Home > 105th Congressional Bills > H.R. 1001 (eh) To extend the term of appointment of certain members of the Prospective Payment Assessment Commission and the Physician Payment Review Commission. ...

H.R. 1001 (eh) To extend the term of appointment of certain members of the Prospective Payment Assessment Commission and the Physician Payment Review Commission. ...


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                number of such securities equal to the applicable 
                percentage of the total number of such securities of 
                such class held on such date.
                    ``(B) Applicable percentage.--For purposes of 
                subparagraph (A), the applicable percentage shall be as 
                follows:

``Plan years for which provisions   Applicable percentage:
        are effective:
    1st plan year..................
                                        20 percent.
    2nd plan year..................
                                        40 percent.
    3rd plan year..................
                                        60 percent.
    4th plan year..................
                                        80 percent.
    5th plan year or thereafter....
                                        100 percent.
                    ``(C) Elective deferrals treated as separate plan 
                not individual account plan.--For purposes of 
                subparagraph (A), the applicable percentage shall be 
                100 percent with respect to--
                            ``(i) employee contributions to a plan 
                        under which any portion attributable to 
                        elective deferrals is treated as a separate 
                        plan under section 407(b)(2) as of the date of 
                        the enactment of this paragraph, and
                            ``(ii) such elective deferrals.
                    ``(D) Coordination with prior elections.--In any 
                case in which a divestiture of investment in employer 
                securities of any class held by an employee stock 
                ownership plan prior to the effective date of this 
                subsection was undertaken pursuant to other applicable 
                Federal law prior to such date, the applicable 
                percentage (as determined without regard to this 
                subparagraph) in connection with such securities shall 
                be reduced to the extent necessary to account for the 
                amount to which such election applied.
            ``(8) Regulations.--The Secretary of the Treasury shall 
        prescribe regulations under this subsection in consultation 
        with the Secretary of Labor.''.
    (b) Amendments to the Internal Revenue Code of 1986.--
            (1) In general.--Section 401(a) of the Internal Revenue 
        Code of 1986 (relating to requirements for qualification) is 
        amended by inserting after paragraph (34) the following new 
        paragraph:
            ``(35) Diversification requirements for defined 
        contribution plans that hold employer securities.--
                    ``(A) In general.--An applicable defined 
                contribution plan shall meet the requirements of 
                subparagraphs (B) and (C).
                    ``(B) Employee contributions and elective deferrals 
                invested in employer securities.--In the case of the 
                portion of the account attributable to employee 
                contributions and elective deferrals which is invested 
                in employer securities, a plan meets the requirements 
                of this subparagraph if each applicable individual in 
                such plan may elect to direct the plan to divest any 
                such securities in the individual's account and to 
                reinvest an equivalent amount in other investment 
                options which meet the requirements of subparagraph 
                (D).
                    ``(C) Employer contributions invested in employer 
                securities.--
                            ``(i) In general.--In the case of the 
                        portion of the account attributable to employer 
                        contributions (other than elective deferrals to 
                        which subparagraph (B) applies) which is 
                        invested in employer securities, a plan meets 
                        the requirements of this subparagraph if, under 
                        the plan--
                                    ``(I) each applicable individual 
                                with a benefit based on 3 years of 
                                service may elect to direct the plan to 
                                divest any such securities in the 
                                individual's account and to reinvest an 
                                equivalent amount in other investment 
                                options which meet the requirements of 
                                subparagraph (D), or
                                    ``(II) with respect to any employer 
                                security allocated to an applicable 
                                individual's account during any plan 
                                year, such applicable individual may 
                                elect to direct the plan to divest such 
                                employer security after a date which is 
                                not later than 3 years after the end of 
                                such plan year and to reinvest an 
                                equivalent amount in other investment 
                                options which meet the requirements of 
                                subparagraph (D).
                            ``(ii) Applicable individual with benefit 
                        based on 3 years of service.--For purposes of 
                        clause (i), an applicable individual has a 
