| Home > 107th Congressional Bills > H.R. 1000 (rh) To adjust the boundary of the William Howard Taft National Historic Site in the State of Ohio, to authorize an exchange of land in connection with the historic site, and for other purposes. [Reported in House] ...
H.R. 1000 (rh) To adjust the boundary of the William Howard Taft National Historic Site in the State of Ohio, to authorize an exchange of land in connection with the historic site, and for other purposes. [Reported in House] ...
records necessary for determining whether the requirements of the preceding provisions of this paragraph and of subsection (d)(16) have been met. A transaction prohibited under subsection (c)(1) shall not be considered to have occurred solely because the records are lost or destroyed prior to the end of the 6-year period due to circumstances beyond the control of the fiduciary adviser. ``(F) Exemption for plan sponsor and certain other fiduciaries.--A plan sponsor or other person who is a fiduciary (other than a fiduciary adviser) shall not be treated as failing to meet the requirements of this section solely by reason of the provision of investment advice referred to in subsection (e)(3)(B) (or solely by reason of contracting for or otherwise arranging for the provision of the advice), if-- ``(i) the advice is provided by a fiduciary adviser pursuant to an arrangement between the plan sponsor or other fiduciary and the fiduciary adviser for the provision by the fiduciary adviser of investment advice referred to in such section, ``(ii) the terms of the arrangement require compliance by the fiduciary adviser with the requirements of this paragraph, ``(iii) the terms of the arrangement include a written acknowledgment by the fiduciary adviser that the fiduciary adviser is a fiduciary of the plan with respect to the provision of the advice, and ``(iv) the requirements of part 4 of subtitle B of title I of the Employee Retirement Income Security Act of 1974 are met in connection with the provision of such advice. ``(G) Definitions.--For purposes of this paragraph and subsection (d)(16)-- ``(i) Fiduciary adviser.--The term `fiduciary adviser' means, with respect to a plan, a person who is a fiduciary of the plan by reason of the provision of investment advice by the person to the plan or to a participant or beneficiary and who is-- ``(I) registered as an investment adviser under the Investment Advisers Act of 1940 (15 U.S.C. 80b-1 et seq.) or under the laws of the State in which the fiduciary maintains its principal office and place of business, ``(II) a bank or similar financial institution referred to in subsection (d)(4) or a savings association (as defined in section 3(b)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1813(b)(1))), but only if the advice is provided through a trust department of the bank or similar financial institution or savings association which is subject to periodic examination and review by Federal or State banking authorities, ``(III) an insurance company qualified to do business under the laws of a State, ``(IV) a person registered as a broker or dealer under the Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.), ``(V) an affiliate of a person described in any of subclauses (I) through (IV), or ``(VI) an employee, agent, or registered representative of a person described in any of subclauses (I) through (V) who satisfies the requirements of applicable insurance, banking, and securities laws relating to the provision of the advice. ``(ii) Affiliate.--The term `affiliate' of another entity means an affiliated person of the entity (as defined in section 2(a)(3) of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3))). ``(iii) Registered representative.--The term `registered representative' of another entity means a person described in section 3(a)(18) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(18)) (substituting the entity for the broker or dealer referred to in such section) or a person described in section 202(a)(17) of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2(a)(17)) (substituting the entity for the investment adviser referred to in such section).''. SEC. 106. STUDY REGARDING IMPACT ON RETIREMENT SAVINGS OF PARTICIPANTS AND BENEFICIARIES BY REQUIRING CONSULTANTS TO ADVISE PLAN FIDUCIARIES OF INDIVIDUAL ACCOUNT PLANS. (a) Study.