I 111th CONGRESS 1st Session H. R. 2792 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.

1.

Short title

This Act may be cited as the Retirement Savings Transparency Act of 2009.

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.