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House Bill 8660
116th Congress(2019-2020)
To direct the Secretary of Labor to modify regulations to allow the use of performance benchmarks in the case of designated investment alternatives, and for other purposes.
Introduced
Introduced
Introduced in House on Oct 23, 2020
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Text
Introduced in House 
Oct 23, 2020
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Introduced in House(Oct 23, 2020)
Oct 23, 2020
About Linkage
Multiple bills can contain the same text. This could be an identical bill in the opposite chamber or a smaller bill with a section embedded in a larger bill.
Bill Sponsor regularly scans bill texts to find sections that are contained in other bill texts. When a matching section is found, the bills containing that section can be viewed by clicking "View Bills" within the bill text section.
Bill Sponsor is currently only finding exact word-for-word section matches. In a future release, partial matches will be included.
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H. R. 8660 (Introduced-in-House)


116th CONGRESS
2d Session
H. R. 8660


To direct the Secretary of Labor to modify regulations to allow the use of performance benchmarks in the case of designated investment alternatives, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

October 23, 2020

Mr. Evans introduced the following bill; which was referred to the Committee on Education and Labor

A BILL

To direct the Secretary of Labor to modify regulations to allow the use of performance benchmarks in the case of designated investment alternatives, 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. Performance benchmarks for asset allocation funds.

(a) In general.—Not later than 6 months after the date of the enactment of this Act, the Secretary of Labor (or the Secretary’s delegate) shall modify the regulations under section 404 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1104) to provide that, in the case of a designated investment alternative which contains a mix of asset classes, a plan administrator may, but is not required to, use a benchmark which is a blend of different broad-based securities market indices if—

(1) the blend is reasonably representative of the asset class holdings of the designated investment alternative;

(2) for purposes of determining the blend’s returns for 1-, 5-, and 10-calendar-year periods (or for the life of the alternative, if shorter), the blend is modified at least once per year to reflect changes in the asset class holdings of the designated investment alternative;

(3) the blend is furnished to participants and beneficiaries in a manner that is reasonably designed to be understandable and helpful; and

(4) each securities market index which is used for an associated asset class would separately satisfy the requirements of such regulations for such asset class.

(b) Study.—Not later than December 31, 2021, the Secretary of Labor (or the Secretary’s delegate) shall deliver a report to the Committees on Ways and Means and Education and Labor of the House of Representatives and the Committees on Finance and Health, Education, Labor, and Pensions of the Senate regarding the effectiveness of the benchmarking requirements under section 2550.404a–5 of title 29, Code of Federal Regulations.