)) is amended by adding 
at the end the following new subparagraph:
                    ``(D) Points of comparison for investment options 
                under individual account plans.--
                            ``(i) In general.--In the case of an 
                        individual account plan which permits a 
                        participant or beneficiary to direct the 
                        investment of assets in their individual 
                        account, any pension benefit statement under 
                        paragraph (1)(A)(i) shall include, as 
                        determined periodically by the Secretary in 
                        consultation with the Securities and Exchange 
                        Commission, appropriate and consistent points 
                        of comparison for each of the following:
                                    ``(I) the amounts of the fees 
                                assessed in connection with each 
                                investment option made available for 
                                election under the plan, and
                                    ``(II) the historic returns net of 
                                fees and expenses for each such 
                                investment option for the previous 
                                year, 5 years, and 10 years (or for the 
                                period since inception, if shorter), 
                                including a separate point of 
                                comparison with respect to each such 
                                time period.
                            ``(ii) Differences in classes and types of 
                        investments taken into account.--In selecting 
                        or developing the points of comparison pursuant 
                        to clause (i), the Secretary, in consultation 
                        with the Securities and Exchange Commission, 
                        shall take into account, to the extent 
                        possible, differences between classes and types 
                        of investments.''.
    (b) Effective Date.--The amendment made by this section shall apply 
with respect to pension benefit statements for calendar quarters 
beginning on or after January 1, 2010.
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