Affordable Retirement Advice Protection Act

H.R. 1713 - Student Loan Repayment Assistance Act of 2015 (Expands Section 127 of IRC) H.R. 3861 - Employer Participation in Student Loan Assistance Act (Expands Sec. 127 of IRC) H.R. 4363 - Student Tax Affordability and Relief Act (Expands Sec. 127 of IRC) H.R. 4867 - Working Families Relief Act (Expands Sec. 127 of IRC) H.R. 4955 - Pension and Budget Integrity Act of 2016 (PBGC Budget Legislation) H.R. 5191 - Higher Education Loan Payments (HELP) for Students and Parents Act (Expands Sec. 127 of the IRC) Senate Bill - Pension and Budget Integrity Act of 2016 (PBGC Budget Legislation) S. 245 & H.R. 506 - Automatic IRA Act of 2015 (Auto enroll employees in an IRA.) S. 266 & H.R. 557 - Retirement Security Act of 2015 (Design flexibility in multi-employer pension plans.) S. 2502 & H.R. 4293 - Affordable Retirement Advice Protection Act (Response to DOL Fiduciary Rule.) S. 2505 & H.R. 4294 - Strengthening Access to Valuable Education and Retirement Support Act (Response to DOL Fiduciary Rule.) Definition of 'Fiduciary' - DOL Multi-Employer Pension Reform Legislation - House and Senate Pension Non-Discrimination Meetings - House and Senate Retirement Savings through MYRA - White House Tax Reform & Retirement Security Task Force- House and Senate

Client expense: $722,598 · Firm income: Not reported

Government targets: Equal Employment Opportunity Commission (EEOC), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Labor, Dept of (DOL), Natl Labor Relations Board (NLRB), SENATE, Small Business Administration (SBA), Treasury, Dept of, White House Office

H.R. 557 (Retirement Security Act of 2015); H.R. 1090 (Retail Investor Protection Act); H.R. 2656 (Receiving Electronic Statements To Improve Retiree Earnings Act); H.R. 4114 (First Time Homeowner Savings Plan Act); H.R. 4293 (Affordable Retirement Advice Protection Act); H.R. 4294 (SAVERS Act of 2015); S. 266 (Retirement Security Act of 2015); S. 2216 (Senior$afe Act of 2015); S. 2502 (Affordable Retirement Advice Protection Act); S. 2505 (SAVERS Act of 2016); S. 3471 (Retirement Enhancement and Savings Act of 2016); SAFE Retirement Act (not yet reintroduced); DOL ERISA Fiduciary Duty Rulemaking; Preservation of tax incentives for retirement plans; Policy relating to increasing retirement security through voluntary automatic IRA and open multiple employer plans (MEPs); Retirement Improvements and Savings Enhancements (RISE) Act discussion draft.

Client expense: $2,560,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Executive Office of the President (EOP), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, Ginnie Mae, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Labor, Dept of (DOL), Natl Credit Union Administration (NCUA), Natl Economic Council (NEC), Natl Security Council (NSC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Treasury, Dept of, U.S. Trade Representative (USTR)

H.R. 4293: Affordable Retirement Advice Protection Act H.R. 4294: Strengthening Access to Valuable Education and Retirement Support Act S. 2502: Affordable Retirement Advice Protection Act S. 2505: Strengthening Access to Valuable Education and Retirement Support Act No Bill Number: Department of Labor Fiduciary Regulations

Client expense: $260,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Natl Economic Council (NEC), SENATE, Treasury, Dept of

H.R. 4293: Affordable Retirement Advice Protection Act H.R. 4294: Strengthening Access to Valuable Education and Retirement Support Act of 2015 S. 2502: Affordable Retirement Advice Protection Act S. 2505: Strengthening Access to Valuable Education and Retirement Support Act of 2016 No Bill Number: Department of Labor Fiduciary Regulations

Client expense: $300,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Natl Economic Council (NEC), SENATE, Treasury, Dept of

Issues related to the Consumer Financial Protection Bureau and consumer financial protection, generally; H.R. 1261: Bureau of Consumer Financial Protection Accountability Act H.R. 1266: Financial Product Safety Commission Act H.R. 1263: Consumer Financial Protection Safety and Soundness Improvement Act H.R. 1737: Reforming CFPB Indirect Auto Financing Guidance Act Issues related to Department of Labor's rule redefining Fiduciary under ERISA, generally: H.R. 4294 / S. 2505: Savers Act 2015 H.R. 1090 / S. 2497: Retail Investor Protection Act H.R. 4293 / S. 2502: Affordable Retirement Advice Protection Act H.J.Res.88: Disapproving the rule submitted by the Department of Labor relating to the definition of the term "Fiduciary"

Client expense: $590,000 · Firm income: Not reported

Government targets: Centers For Medicare and Medicaid Services (CMS), Consumer Financial Protection Bureau (CFPB), Federal Aviation Administration (FAA), Federal Communications Commission (FCC), Federal Emergency Management Agency (FEMA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Transportation, Dept of (DOT), Treasury, Dept of

H.R. 1713 - Student Loan Repayment Assistance Act of 2015 (Expands Section 127 of IRC.) H.R. 3861 - Employer Participation in Student Loan Assistance Act (Expands Sec. 127 of IRC.) H.R. 4363 - Student Tax Affordability and Relief Act (Expands Sec. 127 of IRC.) H.R. 4867 - Working Families Relief Act (Expands Sec. 127 of IRC.) H.R. 4955 - Pension and Budget Integrity Act of 2016 (PBGC Budget legislation.) H.R. 5191 - Higher Education Loan Payments (HELP) for Students and Parents Act (Expands Sec. 127 of the IRC.) Senate Bill - Pension and Budget Integrity Act of 2016 (PBGC Budget legislation.) S. 245 & H.R. 506 - Automatic IRA Act of 2015 (Auto enroll employees in an IRA.) S. 266 & H.R. 557 - Retirement Security Act of 2015 (Design flexibility in multi-employer pension plans.) S. 2502 & H.R. 4293 - Affordable Retirement Advice Protection Act (Response to DOL Fiduciary Rule.) S. 2505 & H.R. 4294 - Strengthening Access to Valuable Education and Retirement Support Act (Response to DOL Fiduciary Rule.) S. 3240 - Pension and Budget Integrity Act of 2016 (PBGC Budget legislation.) Definition of 'Fiduciary' - DOL Multi-Employer Pension Reform Legislation - House and Senate Pension Non-Discrimination Meetings - House and Senate Tax Reform & Retirement Security Task Force- House and Senate Tax Credits for Child Care (To allow families to deduct the costs of child care from their income taxes.) - House

Client expense: $328,177 · Firm income: Not reported

Government targets: Equal Employment Opportunity Commission (EEOC), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Labor, Dept of (DOL), Natl Labor Relations Board (NLRB), SENATE, Small Business Administration (SBA), Treasury, Dept of, White House Office

H.R. 506 - Automatic IRA Act of 2015; entire bill H.R. 557 - Retirement Security Act of 2015; entire bill H.R. 2317 - Lifetime Income Disclosure Act; entire bill H.R. 2656 - Receiving Electronic Statements To Improve Retiree Earnings (RETIRE) Act; entire bill H.R. 4045 - USAccounts: Investing in Americas Future Act of 2015; entire bill H.R. 4293 - Affordable Retirement Advice Protection Act; entire bill H.R. 4294 - Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act; entire bill H.R. 4773 - Protecting Workplace Advancement and Opportunity Act; entire bill H.R. 4538 - Senior$afe Act of 2016; entire bill H.R. 5731 - Secure, Accessible, Valuable, Efficient Universal Pension Accounts Act or SAVE UP Act; entire bill H.R. 6396 - RETIREMENT Security for American Workers Act; entire bill S. 245 - Automatic IRA Act of 2015; entire bill S. 266 - Retirement Security Act of 2015; entire bill S. 1317 - Lifetime Income Disclosure Act; entire bill S. 2216 - Senior$afe Act of 2015; entire bill S. 2472 - The American Savings Act; entire bill S. 2497 - Retail Investor Protection Act of 2016; entire bill S. 2502 - Affordable Retirement Advice Protection Act; entire bill S. 2505 - SAVERS Act; entire bill S. 2702 - ABLE to Work Act of 2016; entire bill S. 3307 - To Amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to avoid duplicative annual reporting, and for other purposes; entire bill S. 3417 -Receiving Electronic Statements To Improve Retiree Earnings Act or RETIRE Act; entire bill Appropriations bills for Department of Labor funding; provisions relating to the DOLs ERISA fiduciary regulation Not Yet Introduced: Secure Annuities for Employee Retirement Act, provisions relating to use of private annuities in retirement plans Not Yet Introduced: Draft legislation to allow new multi-employer pension plan designs