--As soon as practicable after the date of the enactment of this Act, the Secretary of Labor shall undertake a study of the costs and benefits to participants and beneficiaries of requiring independent consultants to advise plan fiduciaries in connection with individual account plans. In conducting such study, the Secretary shall consider-- (1) the benefits to plan participants and beneficiaries of engaging independent advisers to provide investment and other advice regarding the assets of the plan to persons who have fiduciary duties with respect to the management or disposition of such assets, (2) the extent to which independent advisers are currently retained by plan fiduciaries, (3) the availability of assistance to fiduciaries from appropriate Federal agencies, (4) the availability of qualified independent consultants to serve the needs of individual account plan fiduciaries in the United States, (5) the impact of the additional fiduciary duty of an independent advisor on the strict fiduciary obligations of plan fiduciaries, (6) the impact of new requirements (consulting fees, reporting requirements, and new plan duties to prudently identify and contract with qualified independent consultants) on the availability of individual account plans, and (7) the impact of a new requirement on the plan administration costs per participant for small and mid-size employers and the pension plans they sponsor. (b) Report.--Not later than 1 year after the date of the enactment of this Act, the Secretary of Labor shall report the results of the study undertaken pursuant to this section, together with any recommendations for legislative changes, to the Committee on Education and the Workforce of the House of Representatives and the Committee on Health, Education, Labor, and Pensions of the Senate. SEC. 107. TREATMENT OF QUALIFIED RETIREMENT PLANNING SERVICES. (a) In General.--Subsection (m) of section 132 of the Internal Revenue Code of 1986 (defining qualified retirement services) is amended by adding at the end the following new paragraph: ``(4) No constructive receipt.--No amount shall be included in the gross income of any employee solely because the employee may choose between any qualified retirement planning services provided by a qualified investment advisor and compensation which would otherwise be includible in the gross income of such employee. The preceding sentence shall apply to highly compensated employees only if the choice described in such sentence is available on substantially the same terms to each member of the group of employees normally provided education and information regarding the employer's qualified employer plan.''. (b) Conforming Amendments.-- (1) Section 403(b)(3)(B) of such Code is amended by inserting ``132(m)(4),'' after ``132(f)(4),''. (2) Section 414(s)(2) of such Code is amended by inserting ``132(m)(4),'' after ``132(f)(4),''. (3) Section 415(c)(3)(D)(ii) of such Code is amended by inserting ``132(m)(4),'' after ``132(f)(4),''. (c) Effective Date.--The amendment made by this section shall apply to taxable years beginning after December 31, 2003. SEC. 108. EFFECTIVE DATES AND RELATED RULES. (a) In General.--Except as otherwise provided in the preceding provisions of this title or in subsections (c) and (d), the amendments made by this Act shall apply with respect to plan years beginning on or after the general effective date. (b) General effective date.--For purposes of this section, the term ``general effective date'' means the date which is 1 year after the date of the enactment of this Act. (c) Special Rule for Collectively Bargained Plans.--In the case of a plan maintained pursuant to 1 or more collective bargaining agreements between employee representatives and 1 or more employers ratified on or before the date of the enactment of this Act, subsection (a) shall be applied to benefits pursuant to, and individuals covered by, any such agreement by substituting for ``the general effective date'' the date of the commencement of the first plan year beginning on or after the earlier of-- (1) the later of-- (A) the date which is 1 year after the general effective date, or (B) the date on which the last of such collective bargaining agreements terminates (determined without regard to any extension thereof after the date of the enactment of this Act), or (2) the date which is 2 years after the general effective date. (d) Amendments Relating to Investment Advice.--The amendments made by section 105 shall apply with respect to advice referred to in section 3(21)(A)(ii) of the Employee Retirement Income Security Act of 1974 or section 4975(c)(3)(B) of the Internal Revenue Code of 1986 provided on or after January 1, 2005. TITLE II--OTHER PROVISIONS RELATING TO PENSIONS SEC. 201. AMENDMENTS TO RETIREMENT PROTECTION ACT OF 1994. (a) Transition Rule Made Permanent.--Section 769(c) of the Retirement Protection Act of 1994 (26 U.S.C. 412 note) is amended-- (1) in the heading, by striking ``Transition''; and (2) in paragraph (1), by striking ``transition'' and by striking ``for any plan year beginning after 1996 and before 2010''. (b) Special Rules.