investment grade corporate bonds with varying maturities and that are in the top 3 quality levels available. Interest rates shall be prescribed quarterly or more frequently, as determined by the Secretary. (5) Duty to address best practices The Commission shall prepare, and periodically update, a report that describes the best practices for the governance of boards of trustees of USA Retirement Funds, including board of trustee composition, appointment procedures, term length, term staggering, trustee qualifications, delegation of duties, and performance assessment procedures. 5. Limitation on employer liability Section 404 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1021 et seq.) is amended by adding at the end the following: (e) An employer shall not be a fiduciary with respect to the selection, management or administration of a USA Retirement Fund solely because such employer makes available such Fund through an automatic USA Retirement Fund arrangement. Notwithstanding the preceding sentence, employers participating in a USA Retirement Fund shall be responsible for meeting the enrollment requirements and transmitting contributions, as required under the USA Retirement Funds Act . . 6. Enforcement and fraud prevention (a) Penalty for failure To timely remit contributions to automatic USA Retirement Fund arrangements (1) In general If an employer is required under an automatic USA Retirement Fund arrangement to deposit amounts withheld from an employee's compensation into a USA Retirement Fund but fails to do so within the time prescribed under section 2(d)(3), such amounts shall be treated as assets of a USA Retirement Fund. (2) Failure to provide access to payroll savings arrangements (A) General rule A covered employer who fails to meet the requirements of section 2(a) for a calendar year shall be subject to a civil money penalty of $100 per calendar year for each employee to whom such failure relates. (B) Exceptions No civil money penalty shall be imposed under this paragraph for a