Client expense: $770,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Legislation and rulemaking affecting annuities, variable life products and retirement savings including Obama Administration and Congressional proposals on tax reform. Lifetime Income Disclosure Act of 2015, legislation that proposes to amend the Employee Retirement Income Security Act of 1974 to require disclosure of lifetime income equivalents (114th Cong., H.R. 2137, S.1317). Proposals at the Department of Treasury for increasing Americans' access to guaranteed lifetime income solutions. Proposals at the Department of Labor for increasing Americans' access to guaranteed lifetime income solutions. Department of Labor rule to expand the scope of persons and entities that would be considered a fiduciary under the Employee Retirement Income Security Act. Department of Labor rule - Savings Arrangements Established by Qualified State Political Subdivisions for Non-Governmental Employees (29 CFR Part 2510 - RIN 1210-AB76). Department of Labor rule - Savings Arrangements Established by States for Non-Governmental Employees (29 CFR Part 2510 - RIN 1210-AB71). Securities and Exchange Commission proposed rule to expand the scope of persons and entities that would be considered a fiduciary under the Employee Retirement Income Security Act. Automatic IRA Act of 2015 (114th Cong., H.R. 506), legislation that Amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualified retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation. Retirement Plan Simplification and Enhancement Act of 2013 (113th Cong.), legislation to improve the rules governing lifetime income products and other retirement savings vehicles. Retirement Security Act of 2015 (H.R. 557, S.266), expand the ability of Americans to better save for their retirement and would encourage the use of private multiple employer plans. Department of Labor rules for states to create retirement savings programs. The Retail Investor Protection Act (H.R. 1090, S.2497), DOL fiduciary rulemaking. The Retirement Choice Protection Act (H.R. 3922), DOL fiduciary rulemaking. The Affordable Retirement Advice Protection Act (H.R. 4293, S.2502), DOL fiduciary rulemaking. The SAVERS Act (H.R. 4294, S.2505), DOL fiduciary rulemaking. The Consolidated Omnibus Appropriations Act (H.R. 2029), DOL fiduciary rulemaking. The SAVE Act (H.R. 4067), improve existing SIMPLE IRA and SIMPLE 401(k) retirement plans to make it easier for small businesses to offer savings plans to their employees. Womens Pension Protection Act (S.2110), strengthen consumer protections to safeguard retirement savings, improve access to retirement savings plans for long-term, part-time workers - the majority of whom are women - and help increase womens financial literacy. The Senior Safe Act (H.R. 4538, S.2216), clarify existing laws to allow and encourage financial service representatives at banks and credit unions, investment advisors, and broker-dealers to report suspected financial fraud targeting seniors to regulators, law enforcement, or adult protective service agencies. The Receiving Electronic Statements to Improve Retiree Earnings Act (H.R. 2656), amends ERISA of 1974 and IRC of 1986 to provide for electronic delivery of pension plan information. The Retirement Savings Lost and Found Act of 2016 (S.3078), to increase the portability of and access to retirement savings. Financial CHOICE Act of 2016 (H.R. 5983). Secure, Accessible, Valuable, Efficient Universal Pension Accounts (SAVE UPs) Act. Retirement Enhancement and Savings Act of 2016 (S.3471). Sen. Wyden Discussion Draft on Retirement Savings and IRAs.

Client expense: $70,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Legislation and rulemaking affecting annuities, variable life products and retirement savings including Obama Administration and Congressional proposals on tax reform. Public Law 111-203, Dodd-Frank Wall Street Reform and Consumer Protection Act of 2013, implementation and regulatory reform. Lifetime Income Disclosure Act (114th Cong., H.R. 2317 and S.1317), legislation that proposes to amend the Employee Retirement Income Security Act of 1974 to require disclosure of lifetime income equivalents. The Retirement Plan Simplification and Enhancement Act of 2013 (113th Cong.), legislation to improve the rules governing lifetime income products and other retirement savings vehicles. Proposals at the Department of Treasury for increasing Americans' access to guaranteed lifetime income solutions. Proposals at the Department of Labor for increasing Americans' access to guaranteed lifetime income solutions. Proposals at the Securities and Exchange Commission for a potential rulemaking on the harmonization of the standard of care for investment advisors and broker-dealers. Department of Labor rule to expand the scope of persons and entities that would be considered a fiduciary under the Employee Retirement Income Security Act. Securities and Exchange Commission proposed rule to expand the scope of persons and entities that would be considered a fiduciary under the Employee Retirement Income Security Act. National Association of Registered Agents and Brokers Reform Act of 2015 (114th Cong.), commonly known as NARAB II, which is legislation to reform the National Association of Registered Agents and Brokers to provide for streamlined non-resident insurance agent and broker licensing. Proposal with the Securities and Exchange Commission for a rulemaking to provide for the acceptance of a summary prospectus for variable annuities. Terrorism Risk Insurance Program Reauthorization Act of 2015 (P.L. 114-1). Retirement Security Act of 2015 (H.R. 557, S.266), expand the ability of Americans to better save for their retirement and encourage the use of private multiple employer plans. International Insurance Standards Transparency Act (H.R. 2141). The Retail Investor Protection Act (H.R. 1090, S. 2497), DOL fiduciary rulemaking. The Retirement Choice Protection Act (H.R. 3922), DOL fiduciary rulemaking. The Affordable Retirement Advice Protection Act (H.R. 4293, S.2502), DOL fiduciary rulemaking. The SAVERS Act (H.R. 4294, S.2505), DOL fiduciary rulemaking. The SAVE Act (H.R. 4067), improve existing SIMPLE IRA and SIMPLE 401(k) retirement plans to make it easier for small businesses to offer savings plans to their employees. Financial CHOICE Act of 2016 (H.R. 5983).

Client expense: $70,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act related to the Financial Stability Oversight Council. Fiduciary standards for life insurance agents and federal insurance office. DOL rule on fiduciary standards. Capital standards for the insurance industry. "SAVERS Act of 2016," S.2505. "Affordable Retirement Advice Protection Act," H.R.4293, S.2502.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R.506: Automatic IRA Act of 2015- Amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation; (2) require the Secretary of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in an automatic IRA arrangement and to provide participants with an annual statement setting forth payments, earnings, value, and other specified information; (3) impose a penalty on employers who fail to provide eligible employees access to an automatic IRA arrangement; (4) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement; and (5) increase the dollar limitation on the tax credit for small employer pension plan startup costs. Establishes an Automatic IRA Advisory Group to make recommendations regarding automatic IRA investment options. Requires the Secretary and the Secretary of Labor to jointly conduct feasibility studies on: (1) extending spousal consent requirements to automatic IRA arrangements; (2) automatically transferring amounts saved by employees in retirement bonds into alternative, private sector, diversified investments when employees' automatic IRA balances reach a certain dollar level; (3) using investment data to notify individuals with multiple small balance retirement accounts of consolidation options; and (4) using investment arrangements associated with automatic IRAs to assist in addressing the problem of abandoned accounts. Directs the Secretaries to prescribe administrative guidance for the use of multiple employer plans by December 31, 2015. H.R.557: Retirement Security Act of 2015- Directs the Secretary of the Treasury to: (1) prescribe final regulations to permit employers to participate in multiple employer pension benefit plans, (2) promulgate regulations or other guidance to simplify and clarify rules relating to the timing of participant notices required under tax-preferred pension plans and the automatic escalation rules, and (3) modify the 1040EZ tax return form to allow taxpayers to claim the tax credit for retirement savings (saver's credit) on such form. Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code, with respect to employer pension benefit plans, to: (1) allow employers to maintain a tax-exempt multiple employer pension benefit plan even if the employers sponsoring the plan share no common interest, (2) modify requirements for secure deferral arrangements with respect to nondiscrimination and employer matching contributions, and (3) allow employers with not more than 100 employees a business-related tax credit to cover increased matching contributions required by this Act. H.R. 1090/S.2497: Retail Investor Protection Act-Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law. Amends the Securities Exchange Act of 1934 to prohibit the SEC from promulgating a rule establishing an investment advisor standard of conduct as the standard of conduct of brokers and dealers before it reports to certain congressional committees whether: (1) retail investors and other customers are being harmed due to brokers or dealers operating under different standards of conduct than those applicable to investment advisors under the Investment Advisers Act of 1940; (2) alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under such different standards of conduct; (3) adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact their commissions and the availability of proprietary products offered by brokers and dealers, as well as the ability of brokers and dealers to engage in principal transactions with customers; and (4) adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations. Requires the SEC: (1) to publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to standards of conduct applicable to brokers, dealers, and investment advisors; and (2) in proposing rules to consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors. H.R. 2656/S.3417 Receiving Electronic Statements To Improve Retiree Earnings Act: To amend the Employee Retirement and Income Security Act of 1974 and the Internal Revenue Code of 1986 to provide for the electronic delivery of pension plan information. H.R.4293 - Affordable Retirement Advice Protection Act: to amend the Employee Retirement Income Security Act of 1974 to ensure that retirement investors receive advice in their best interests H. R. 4294 -To amend the Internal Revenue Code of 1986 to ensure that retirement investors receive advice in their best interests. Strengthening Access to Valuable Education and Retirement Support Act of 2015 H.R. 4955 - Pension and Budget Integrity Act of 2016 - to amends the Employee Retirement Income Security Act of 1974 (ERISA) to exclude the receipts and disbursements of the Pension Benefit Guaranty Corporation (PBGC) from the federal budget. S.245-Automatic IRA Act of 2015: Amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation; (2) require the Secretary of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in an automatic IRA arrangement and to provide participants with an annual statement setting forth payments, earnings, value, and other specified information; (3) impose a penalty on employers who fail to provide eligible employees access to an automatic IRA arrangement; (4) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement; and (5) increase the dollar limitation on the tax credit for small employer pension plan startup costs. Establishes an Automatic IRA Advisory Group to make recommendations regarding automatic IRA investment options. Requires the Secretary and the Secretary of Labor to jointly conduct feasibility studies on: (1) extending spousal consent requirements to automatic IRA arrangements; (2) automatically transferring amounts saved by employees in retirement bonds into alternative, private sector, diversified investments when employees' automatic IRA balances reach a certain dollar level; (3) using investment data to notify individuals with multiple small balance retirement accounts of consolidation options; and (4) using investment arrangements associated with automatic IRAs to assist in addressing the problem of abandoned accounts. Directs the Secretaries to prescribe administrative guidance for the use of multiple employer plans by December 31, 2015. S.266 - Retirement Security Act of 2015-Directs the Secretary of the Treasury to: (1) prescribe final regulations to permit employers to participate in multiple employer pension benefit plans, (2) promulgate regulations or other guidance to simplify and clarify rules relating to the timing of participant notices required under tax-preferred pension plans and the automatic escalation rules, and (3) modify the 1040EZ tax return form to allow taxpayers to claim the tax credit for retirement savings (saver's credit) on such form. Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code, with respect to employer pension benefit plans, to: (1) allow employers to maintain a tax-exempt multiple employer pension benefit plan even if the employers sponsoring the plan share no common interest, (2) modify requirements for secure deferral arrangements with respect to nondiscrimination and employer matching contributions, and (3) allow employers with not more than 100 employees a business-related tax credit to cover increased matching contributions required by this Act. S.324: Shrinking Emergency Account Losses Act of 2015 or the SEAL Act-Amends the Internal Revenue Code, with respect to loans made from a qualified employer pension plan, to: (1) extend the period for repayment of loans if a plan terminates or a plan participant becomes unemployed, and (2) prohibit plans from allowing the use of credit cards or similar arrangements to access loan amounts. Requires the Secretary of the Treasury to modify regulations governing hardship distributions from qualified employer pension plans to allow participants to make additional contributions to a plan during the six month period following a hardship distribution. S.2502: Affordable Retirement Advice Protection Act This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to define "investment advice," as it relates to fiduciary duties under such Act, as a recommendation that relates to: (1) the advisability of acquiring, holding, disposing, or exchanging any moneys or other property of a pension plan (or Individual Retirement Account) by the plan, plan participants, or plan beneficiaries, including any recommendation regarding whether to take a distribution of benefits from the plan or any recommendation relating to a rollover or distribution from such plan; (2) the management of moneys or other property of the plan, including recommendations relating to the management of plan assets to be rolled over or otherwise distributed from the plan; or (3) the advisability of retaining or ceasing to retain a person who would receive a fee or other compensation for providing investment advice. Investment advice must be rendered pursuant to either: (1) a written acknowledgment of the obligation of the investment advisor to act in accordance with fiduciary standards under ERISA; or (2) a mutual agreement, arrangement, or understanding that may include limitations on scope, timing, and responsibility to provide ongoing monitoring or advice services. The bill allows an exemption from ERISA prohibited transactions rules for investment advice: (1) for which no more than reasonable compensation is paid; or (2) that is based on a limited range of investment options or may result in variable income to the investment advisor if a clearly-stated notice is provided to the advice recipient that the same or similar investments may be available at a greater or lesser cost from other sources. The bill prohibits the Department of Labor from amending any rules or administrative positions regarding investment advice promulgated under ERISA and no such rules or administrative positions promulgated prior to the enactment date of this Act, but not effective on January 1, 2015, may become effective unless a bill or joint resolution specifically approving such rules or positions is enacted not later than 60 days after the enactment of this Act. S.3240: Pension and Budget Integrity Act of 2016 - This bill prohibits provisions that increase or extend an increase of Pension Benefit Guaranty Corporation (PBGC) premiums from being counted as an offset to determine budget points of order for legislation in the House or the Senate. The Retirement Enhancement and Savings Act of 2016: included broad retirement-related benefits, such as enhancements to 401(k) plans, MEPs, a repeal of the maximum age for individual retirement account (IRA) contributions, and a start-up credit for small employer plans.

