Sec. 3. Definitions
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In this Act: The term asset management firm means any investment firm that— manages a portfolio of securities or other assets for a defined benefit plan or other institutional investor; or offers investment options, such as mutual, private equity, real estate, or other commingled funds, to participate in a defined contribution or other comparable retirement plan. The term diverse-owned , when used with respect to an asset management firm, means any threshold or other requirements determined appropriate by the Secretary under section 4(a)(3).
The term Federal institutional investor means each of the following: The Federal Retirement Thrift Investment Board. The entity that administers— the funds of the Pension Benefit Guaranty Corporation established under section 4005 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1305 ); the funds of the National Railroad Retirement Investment Trust established under section 15(j) of the Railroad Retirement Act of 1974 ( 45 U.S.C. 231n(j) ); the funds of the Federal Reserve System Retirement Plan; the funds of the Federal Reserve System Thrift Plan; the funds of the Tennessee Valley Authority Retirement System; the funds of the Tennessee Valley Authority Retirement System Savings and Deferral Retirement Plan; the funds of the Army and Air Force Exchange Service Retirement System; the funds of the Navy Exchange Service Command Retirement Plan; or the endowment funds of the Smithsonian Institution.
Any other Federal entity that administers a fund— with more than $1,000,000,000 in assets invested for which the entity uses the services of, or contracts with, an asset management firm; and that the Secretary determines is similar to the Thrift Savings Fund or a fund described in subparagraph (B). The term Federal investments means investments of sums in a fund administered by a Federal institutional investor. The term Secretary means the Secretary of Labor. The term subcontractor asset management firm means an asset management firm that— enters into a contract (including a subcontract) with an asset management firm that is the primary manager of Federal investments, through the use of services or by contract, for a Federal institutional investor; and under the terms of the contract, manages Federal investments of the Federal institutional investor.
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