--Paragraph (2) of section 769(c) of the Retirement Protection Act of 1994 is amended to read as follows: ``(2) Special rules.--The rules described in this paragraph are as follows: ``(A) For purposes of section 412(l)(9)(A) of the Internal Revenue Code of 1986 and section 302(d)(9)(A) of the Employee Retirement Income Security Act of 1974, the funded current liability percentage for any plan year shall be treated as not less than 90 percent. ``(B) For purposes of section 412(m) of the Internal Revenue Code of 1986 and section 302(e) of the Employee Retirement Income Security Act of 1974, the funded current liability percentage for any plan year shall be treated as not less than 100 percent. ``(C) For purposes of determining unfunded vested benefits under section 4006(a)(3)(E)(iii) of the Employee Retirement Income Security Act of 1974, the mortality table shall be the mortality table used by the plan.''. (c) Effective Date.--The amendments made by this section shall apply to plan years beginning after December 31, 2002. SEC. 202. REPORTING SIMPLIFICATION. (a) Simplified Annual Filing Requirement for Owners and Their Spouses.-- (1) In general.--The Secretary of the Treasury and the Secretary of Labor shall modify the requirements for filing annual returns with respect to one-participant retirement plans to ensure that such plans with assets of $250,000 or less as of the close of the plan year need not file a return for that year. (2) One-participant retirement plan defined.--For purposes of this subsection, the term ``one-participant retirement plan'' means a retirement plan with respect to which the following requirements are met: (A) on the first day of the plan year-- (i) the plan covered only one individual (or the individual and the individual's spouse) and the individual owned 100 percent of the plan sponsor (whether or not incorporated), or (ii) the plan covered only one or more partners (or partners and their spouses) in the plan sponsor; (B) the plan meets the minimum coverage requirements of section 410(b) of the Internal Revenue Code of 1986 without being combined with any other plan of the business that covers the employees of the business; (C) the plan does not provide benefits to anyone except the individual (and the individual's spouse) or the partners (and their spouses); (D) the plan does not cover a business that is a member of an affiliated service group, a controlled group of corporations, or a group of businesses under common control; and (E) the plan does not cover a business that leases employees. (3) Other definitions.--Terms used in paragraph (2) which are also used in section 414 of the Internal Revenue Code of 1986 shall have the respective meanings given such terms by such section. (4) Effective date.--The provisions of this subsection shall apply to plan years beginning on or after January 1, 2003. (b) Simplified Annual Filing Requirement for Plans With Fewer Than 25 Employees.--In the case of plan years beginning after December 31, 2004, the Secretary of the Treasury and the Secretary of Labor shall provide for the filing of a simplified annual return for any retirement plan which covers less than 25 employees on the first day of a plan year and which meets the requirements described in subparagraphs (B), (D), and (E) of subsection (a)(2). SEC. 203. IMPROVEMENT OF EMPLOYEE PLANS COMPLIANCE RESOLUTION SYSTEM. The Secretary of the Treasury shall continue to update and improve the Employee Plans Compliance Resolution System (or any successor program) giving special attention to-- (1) increasing the awareness and knowledge of small employers concerning the availability and use of the program; (2) taking into account special concerns and circumstances that small employers face with respect to compliance and correction of compliance failures; (3) extending the duration of the self-correction period under the Self-Correction Program for significant compliance failures; (4) expanding the availability to correct insignificant compliance failures under the Self-Correction Program during audit; and (5) assuring that any tax, penalty, or sanction that is imposed by reason of a compliance failure is not excessive and bears a reasonable relationship to the nature, extent, and severity of the failure. The Secretary of the Treasury shall have full authority to effectuate the foregoing with respect to the Employee Plans Compliance Resolution System (or any successor program) and any other employee plans correction policies, including the authority to waive income, excise, or other taxes to ensure that any tax, penalty, or sanction is not
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