Client expense: $504,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R.506: Automatic IRA Act of 2015- Amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation; (2) require the Secretary of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in an automatic IRA arrangement and to provide participants with an annual statement setting forth payments, earnings, value, and other specified information; (3) impose a penalty on employers who fail to provide eligible employees access to an automatic IRA arrangement; (4) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement; and (5) increase the dollar limitation on the tax credit for small employer pension plan startup costs. Establishes an Automatic IRA Advisory Group to make recommendations regarding automatic IRA investment options. Requires the Secretary and the Secretary of Labor to jointly conduct feasibility studies on: (1) extending spousal consent requirements to automatic IRA arrangements; (2) automatically transferring amounts saved by employees in retirement bonds into alternative, private sector, diversified investments when employees' automatic IRA balances reach a certain dollar level; (3) using investment data to notify individuals with multiple small balance retirement accounts of consolidation options; and (4) using investment arrangements associated with automatic IRAs to assist in addressing the problem of abandoned accounts. Directs the Secretaries to prescribe administrative guidance for the use of multiple employer plans by December 31, 2015. H.R.557: Retirement Security Act of 2015- Directs the Secretary of the Treasury to: (1) prescribe final regulations to permit employers to participate in multiple employer pension benefit plans, (2) promulgate regulations or other guidance to simplify and clarify rules relating to the timing of participant notices required under tax-preferred pension plans and the automatic escalation rules, and (3) modify the 1040EZ tax return form to allow taxpayers to claim the tax credit for retirement savings (saver's credit) on such form. Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code, with respect to employer pension benefit plans, to: (1) allow employers to maintain a tax-exempt multiple employer pension benefit plan even if the employers sponsoring the plan share no common interest, (2) modify requirements for secure deferral arrangements with respect to nondiscrimination and employer matching contributions, and (3) allow employers with not more than 100 employees a business-related tax credit to cover increased matching contributions required by this Act. H.R. 1090/S.2497: Retail Investor Protection Act-Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law. Amends the Securities Exchange Act of 1934 to prohibit the SEC from promulgating a rule establishing an investment advisor standard of conduct as the standard of conduct of brokers and dealers before it reports to certain congressional committees whether: (1) retail investors and other customers are being harmed due to brokers or dealers operating under different standards of conduct than those applicable to investment advisors under the Investment Advisers Act of 1940; (2) alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under such different standards of conduct; (3) adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact their commissions and the availability of proprietary products offered by brokers and dealers, as well as the ability of brokers and dealers to engage in principal transactions with customers; and (4) adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations. Requires the SEC: (1) to publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to standards of conduct applicable to brokers, dealers, and investment advisors; and (2) in proposing rules to consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors. H.R. 2656/S.3417 Receiving Electronic Statements To Improve Retiree Earnings Act: To amend the Employee Retirement and Income Security Act of 1974 and the Internal Revenue Code of 1986 to provide for the electronic delivery of pension plan information. H.R.4293 - Affordable Retirement Advice Protection Act: to amend the Employee Retirement Income Security Act of 1974 to ensure that retirement investors receive advice in their best interests H. R. 4294 -To amend the Internal Revenue Code of 1986 to ensure that retirement investors receive advice in their best interests. Strengthening Access to Valuable Education and Retirement Support Act of 2015 H.R. 4955 - Pension and Budget Integrity Act of 2016 - to amends the Employee Retirement Income Security Act of 1974 (ERISA) to exclude the receipts and disbursements of the Pension Benefit Guaranty Corporation (PBGC) from the federal budget. H.R. 5731 - Secure, Accessible, Valuable, Efficient Universal Pension Accounts (SAVE UPs) Act would universalize retirement savings accounts so every American worker would have an opportunity to generate tax-advantaged assets. H.R.6396 - Retirement Security for American Workers Act, to amend the Internal Revenue Code of 1986 to modify the qualification requirements with respect to certain multiple employer plans with pooled plan providers. S.245-Automatic IRA Act of 2015: Amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation; (2) require the Secretary of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in an automatic IRA arrangement and to provide participants with an annual statement setting forth payments, earnings, value, and other specified information; (3) impose a penalty on employers who fail to provide eligible employees access to an automatic IRA arrangement; (4) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement; and (5) increase the dollar limitation on the tax credit for small employer pension plan startup costs. Establishes an Automatic IRA Advisory Group to make recommendations regarding automatic IRA investment options. Requires the Secretary and the Secretary of Labor to jointly conduct feasibility studies on: (1) extending spousal consent requirements to automatic IRA arrangements; (2) automatically transferring amounts saved by employees in retirement bonds into alternative, private sector, diversified investments when employees' automatic IRA balances reach a certain dollar level; (3) using investment data to notify individuals with multiple small balance retirement accounts of consolidation options; and (4) using investment arrangements associated with automatic IRAs to assist in addressing the problem of abandoned accounts. Directs the Secretaries to prescribe administrative guidance for the use of multiple employer plans by December 31, 2015. S.266 - Retirement Security Act of 2015-Directs the Secretary of the Treasury to: (1) prescribe final regulations to permit employers to participate in multiple employer pension benefit plans, (2) promulgate regulations or other guidance to simplify and clarify rules relating to the timing of participant notices required under tax-preferred pension plans and the automatic escalation rules, and (3) modify the 1040EZ tax return form to allow taxpayers to claim the tax credit for retirement savings (saver's credit) on such form. Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code, with respect to employer pension benefit plans, to: (1) allow employers to maintain a tax-exempt multiple employer pension benefit plan even if the employers sponsoring the plan share no common interest, (2) modify requirements for secure deferral arrangements with respect to nondiscrimination and employer matching contributions, and (3) allow employers with not more than 100 employees a business-related tax credit to cover increased matching contributions required by this Act. S.324: Shrinking Emergency Account Losses Act of 2015 or the SEAL Act-Amends the Internal Revenue Code, with respect to loans made from a qualified employer pension plan, to: (1) extend the period for repayment of loans if a plan terminates or a plan participant becomes unemployed, and (2) prohibit plans from allowing the use of credit cards or similar arrangements to access loan amounts. Requires the Secretary of the Treasury to modify regulations governing hardship distributions from qualified employer pension plans to allow participants to make additional contributions to a plan during the six month period following a hardship distribution. S.2502: Affordable Retirement Advice Protection Act This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to define "investment advice," as it relates to fiduciary duties under such Act, as a recommendation that relates to: (1) the advisability of acquiring, holding, disposing, or exchanging any moneys or other property of a pension plan (or Individual Retirement Account) by the plan, plan participants, or plan beneficiaries, including any recommendation regarding whether to take a distribution of benefits from the plan or any recommendation relating to a rollover or distribution from such plan; (2) the management of moneys or other property of the plan, including recommendations relating to the management of plan assets to be rolled over or otherwise distributed from the plan; or (3) the advisability of retaining or ceasing to retain a person who would receive a fee or other compensation for providing investment advice. Investment advice must be rendered pursuant to either: (1) a written acknowledgment of the obligation of the investment advisor to act in accordance with fiduciary standards under ERISA; or (2) a mutual agreement, arrangement, or understanding that may include limitations on scope, timing, and responsibility to provide ongoing monitoring or advice services. The bill allows an exemption from ERISA prohibited transactions rules for investment advice: (1) for which no more than reasonable compensation is paid; or (2) that is based on a limited range of investment options or may result in variable income to the investment advisor if a clearly-stated notice is provided to the advice recipient that the same or similar investments may be available at a greater or lesser cost from other sources. The bill prohibits the Department of Labor from amending any rules or administrative positions regarding investment advice promulgated under ERISA and no such rules or administrative positions promulgated prior to the enactment date of this Act, but not effective on January 1, 2015, may become effective unless a bill or joint resolution specifically approving such rules or positions is enacted not later than 60 days after the enactment of this Act. S.3240: Pension and Budget Integrity Act of 2016 - This bill prohibits provisions that increase or extend an increase of Pension Benefit Guaranty Corporation (PBGC) premiums from being counted as an offset to determine budget points of order for legislation in the House or the Senate. The Retirement Enhancement and Savings Act of 2016: included broad retirement-related benefits, such as enhancements to 401(k) plans, MEPs, a repeal of the maximum age for individual retirement account (IRA) contributions, and a start-up credit for small employer plans.

