; and (ii) at the end of the time period described in clause (i), disclose, by comparison to a reasonably comparable index or basket of securities selected by the customer, the actual pecuniary effects of that time period, including all fees, costs, and other expenses incurred to so consider non-pecuniary factors. . (b) Rulemaking Not later than 1 year after the date of enactment of this Act, the Commission shall revise or issue such rules as may be necessary to implement the amendment made by subsection (a). (c) Effective date The amendment made by subsection (a) shall apply to actions taken by a broker, dealer, or investment adviser on or after the date that is 1 year after the date of enactment of this Act. 4. Employee Retirement Income Security Act of 1974 amendment (a) In general Section 404(a) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1104(a) ) is amended by adding at the end the following: (3) Interest based on pecuniary factors (A) In general For purposes of paragraph (1), a fiduciary of a plan shall be considered to act solely in the interest of the participants and beneficiaries of the plan with respect to an investment or investment course of action only if the fiduciary’s action with respect to such investment or investment course of action is based, except as provided in subparagraph (B), only on pecuniary factors. The weight given to any such pecuniary factors by a fiduciary shall appropriately reflect a prudent assessment of the impact of such factor on the risk and return of the investment or investment course of action. The duties under paragraph (1) shall include the duty to not subordinate the interests of the participants and beneficiaries in retirement income or financial benefits under a plan to other objectives and the duty to not sacrifice investment return or take on additional investment risk to promote non-pecuniary benefits or goals. (B) Use of non-pecuniary factors for investment alternatives Notwithstanding paragraph (A), if a fiduciary is unable to