Client expense: $530,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to Department of Labors proposed rule-fiduciary rule making, which defines when a person providing investment advice becomes a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA); Issues related to: Congressional Budget Office (CBO) 10 year budgets and scoring of retirement tax deferrals; H.R. 2029, Consolidated Appropriations Act of 2016; and H.R. 1090, Retail Investor Protection Act; H.R.4293, Affordable Retirement Advice Protection Act; H.R.4294, Strengthening Access to Valuable Education and Retirement Support Act (SAVERS Act) of 2015; S.2502, Affordable Retirement Advice Protection Act; S.2505, SAVERS Act of 2016; S.2497, Retail Investor Protection Act of 2016. Issues related to reforming the U.S. Tax code; (H.J.Res.88; S.J.Res.33); issues related to Open Multiple Employer Plans; issues related to auto enrollment in employer-sponsored plans; issues related to expanding retirement plan coverage; issues related to reducing leakage from the retirement system and ensuring adequate income in retirement; Retirement Enhancement and Savings Act

Client expense: $950,000 · Firm income: Not reported

Government targets: Consumer Financial Protection Bureau (CFPB), Defense, Dept of (DOD), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), Natl Economic Council (NEC), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office

PL-114-1 TRIA/NARAB II Implementation HR 1090- Retail Investor Protection Act (all provisions) DOL Fiduciary Standard HR 1550- FSOC Improvement Act (all provisions) S 1086- International Insurance Capital Standards Accountability Act (all provisions) HFIAA (Homeowner Flood Insurance Affordability Act) Implementation HR 2141- International Insurance Standards Transparency and Policyholder Protection Act (all provisions) S 1679 and HR 2901- Flood Insurance Market Parity Act (all provisions) HR 3794- Non Profit Property Protection Act (all provisions) HR 4107- Flood Insurance Transparency Act (all provisions) S 2497- Retail Investor Protection Act (all provisions) S 2505 and HR 4292- SAVERS Act (all provisions) S 2502 and HR 4293- Affordable Retirement Advice Protection Act (all provisions) HR 3922- Retirement Choice Protection Act (all provisions) HR 5177- National Mitigation Investment Act (all provisions) HR 3583- Prepare Act (title V, flood insurance claims & process reforms) HR 5143- Transparent Insurance Standards Act (all provisions) HJ Res 88- CRA DOL Fiduciary Resolution (all provisions) HR 6104- Timely Payments to Flooded Victims Act (all provisions) HR 6159- Foreign Account Tax Compliance Act (all provisions) HR 5983- CHOICE Act (insurance provisions) HR 2230- Disaster Savings Account Act of 2015 (all provisions) HR 6270 & S 3424- To prevent the avoidance of tax by insurance companies through reinsurance with non-taxed affiliates (all provisions) HR 6436- US Insurance Regulation Works Act (all provisions)

Client expense: $230,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Farm Credit Administration, Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Reserve System, Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Labor, Dept of (DOL), Natl Credit Union Administration (NCUA), Office of Management & Budget (OMB), SENATE, Treasury, Dept of

HR1090 - Retail Investor Protection Act - SEC & DOL to work together before releasing rules relating to a fiduciary duty standard. HR 4294/S2505 - SAVERS Act - Revisions to fiduciary proposal HR 4293/S2502 - Affordable Retirement Advice Protection Act - Revisions to fiduciary proposal HR 185 - Regulatory Accountability Act - Provisions amending burdensome regulations HR 2141 - International Standards Transparency & Policyholder Protection Act - Provisions regarding regulatory consultation on domestic insurance standards. Sen Hatch report on taxes, Speaker Ryan Developing Comprehensive Tax Reform Proposal, Camp comprehensive discussion draft on tax reform, American Business Competitiveness Act - provisions impacting the insurance and banking industries. S 1484 - Financial Regulatory Improvement Act - Federal Reserve procedures, insurance advisory committee, source of strength requirements & other mid-size bank relief. House W&M Cmte tax reform blueprint - provisions impacting insurance & banking. DC Health Exchange Assessment - double taxation, impact to non health products BPC Retirement Recommendations Long Term Care Policy Recommendations HR 4510/S2270-Dodd-Frank Act Capital requirements HR 1478/S798 - Source of Strength requirements HR 5465 - Regulatory relief, capital requirements HR 5485 - Extending or limiting appropriations to our regulatory agencies HR 5143 - Transparent Insurers Standards Act - capital standards draft DI-Auto enroll legislation McCrery-Pomeroy SSDI Initiative Recommendations

Client expense: $158,000 · Firm income: Not reported

Government targets: Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE

Issues related to IRA and pension reform. Issues related to investment advice made in connection with retirement products: H.R. 1090, S. 1317 and H.R. 2317. Issues related to individuals and businesses investing in retirement vehicles, plan funding limits, participation and disclosure rules, exemptions, employer and plan sponsor duties and safe harbors: H.R. 4293, S. 2502, H.R. 506, S. 245, H.R. 3050 and H.R. 4094.

Client expense: $612,770 · Firm income: Not reported

Government targets: Centers For Medicare and Medicaid Services (CMS), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Internal Revenue Service (IRS), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Issues related to the effect of the Department of Labor's fiduciary definition regulation and coordination of such regulation with possible SEC action on broker/dealer standard of care. H.R. 1090/S.2497, Retail Investor Protection Act. H.R. 4293/S.2502, the Affordable Retirement Advice Act. H.R. 4294/S.2505, the Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act. H.J. Res. 88, Disapproving the rule submitted by the Department of Labor related to the definition of fiduciary. H.R.5983, Financial CHOICE Act.

Client expense: Not reported · Firm income: $40,000

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE

H.R. 1713 - Student Loan Repayment Assistance Act of 2015 (Expands Section 127 of IRC.) H.R. 3861 - Employer Participation in Student Loan Assistance Act (Expands Sec. 127 of IRC.) H.R. 4363 - Student Tax Affordability and Relief Act (Expands Sec. 127 of IRC.) H.R. 4867 - Working Families Relief Act (Expands Sec. 127 of IRC.) H.R. 4955 - Pension and Budget Integrity Act of 2016 (PBGC Budget legislation.) H.R. 5191 - Higher Education Loan Payments (HELP) for Students and Parents Act (Expands Sec. 127 of the IRC.) Senate Bill - Pension and Budget Integrity Act of 2016 (PBGC Budget legislation.) S. 245 & H.R. 506 - Automatic IRA Act of 2015 (Auto enroll employees in an IRA.) S. 266 & H.R. 557 - Retirement Security Act of 2015 (Design flexibility in multi-employer pension plans.) S. 2502 & H.R. 4293 - Affordable Retirement Advice Protection Act (Response to DOL Fiduciary Rule.) S. 2505 & H.R. 4294 - Strengthening Access to Valuable Education and Retirement Support Act (Response to DOL Fiduciary Rule.) S. 3240 - Pension and Budget Integrity Act of 2016 (PBGC Budget legislation.) Definition of 'Fiduciary' - DOL Multi-Employer Pension Reform Legislation - House and Senate Pension Non-Discrimination Meetings - House and Senate Retirement Savings through MYRA - White House Tax Reform & Retirement Security Task Force- House and Senate

Client expense: $556,129 · Firm income: Not reported

Government targets: Equal Employment Opportunity Commission (EEOC), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Labor, Dept of (DOL), Natl Labor Relations Board (NLRB), SENATE, Small Business Administration (SBA), Treasury, Dept of, White House Office

H.R. 557 (Retirement Security Act of 2015); H.R. 1090 (Retail Investor Protection Act); H.R. 2656 (Receiving Electronic Statements To Improve Retiree Earnings Act); H.R. 4114 (First Time Homeowner Savings Plan Act); H.R. 4293 (Affordable Retirement Advice Protection Act); H.R. 4294 (SAVERS Act of 2015); S. 266 (Retirement Security Act of 2015); S. 2216 (Senior$afe Act of 2015); S. 2502 (Affordable Retirement Advice Protection Act); S. 2505 (SAVERS Act of 2016); SAFE Retirement Act (not yet reintroduced); DOL ERISA Fiduciary Duty Rulemaking; Preservation of tax incentives for retirement plans; Policy relating to increasing retirement security through voluntary automatic IRA and open multiple employer plans (MEPs).

Client expense: $1,620,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Executive Office of the President (EOP), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, Ginnie Mae, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Labor, Dept of (DOL), Natl Credit Union Administration (NCUA), Natl Economic Council (NEC), Natl Security Council (NSC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Treasury, Dept of, U.S. Trade Representative (USTR)

H.R. 506 - Automatic IRA Act of 2015; entire bill H.R. 557 - Retirement Security Act of 2015; entire bill H.R. 2317 - Lifetime Income Disclosure Act; entire bill H.R. 2656 - Receiving Electronic Statements To Improve Retiree Earnings (RETIRE) Act; entire bill H.R. 4045 - USAccounts: Investing in Americas Future Act of 2015; entire bill H.R. 4293 - Affordable Retirement Advice Protection Act; entire bill H.R. 4294 - Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act; entire bill H.R. 4773 - Protecting Workplace Advancement and Opportunity Act; entire bill H.R. 4538 - Senior$afe Act of 2016; entire bill H.R. 5731 - Secure, Accessible, Valuable, Efficient Universal Pension Accounts Act or SAVE UP Act; entire bill S. 245 - Automatic IRA Act of 2015; entire bill S. 266 - Retirement Security Act of 2015; entire bill S. 1317 - Lifetime Income Disclosure Act; entire bill S. 2216 - Senior$afe Act of 2015; entire bill S. 2472 - The American Savings Act; entire bill S. 2497 - Retail Investor Protection Act of 2016; entire bill S. 2502 - Affordable Retirement Advice Protection Act; entire bill S. 2505 - SAVERS Act; entire bill S. 2702 - ABLE to Work Act of 2016; entire bill S. 3307 - To Amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to avoid duplicative annual reporting, and for other purposes; entire bill S. 3417 -Receiving Electronic Statements To Improve Retiree Earnings Act or RETIRE Act; entire bill Appropriations bills for Department of Labor funding; provisions relating to the DOLs proposed ERISA fiduciary regulation Not Yet Introduced: Secure Annuities for Employee Retirement Act, provisions relating to use of private annuities in retirement plans Not Yet Introduced: Draft legislation to allow new multi-employer pension plan designs

Client expense: $560,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Legislation and rulemaking affecting annuities, variable life products and retirement savings including Obama Administration and Congressional proposals on tax reform. Lifetime Income Disclosure Act of 2015, legislation that proposes to amend the Employee Retirement Income Security Act of 1974 to require disclosure of lifetime income equivalents (114th Cong., H.R. 2137, S.1317). Proposals at the Department of Treasury for increasing Americans' access to guaranteed lifetime income solutions. Proposals at the Department of Labor for increasing Americans' access to guaranteed lifetime income solutions. Department of Labor rule to expand the scope of persons and entities that would be considered a fiduciary under the Employee Retirement Income Security Act. Securities and Exchange Commission proposed rule to expand the scope of persons and entities that would be considered a fiduciary under the Employee Retirement Income Security Act. Automatic IRA Act of 2015 (114th Cong., H.R. 506), legislation that Amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualified retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation. Retirement Plan Simplification and Enhancement Act of 2013 (113th Cong.), legislation to improve the rules governing lifetime income products and other retirement savings vehicles. Retirement Security Act of 2015 (H.R. 557, S.266), expand the ability of Americans to better save for their retirement and would encourage the use of private multiple employer plans. Department of Labor rules for states to create retirement savings programs. The Retail Investor Protection Act (H.R. 1090, S.2497), DOL fiduciary rulemaking. The Retirement Choice Protection Act (H.R. 3922), DOL fiduciary rulemaking. The Affordable Retirement Advice Protection Act (H.R. 4293, S.2502), DOL fiduciary rulemaking. The SAVERS Act (H.R. 4294, S.2505), DOL fiduciary rulemaking. The Consolidated Omnibus Appropriations Act (H.R. 2029), DOL fiduciary rulemaking. The SAVE Act (H.R. 4067), improve existing SIMPLE IRA and SIMPLE 401(k) retirement plans to make it easier for small businesses to offer savings plans to their employees. Womens Pension Protection Act (S.2110), strengthen consumer protections to safeguard retirement savings, improve access to retirement savings plans for long-term, part-time workers - the majority of whom are women - and help increase womens financial literacy. The Senior$afe Act (H.R. 4538, S.2216), clarify existing laws to allow and encourage financial service representatives at banks and credit unions, investment advisors, and broker-dealers to report suspected financial fraud targeting seniors to regulators, law enforcement, or adult protective service agencies. The Receiving Electronic Statements to Improve Retiree Earnings Act (H.R. 2656), amends ERISA of 1974 and IRC of 1986 to provide for electronic delivery of pension plan information. The Retirement Savings Lost and Found Act of 2016 (S.3078), to increase the portability of and access to retirement savings. Financial CHOICE Act of 2016 (H.R. 5983). Secure, Accessible, Valuable, Efficient Universal Pension Accounts (SAVE UPs) Act. Retirement Enhancement and Savings Act of 2016. Sen. Wyden Discussion Draft on Retirement Savings and IRAs.

Client expense: $60,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Legislation and rulemaking affecting annuities, variable life products and retirement savings including Obama Administration and Congressional proposals on tax reform. Public Law 111-203, Dodd-Frank Wall Street Reform and Consumer Protection Act of 2013, implementation and regulatory reform. Lifetime Income Disclosure Act (114th Cong., H.R. 2317 and S.1317), legislation that proposes to amend the Employee Retirement Income Security Act of 1974 to require disclosure of lifetime income equivalents. The Retirement Plan Simplification and Enhancement Act of 2013 (113th Cong.), legislation to improve the rules governing lifetime income products and other retirement savings vehicles. Proposals at the Department of Treasury for increasing Americans' access to guaranteed lifetime income solutions. Proposals at the Department of Labor for increasing Americans' access to guaranteed lifetime income solutions. Proposals at the Securities and Exchange Commission for a potential rulemaking on the harmonization of the standard of care for investment advisors and broker-dealers. Department of Labor rule to expand the scope of persons and entities that would be considered a fiduciary under the Employee Retirement Income Security Act. Securities and Exchange Commission proposed rule to expand the scope of persons and entities that would be considered a fiduciary under the Employee Retirement Income Security Act. National Association of Registered Agents and Brokers Reform Act of 2015 (114th Cong.), commonly known as NARAB II, which is legislation to reform the National Association of Registered Agents and Brokers to provide for streamlined non-resident insurance agent and broker licensing. Proposal with the Securities and Exchange Commission for a rulemaking to provide for the acceptance of a summary prospectus for variable annuities. Terrorism Risk Insurance Program Reauthorization Act of 2015 (P.L. 114-1). Retirement Security Act of 2015 (H.R. 557, S.266), expand the ability of Americans to better save for their retirement and encourage the use of private multiple employer plans. International Insurance Standards Transparency Act (H.R. 2141). The Retail Investor Protection Act (H.R. 1090, S. 2497), DOL fiduciary rulemaking. The Retirement Choice Protection Act (H.R. 3922), DOL fiduciary rulemaking. The Affordable Retirement Advice Protection Act (H.R. 4293, S.2502), DOL fiduciary rulemaking. The SAVERS Act (H.R. 4294, S.2505), DOL fiduciary rulemaking. The SAVE Act (H.R. 4067), improve existing SIMPLE IRA and SIMPLE 401(k) retirement plans to make it easier for small businesses to offer savings plans to their employees. Financial CHOICE Act of 2016 (H.R. 5983).

Client expense: $60,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Issues related to the Consumer Financial Protection Bureau and consumer financial protection, generally; H.R. 1261: Bureau of Consumer Financial Protection Accountability Act H.R. 1266: Financial Product Safety Commission Act H.R. 1263: Consumer Financial Protection Safety and Soundness Improvement Act H.R. 1737: Reforming CFPB Indirect Auto Financing Guidance Act Issues related to Department of Labor's rule on redefining Fiduciary under ERISA, generally: H.R. 4294 / S. 2505: Savers Act 2015 H.R. 1090 / S. 2497: Retail Investor Protection Act H.R. 4293 / S. 2502: Affordable Retirement Advice Protection Act H.J.Res.88: Disapproving the rule submitted by the Department of Labor relating to the definition of the term "Fiduciary"

Client expense: $1,360,000 · Firm income: Not reported

Government targets: Centers For Medicare and Medicaid Services (CMS), Consumer Financial Protection Bureau (CFPB), Federal Aviation Administration (FAA), Federal Communications Commission (FCC), Federal Emergency Management Agency (FEMA), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Transportation, Dept of (DOT), Treasury, Dept of

Implementation and modification to proposed rulemaking entitled, "Definition of the Term Fiduciary; Conflict of Interest Rule - Retirment Investment Advice" published by the U.S. Department of Labor (80 FR 21927) as well as alternative bipartisan legislative approached, such as: H.R. 1090/S. 2497, Retail Investor Protection Act H.R. 4294/S. 2505, the Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act. H.R. 4293/S. 2502, the Affordable Retirement Advice Protection (ARAP) Act. S. 3040/House (unnumbered), Labor, Health and Human Services Appropriations, 2017 H.J. Res. 88/S.J. Res 33, Resolution of Disapproval.

Client expense: $400,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Federal Aviation Administration (FAA), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Office of Management & Budget (OMB), SENATE, Transportation, Dept of (DOT), Treasury, Dept of, U.S. Postal Service (USPS)

Implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act related to the Financial Stability Oversight Council. Fiduciary standards for life insurance agents and federal insurance office. DOL rule on fiduciary standards. Capital standards for the insurance industry. "SAVERS Act of 2016," S.2505. "Affordable Retirement Advice Protection Act," H.R.4293, S.2502.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

HR1090 - Retail Investor Protection Act - SEC & DOL to work together before releasing rules relating to a fiduciary duty standard. HR 4294/S2505 - SAVERS Act - Revisions to fiduciary proposal HR 4293/S2502 - Affordable Retirement Advice Protection Act - Revisions to fiduciary proposal HR 185 - Regulatory Accountability Act - Provisions amending burdensome regulations HR 2141 - International Standards Transparency & Policyholder Protection Act - Provisions regarding regulatory consultation on domestic insurance standards. Sen Hatch report on taxes, Speaker Ryan Developing Comprehensive Tax Reform Proposal, Camp comprehensive discussion draft on tax reform, American Business Competitiveness Act - provisions impacting the insurance and banking industries. S 1484 - Financial Regulatory Improvement Act - Federal Reserve procedures, insurance advisory committee, source of strength requirements & other mid-size bank relief. House W&M Cmte tax reform blueprint - provisions impacting insurance & banking. DC Health Exchange Assessment - double taxation, impact to non health products BPC Retirement Recommendations Long Term Care Policy Recommendations HR 4510/S2270-Dodd-Frank Act Capital requirements HR 1478/S798 - Source of Strength requirements HR 5465 - Regulatory relief, capital requirements HR 5485 - Extending or limiting appropriations to our regulatory agencies HR 5143 - Transparent Insurers Standards Act - capital standards

Client expense: $288,000 · Firm income: Not reported

Government targets: Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), SENATE

Issues related to IRA and pension reform. Issues related to investment advice made in connection with retirement products: H.R. 1090, S. 1317 and H.R. 2317. Issues related to individuals and businesses investing in retirement vehicles, plan funding limits, participation and disclosure rules, exemptions, employer and plan sponsor duties and safe harbors: H.R. 4293, S. 2502, H.R. 506, S. 245, H.R. 3050 and H.R. 4094.

Client expense: $568,000 · Firm income: Not reported

Government targets: Centers For Medicare and Medicaid Services (CMS), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Internal Revenue Service (IRS), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R.506: Automatic IRA Act of 2015- Amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation; (2) require the Secretary of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in an automatic IRA arrangement and to provide participants with an annual statement setting forth payments, earnings, value, and other specified information; (3) impose a penalty on employers who fail to provide eligible employees access to an automatic IRA arrangement; (4) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement; and (5) increase the dollar limitation on the tax credit for small employer pension plan startup costs. Establishes an Automatic IRA Advisory Group to make recommendations regarding automatic IRA investment options. Requires the Secretary and the Secretary of Labor to jointly conduct feasibility studies on: (1) extending spousal consent requirements to automatic IRA arrangements; (2) automatically transferring amounts saved by employees in retirement bonds into alternative, private sector, diversified investments when employees' automatic IRA balances reach a certain dollar level; (3) using investment data to notify individuals with multiple small balance retirement accounts of consolidation options; and (4) using investment arrangements associated with automatic IRAs to assist in addressing the problem of abandoned accounts. Directs the Secretaries to prescribe administrative guidance for the use of multiple employer plans by December 31, 2015. H.R.557: Retirement Security Act of 2015- Directs the Secretary of the Treasury to: (1) prescribe final regulations to permit employers to participate in multiple employer pension benefit plans, (2) promulgate regulations or other guidance to simplify and clarify rules relating to the timing of participant notices required under tax-preferred pension plans and the automatic escalation rules, and (3) modify the 1040EZ tax return form to allow taxpayers to claim the tax credit for retirement savings (saver's credit) on such form. Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code, with respect to employer pension benefit plans, to: (1) allow employers to maintain a tax-exempt multiple employer pension benefit plan even if the employers sponsoring the plan share no common interest, (2) modify requirements for secure deferral arrangements with respect to nondiscrimination and employer matching contributions, and (3) allow employers with not more than 100 employees a business-related tax credit to cover increased matching contributions required by this Act. H.R. 1090/S.2497: Retail Investor Protection Act-Prohibits the Secretary of Labor from prescribing any regulation under the Employee Retirement Income Security Act of 1974 (ERISA) defining the circumstances under which an individual is considered a fiduciary until 60 days after the Securities and Exchange Commission (SEC) issues a final rule governing standards of conduct for brokers and dealers under specified law. Amends the Securities Exchange Act of 1934 to prohibit the SEC from promulgating a rule establishing an investment advisor standard of conduct as the standard of conduct of brokers and dealers before it reports to certain congressional committees whether: (1) retail investors and other customers are being harmed due to brokers or dealers operating under different standards of conduct than those applicable to investment advisors under the Investment Advisers Act of 1940; (2) alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under such different standards of conduct; (3) adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact their commissions and the availability of proprietary products offered by brokers and dealers, as well as the ability of brokers and dealers to engage in principal transactions with customers; and (4) adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized, cost-effective investment advice and recommendations. Requires the SEC: (1) to publish in the Federal Register formal findings that such rule would reduce retail customer confusion or harm due to standards of conduct applicable to brokers, dealers, and investment advisors; and (2) in proposing rules to consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors. H.R. 2656/S.3417 Receiving Electronic Statements To Improve Retiree Earnings Act: To amend the Employee Retirement and Income Security Act of 1974 and the Internal Revenue Code of 1986 to provide for the electronic delivery of pension plan information. H.R.4293 - Affordable Retirement Advice Protection Act: to amend the Employee Retirement Income Security Act of 1974 to ensure that retirement investors receive advice in their best interests H. R. 4294 -To amend the Internal Revenue Code of 1986 to ensure that retirement investors receive advice in their best interests. Strengthening Access to Valuable Education and Retirement Support Act of 2015 H.R. 4955 - Pension and Budget Integrity Act of 2016 - to amends the Employee Retirement Income Security Act of 1974 (ERISA) to exclude the receipts and disbursements of the Pension Benefit Guaranty Corporation (PBGC) from the federal budget. S.245-Automatic IRA Act of 2015: Amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation; (2) require the Secretary of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in an automatic IRA arrangement and to provide participants with an annual statement setting forth payments, earnings, value, and other specified information; (3) impose a penalty on employers who fail to provide eligible employees access to an automatic IRA arrangement; (4) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement; and (5) increase the dollar limitation on the tax credit for small employer pension plan startup costs. Establishes an Automatic IRA Advisory Group to make recommendations regarding automatic IRA investment options. Requires the Secretary and the Secretary of Labor to jointly conduct feasibility studies on: (1) extending spousal consent requirements to automatic IRA arrangements; (2) automatically transferring amounts saved by employees in retirement bonds into alternative, private sector, diversified investments when employees' automatic IRA balances reach a certain dollar level; (3) using investment data to notify individuals with multiple small balance retirement accounts of consolidation options; and (4) using investment arrangements associated with automatic IRAs to assist in addressing the problem of abandoned accounts. Directs the Secretaries to prescribe administrative guidance for the use of multiple employer plans by December 31, 2015. S.266 - Retirement Security Act of 2015-Directs the Secretary of the Treasury to: (1) prescribe final regulations to permit employers to participate in multiple employer pension benefit plans, (2) promulgate regulations or other guidance to simplify and clarify rules relating to the timing of participant notices required under tax-preferred pension plans and the automatic escalation rules, and (3) modify the 1040EZ tax return form to allow taxpayers to claim the tax credit for retirement savings (saver's credit) on such form. Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code, with respect to employer pension benefit plans, to: (1) allow employers to maintain a tax-exempt multiple employer pension benefit plan even if the employers sponsoring the plan share no common interest, (2) modify requirements for secure deferral arrangements with respect to nondiscrimination and employer matching contributions, and (3) allow employers with not more than 100 employees a business-related tax credit to cover increased matching contributions required by this Act. S.324: Shrinking Emergency Account Losses Act of 2015 or the SEAL Act-Amends the Internal Revenue Code, with respect to loans made from a qualified employer pension plan, to: (1) extend the period for repayment of loans if a plan terminates or a plan participant becomes unemployed, and (2) prohibit plans from allowing the use of credit cards or similar arrangements to access loan amounts. Requires the Secretary of the Treasury to modify regulations governing hardship distributions from qualified employer pension plans to allow participants to make additional contributions to a plan during the six month period following a hardship distribution. S.2502: Affordable Retirement Advice Protection Act This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to define "investment advice," as it relates to fiduciary duties under such Act, as a recommendation that relates to: (1) the advisability of acquiring, holding, disposing, or exchanging any moneys or other property of a pension plan (or Individual Retirement Account) by the plan, plan participants, or plan beneficiaries, including any recommendation regarding whether to take a distribution of benefits from the plan or any recommendation relating to a rollover or distribution from such plan; (2) the management of moneys or other property of the plan, including recommendations relating to the management of plan assets to be rolled over or otherwise distributed from the plan; or (3) the advisability of retaining or ceasing to retain a person who would receive a fee or other compensation for providing investment advice. Investment advice must be rendered pursuant to either: (1) a written acknowledgment of the obligation of the investment advisor to act in accordance with fiduciary standards under ERISA; or (2) a mutual agreement, arrangement, or understanding that may include limitations on scope, timing, and responsibility to provide ongoing monitoring or advice services. The bill allows an exemption from ERISA prohibited transactions rules for investment advice: (1) for which no more than reasonable compensation is paid; or (2) that is based on a limited range of investment options or may result in variable income to the investment advisor if a clearly-stated notice is provided to the advice recipient that the same or similar investments may be available at a greater or lesser cost from other sources. The bill prohibits the Department of Labor from amending any rules or administrative positions regarding investment advice promulgated under ERISA and no such rules or administrative positions promulgated prior to the enactment date of this Act, but not effective on January 1, 2015, may become effective unless a bill or joint resolution specifically approving such rules or positions is enacted not later than 60 days after the enactment of this Act. S.3240: Pension and Budget Integrity Act of 2016 - This bill prohibits provisions that increase or extend an increase of Pension Benefit Guaranty Corporation (PBGC) premiums from being counted as an offset to determine budget points of order for legislation in the House or the Senate. The Retirement Enhancement and Savings Act of 2016: included broad retirement-related benefits, such as enhancements to 401(k) plans, MEPs, a repeal of the maximum age for individual retirement account (IRA) contributions, and a start-up credit for small employer plans.

Client expense: $426,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to Department of Labors proposed rule-fiduciary rule making, which defines when a person providing investment advice becomes a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA); Issues related to: Congressional Budget Office (CBO) 10 year budgets and scoring of retirement tax deferrals; H.R. 2029, Consolidated Appropriations Act of 2016; and H.R. 1090, Retail Investor Protection Act; H.R.4293, Affordable Retirement Advice Protection Act; H.R.4294, Strengthening Access to Valuable Education and Retirement Support Act (SAVERS Act) of 2015; S.2502, Affordable Retirement Advice Protection Act; S.2505, SAVERS Act of 2016; S.2497, Retail Investor Protection Act of 2016. Issues related to reforming the U.S. Tax code; (H.J.Res.88; S.J.Res.33); issues related to Open Multiple Employer Plans; issues related to auto enrollment in employer-sponsored plans; issues related to expanding retirement plan coverage; issues related to reducing leakage from the retirement system and ensuring adequate income in retirement; Retirement Enhancement and Savings Act

Client expense: $940,000 · Firm income: Not reported

Government targets: Consumer Financial Protection Bureau (CFPB), Defense, Dept of (DOD), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), Natl Economic Council (NEC), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office

PL-114-1 TRIA/NARAB II Implementation HR 1090- Retail Investor Protection Act (all provisions) DOL Fiduciary Standard HR 1550- FSOC Improvement Act (all provisions) S 1086- International Insurance Capital Standards Accountability Act (all provisions) HFIAA (Homeowner Flood Insurance Affordability Act) Implementation HR 2141- International Insurance Standards Transparency and Policyholder Protection Act (all provisions) S 1679 and HR 2901- Flood Insurance Market Parity Act (all provisions) HR 3794- Non Profit Property Protection Act (all provisions) HR 4107- Flood Insurance Transparency Act (all provisions) S 2497- Retail Investor Protection Act (all provisions) S 2505 and HR 4292- SAVERS Act (all provisions) S 2502 and HR 4293- Affordable Retirement Advice Protection Act (all provisions) HR 3922- Retirement Choice Protection Act (all provisions) HR 5177- National Mitigation Investment Act (all provisions) HR 3583- Prepare Act (title V, flood insurance claims & process reforms) HR 5143- Transparent Insurance Standards Act (all provisions) HJ Res 88- CRA DOL Fiduciary Resolution (all provisions) HR 6104- Timely Payments to Flooded Victims Act (all provisions) HR 6159- Foreign Account Tax Compliance Act (all provisions) HR 5983- CHOICE Act (insurance provisions) HR 2230- Disaster Savings Account Act of 2015 (all provisions) HR 6270 & S 3424- To prevent the avoidance of tax by insurance companies through reinsurance with non-taxed affiliates (all provisions)

Client expense: $220,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Federal Emergency Management Agency (FEMA), Government Accountability Office (GAO), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Labor, Dept of (DOL), Office of Management & Budget (OMB), SENATE, Treasury, Dept of

Issues related to the effect of the Department of Labor's fiduciary definition regulation and coordination of such regulation with possible SEC action on broker/dealer standard of care. H.R. 1090/S.2497, Retail Investor Protection Act. H.R. 4293/S.2502, the Affordable Retirement Advice Act. H.R. 4294/S.2505, the Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act. H.J. Res. 88, Disapproving the rule submitted by the Department of Labor related to the definition of fiduciary.

Client expense: Not reported · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES

H.R. 4955 - Pension and Budget Integrity Act of 2016 (PBGC Budget Legislation) S. 245 & H.R. 506 - Automatic IRA Act of 2015 (Auto enroll employees in an IRA.) S. 266 & H.R. 557 - Retirement Security Act of 2015 (Design flexibility in multi-employer pension plans.) S. 2502 & H.R. 4293 - Affordable Retirement Advice Protection Act (Response to DOL Fiduciary Rule.) S. 2505 & H.R. 4294 - Strengthening Access to Valuable Education and Retirement Support Act (Response to DOL Fiduciary Rule.) Definition of 'Fiduciary' - DOL Multi-Employer Pension Reform Legislation - House and Senate Pension Non-Discrimination Meetings - House and Senate Retirement Savings through MYRA - White House Tax Reform & Retirement Security - House

Client expense: $462,495 · Firm income: Not reported

Government targets: Equal Employment Opportunity Commission (EEOC), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Labor, Dept of (DOL), Natl Labor Relations Board (NLRB), SENATE, Small Business Administration (SBA), Treasury, Dept of, White House Office

H.R. 557 (Retirement Security Act of 2015); H.R. 637 (Permanent IRA Charitable Contribution Act of 2015); H.R. 1090 (Retail Investor Protection Act); H.R. 2656 (Receiving Electronic Statements To Improve Retiree Earnings Act); H.R. 4114 (First Time Homeowner Savings Plan Act); H.R. 4293 (Affordable Retirement Advice Protection Act); H.R. 4294 (SAVERS Act of 2015); S. 266 (Retirement Security Act of 2015); S. 2216 (Senior$afe Act of 2015); S. 2502 (Affordable Retirement Advice Protection Act); S. 2505 (SAVERS Act of 2016); SAFE Retirement Act (not yet reintroduced); DOL ERISA Fiduciary Duty Rulemaking; Sense of Congress resolution to preserve tax incentives; Preservation of tax incentives for retirement plans; Policy relating to increasing retirement security through voluntary automatic IRA and open multiple employer plans (MEPs).

Client expense: $1,560,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Executive Office of the President (EOP), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, Ginnie Mae, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Labor, Dept of (DOL), Natl Credit Union Administration (NCUA), Natl Economic Council (NEC), Natl Security Council (NSC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Treasury, Dept of, U.S. Trade Representative (USTR)

H.R. 4293: Affordable Retirement Advice Protection Act H.R. 4294: Strengthening Access to Valuable Education and Retirement Support Act S. 2502: Affordable Retirement Advice Protection Act S. 2505: Strengthening Access to Valuable Education and Retirement Support Act No Bill Number: Department of Labor Fiduciary Regulations

Client expense: $230,000 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Natl Economic Council (NEC), SENATE, Treasury, Dept of

H.R. 506 - Automatic IRA Act of 2015; entire bill H.R. 557 - Retirement Security Act of 2015; entire bill H.R. 2317 - Lifetime Income Disclosure Act; entire bill H.R. 2656 - Receiving Electronic Statements To Improve Retiree Earnings (RETIRE) Act; entire bill H.R. 4045 - USAccounts: Investing in Americas Future Act of 2015; entire bill H.R. 4293 - Affordable Retirement Advice Protection Act; entire bill H.R. 4294 - Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act; entire bill H.R. 4773 - Protecting Workplace Advancement and Opportunity Act; entire bill H.R. 4538 - Senior$afe Act of 2016; entire bill H.J. Res. 88 - A resolution that would block implementation of the Labor Departments new rule aimed at preventing conflicts of interest in the retirement advice sector. S. 245 - Automatic IRA Act of 2015; entire bill S. 266 - Retirement Security Act of 2015; entire bill S. 1317 - Lifetime Income Disclosure Act; entire bill S. 2216 - Senior$afe Act of 2015; entire bill S. 2472 - The American Savings Act; entire bill S. 2497 - Retail Investor Protection Act of 2016; entire bill S. 2502 - Affordable Retirement Advice Protection Act; entire bill S. 2505 - SAVERS Act; entire bill S. 2702 - ABLE to Work Act of 2016; entire bill S.J. Res. 33: A resolution that would block implementation of the Labor Departments new rule aimed at preventing conflicts of interest in the retirement advice sector. Appropriations bills for Department of Labor funding; provisions relating to the DOLs proposed ERISA fiduciary regulation Not Yet Introduced: Secure Annuities for Employee Retirement Act, provisions relating to use of private annuities in retirement plans

Client expense: $430,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

H.R. 1713 - Student Loan Repayment Assistance Act of 2015 (Expands Section 127 of IRC) H.R. 3861 - Employer Participation in Student Loan Assistance Act (Expands Sec. 127 of IRC) H.R. 4363 - Student Tax Affordability and Relief Act (Expands Sec. 127 of IRC) H.R. 4867 - Working Families Relief Act (Expands Sec. 127 of IRC) H.R. 4955 - Pension and Budget Integrity Act of 2016 (PBGC Budget Legislation) H.R. 5191 - Higher Education Loan Payments (HELP) for Students and Parents Act (Expands Sec. 127 of the IRC) Senate Bill - Pension and Budget Integrity Act of 2016 (PBGC Budget Legislation) S. 245 & H.R. 506 - Automatic IRA Act of 2015 (Auto enroll employees in an IRA.) S. 266 & H.R. 557 - Retirement Security Act of 2015 (Design flexibility in multi-employer pension plans.) S. 2502 & H.R. 4293 - Affordable Retirement Advice Protection Act (Response to DOL Fiduciary Rule.) S. 2505 & H.R. 4294 - Strengthening Access to Valuable Education and Retirement Support Act (Response to DOL Fiduciary Rule.) Definition of 'Fiduciary' - DOL Multi-Employer Pension Reform Legislation - House and Senate Pension Non-Discrimination Meetings - House and Senate Retirement Savings through MYRA - White House Tax Reform & Retirement Security Task Force- House and Senate

Client expense: $711,727 · Firm income: Not reported

Government targets: Equal Employment Opportunity Commission (EEOC), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Labor, Dept of (DOL), Natl Labor Relations Board (NLRB), SENATE, Small Business Administration (SBA), Treasury, Dept of, White House Office

Issues related to the Consumer Financial Protection Bureau and consumer financial protection, generally; H.R. 1261: Bureau of Consumer Financial Protection Accountability Act H.R. 1266: Financial Product Safety Commission Act H.R. 1263: Consumer Financial Protection Safety and Soundness Improvement Act H.R. 1737: Reforming CFPB Indirect Auto Financing Guidance Act Issues related to Department of Labor's proposed rule to redefine Fiduciary under ERISA, generally: H.R. 4294 / S. 2505: Savers Act 2015 H.R. 1090 / S. 2497: Retail Investor Protection Act H.R. 4293 / S. 2502: Affordable Retirement Advice Protection Act H.J.Res.88: Disapproving the rule submitted by the Department of Labor relating to the definition of the term "Fiduciary"

Client expense: $530,000 · Firm income: Not reported

Government targets: Centers For Medicare and Medicaid Services (CMS), Consumer Financial Protection Bureau (CFPB), Federal Aviation Administration (FAA), Federal Communications Commission (FCC), Federal Emergency Management Agency (FEMA), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Transportation, Dept of (DOT), Treasury, Dept of

Implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act related to the Financial Stability Oversight Council. Fiduciary standards for life insurance agents and federal insurance office. DOL rule on fiduciary standards. Capital standards for the insurance industry. "SAVERS Act of 2016," S.2505. "Affordable Retirement Advice Protection Act," H.R.4293, S.2502.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Issues related to IRA and pension reform. Issues related to investment advice made in connection with retirement products: H.R. 1090, S. 1317 and H.R. 2317. Issues related to individuals and businesses investing in retirement vehicles, plan funding limits, participation and disclosure rules, exemptions, employer and plan sponsor duties and safe harbors: H.R. 4293, S. 2502, H.R. 506, S. 245, H.R. 3050 and H.R. 4094.

Client expense: $568,000 · Firm income: Not reported

Government targets: Centers For Medicare and Medicaid Services (CMS), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Internal Revenue Service (IRS), Labor, Dept of (DOL), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

RET - Second Quarter Report - 2016 H.R. 506/ S. 245: Automatic IRA Act of 2015. Issue: retirement security H.R. 557/ S. 266: Retirement Security Act of 2015. Issue: retirement security H.R. 2317/ S. 1317 - Lifetime Income Disclosure Act. Issue: lifetime income illustration H.R. 2656 - The Receiving Electronic Statements to Improve Retiree Earnings Act. Issue: electronic disclosure of retirement plan notices. H.R. 3590-The Patient Protection and Affordable Care Act, Issue: Assessments under state-based insurance exchanges. H.R. 3922 - Retirement Choice Protection Act. Issue: Department of Labors proposed fiduciary rule H.R. 4067 - SAVE Act of 2015. Issue: retirement security H.R. ___/S.___ Draft legislation amending Affordable Care Act provisions on health exchange assessments. Issue: Health Exchange Assessments H.R.___/S.___Draft legislation to facilitate disability income insurance options for employees. Issue: Disability income insurance. S. 2381 - Puerto Rico Assistance Act of 2015. Issue: Department of Labors proposed fiduciary rule S. 2502/ HR 4293 - Affordable Retirement Advice Protection Act. Issue: Department of Labors proposed fiduciary rule S. 2505/HR 4294 - SAVERS Act. Issue: Department of Labors proposed fiduciary rule S. Amendment 2761 to H.R. 1314-Bipartisan Budget Act of 2015. To amend the Internal Revenue Code of 1986 to reduce the payroll tax for self-employed individuals enrolled in a private disability insurance plan, and for employers that provide such plans to their employees. Issue: disability insurance.

Client expense: $1,260,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

S. 266 - Retirement Security Act of 2015 (Collins) S. 1317 - Lifetime Income Disclosure Act (Isakson) S. 2472 - American Savings Account Act of 2016 (Merkley) S. 2502 - Affordable Retirement Advice Protection Act (Isakson) S. 2505 - Strengthening Access to Valuable Education and Retirement Support Act (Kirk) S.J. Res. 33 - Disapproving the DOL Fiduciary Rule (Isakson) H.R. 557 - Retirement Security Act of 2015 (Buchanan) H.R. 2317 - Lifetime Income Disclosure Act (Messer) H.R. 2656 - Receiving Electronic Statements to Improve Retiree Earnings Act (Polis) H.R. 4293 - Affordable Retirement Advice Protection Act (Roe) H.R. 4294 - Strengthening Access to Valuable Education and Retirement Support Act(Roskam) H.R. 5450 - American Savings Account Act of 2016 (Huffman) H.J. Res. 88 - Disapproving the DOL Fiduciary Rule (Roe) State-Run Retirement Plans

Client expense: $1,229,071 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of, White House Office

Issues related to Federal Housing Finance Reform; Department of Labor (DoL)/Securities and Exchange Commission (SEC) decision on the definition of fiduciary duty (H.J.Res.88; S.J.Res.33); Servicemembers Civil Relief Act (SCRA) issues and provisions within the National Defense Authorization Act; S.1484 Financial Regulatory Improvement Act of 2015; H.R. 1090 Retail Investor Protection Act; H.R. 1550 Financial Stability Oversight Council Improvement Act of 2015. H.R.4293, Affordable Retirement Advice Protection Act; H.R.4294, Strengthening Access to Valuable Education and Retirement Support Act (SAVERS Act) of 2015; S.2502, Affordable Retirement Advice Protection Act; S.2505, SAVERS Act of 2016; S.2497, Retail Investor Protection Act of 2016; and implications of the Federal Reserve dividend reduction section contained in PL 114-94, S.1647 - Developing a Reliable and Innovative Vision for the Economy Act.

Client expense: $1,100,000 · Firm income: Not reported

Government targets: Consumer Financial Protection Bureau (CFPB), Defense, Dept of (DOD), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), Natl Economic Council (NEC), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office

Issues related to Department of Labors proposed rule-fiduciary rule making, which defines when a person providing investment advice becomes a fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA); Issues related to: Congressional Budget Office (CBO) 10 year budgets and scoring of retirement tax deferrals; H.R. 2029, Consolidated Appropriations Act of 2016; and H.R. 1090, Retail Investor Protection Act; H.R.4293, Affordable Retirement Advice Protection Act; H.R.4294, Strengthening Access to Valuable Education and Retirement Support Act (SAVERS Act) of 2015; S.2502, Affordable Retirement Advice Protection Act; S.2505, SAVERS Act of 2016; S.2497, Retail Investor Protection Act of 2016. Issues related to reforming the U.S. Tax code; (H.J.Res.88; S.J.Res.33); issues related to Open Multiple Employer Plans; issues related to auto enrollment in employer-sponsored plans; issues related to expanding retirement plan coverage; issues related to reducing leakage from the retirement system and ensuring adequate income in retirement.

Client expense: $1,100,000 · Firm income: Not reported

Government targets: Consumer Financial Protection Bureau (CFPB), Defense, Dept of (DOD), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), Natl Economic Council (NEC), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office

Issues related to: Anti-Money Laundering (AML); S. 3067 and H.R. 5485 - FY17 Financial Services and General Government appropriations; Credit Card/Interchange Fees; Retirement Security, Department of Labor definition of fiduciary duty (H.J.Res.88; S.J.Res.33); Data Breach; Automobile Financing; Arbitration; Structure and Activities of the Office of Financial Research; S. 510 Bureau of Consumer Financial Protection-Inspector General Reform Act; S. 774 Financial Institutions Examination Fairness and Reform Act; H.R. 185 Regulatory Accountability Act; H.R. 601 Eliminate Privacy Notice Confusion Act; H.R.1233 Community Lending Enhancement and Regulatory Relief Act of 2015; H.R.37 Promoting Job Creation and Reducing Small Business Burdens Act; S.1484 Financial Regulatory Improvement Act of 2015; S. 961 The Data Security Act; H.R 2205 The Data Security Act; H.R.1550 Financial Stability Oversight Council Improvement Act of 2015; H.R 1266 Financial Product Safety Commission Act; Federal Reserve Dividend Revenue; H.R. 1090 Retail Investor Protection Act; S. 1484 Financial Regulatory Improvement Act; H.R. 3738, Office of Financial Research Accountability Act of 2015; H.R.4293, Affordable Retirement Advice Protection Act; H.R.4294, Strengthening Access to Valuable Education and Retirement Support Act (SAVERS Act) of 2015; S.2502, Affordable Retirement Advice Protection Act; S.2505, SAVERS Act of 2016; S.2497, Retail Investor Protection Act of 2016; Implications of the Federal Reserve dividend reduction section contained in PL 114-94, the Drive Act; Senior $afe Act (H.R.4538; S.2216); Financial Stability Oversight Council Reform Act (H.R.3340); issues related to cybersecurity and financial services; H.R. 1309 - Systemic Risk Designation Improvement Act of 2015.

Client expense: $1,100,000 · Firm income: Not reported

Government targets: Consumer Financial Protection Bureau (CFPB), Defense, Dept of (DOD), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), Natl Economic Council (NEC), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office

Issues related to: Flood Insurance; Retirement Security/Annuities, Department of Labor definition of fiduciary duty; H.R.1550, To amend the Financial Stability Act of 2010 to improve the transparency of the Financial Stability Oversight Council, to improve the Systemically Important Financial Institution (SIFI) designation process, and for other purposes; H.R.1309, Systemic Risk Designation Improvement Act of 2015; S.1484 Financial Regulatory Improvement Act of 2015; H.R.141 Flood Insurance Premium Parity Act of 2015; H.R.1478 The Policy Holder Protection Act; S.1679 Flood Insurance Market Parity and Modernization Act; H.R 2901, Flood Insurance Market Parity and Modernization Act; H.R 1550 Financial Stability Oversight Council Improvement Act of 2015; H.R. 2141 International Insurance Standards Transparency and Policyholder Protection Act of 2015; S.1086 International Insurance Capital Standards Accountability Act; H.R.1090 Retail Investor Protection Act; H.R. 2029, Consolidated Appropriations Act of 2016; and H.R. 3738, Office of Financial Research Accountability Act of 2015. H.R.4293, Affordable Retirement Advice Protection Act; H.R.4294, Strengthening Access to Valuable Education and Retirement Support Act (SAVERS Act) of 2015; S.2502, Affordable Retirement Advice Protection Act; S.2505, SAVERS Act of 2016; S.2497, Retail Investor Protection Act of 2016; Financial Stability Oversight Council Reform Act (H.R.3340).

Client expense: $1,100,000 · Firm income: Not reported

Government targets: Consumer Financial Protection Bureau (CFPB), Defense, Dept of (DOD), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), Natl Economic Council (NEC), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR), White House Office