                        benefit based on 3 years of service if such 
                        individual would be an applicable individual if 
                        only participants in the plan who have 
                        completed at least 3 years of service (as 
                        determined under section 411(a)) were referred 
                        to in subparagraph (E)(ii)(I).
                    ``(D) Investment options.--The requirements of this 
                subparagraph are met if--
                            ``(i) the plan offers not less than 3 
                        investment options, other than employer 
                        securities, to which an applicable individual 
                        may direct the proceeds from the divestment of 
                        employer securities pursuant to this paragraph, 
                        each of which is diversified and has materially 
                        different risk and return characteristics, and
                            ``(ii) the plan permits the applicable 
                        individual to choose from any of the investment 
                        options made available under the plan to which 
                        such proceeds may be so directed, subject to 
                        such restrictions as may be provided by the 
                        plan limiting such choice to periodic, 
                        reasonable opportunities occurring no less 
                        frequently than on a quarterly basis.
                    ``(E) Definitions and rules.--For purposes of this 
                paragraph--
                            ``(i) Applicable defined contribution 
                        plan.--The term `applicable defined 
                        contribution plan' means any defined 
                        contribution plan, except that such term does 
                        not include an employee stock ownership plan 
                        (within the meaning of section 4975(e)(7)) 
                        unless there are any contributions to such plan 
                        (or earnings thereon) held within such plan 
                        that are subject to subsection (k)(3) or 
                        (m)(2).
                            ``(ii) Applicable individual.--The term 
                        `applicable individual' means--
                                    ``(I) any participant in the plan, 
                                and
                                    ``(II) any beneficiary of a 
                                participant referred to in clause (i) 
                                who has an account under the plan with 
                                respect to which the beneficiary is 
                                entitled to exercise the rights of the 
                                participant.
                            ``(iii) Elective deferral.--The term 
                        `elective deferral' means an employer 
                        contribution described in section 402(g)(3)(A) 
                        (as in effect on the date of the enactment of 
                        this paragraph).
                            ``(iv) Employer security.--The term 
                        `employer security' shall have the meaning 
                        given such term by section 407(d)(1) of the 
                        Employee Retirement Income Security Act of 1974 
                        (as in effect on the date of the enactment of 
                        this paragraph).
                            ``(v) Employee stock ownership plan.--The 
                        term `employee stock ownership plan' shall have 
                        the same meaning given to such term by section 
                        4975(e)(7) of the Internal Revenue Code of 1986 
                        (as in effect on the date of the enactment of 
                        this paragraph).
                            ``(vi) Elections.--Elections under this 
                        paragraph may be made not less frequently than 
                        quarterly.
                    ``(F) Exception where there is no readily tradable 
                stock.--This paragraph shall not apply if there is no 
                class of stock issued by the employer that is readily 
                tradable on an established securities market (or in 
                such other circumstances as may be determined jointly 
                by the Secretary of the Treasury and the Secretary of 
                Labor in regulations).
                    ``(G) Transition rule.--
                            ``(i) In general.--In the case of any 
                        defined contribution plan which, on the 
                        effective date of this subsection, holds 
                        employer securities of any class that were 
                        acquired before such date and on which there is 
                        a restriction on diversification otherwise 
                        precluded by this paragraph, this paragraph 
                        shall apply to such securities of such class 
                        held in any plan year only with respect to the 
                        number of such securities equal to the 
                        applicable percentage of the total number of 
                        such securities of such class held on such 
                        date.
                            ``(ii) Applicable percentage.--For purposes 
                        of clause (i), the applicable percentage shall 
                        be as follows:

``Plan years for which provisions   Applicable percentage:
        are effective:
    1st plan year..................
                                        20 percent.
    2nd plan year..................
                                        40 percent.
    3rd plan year..................
                                        60 percent.
    4th plan year..................
                                        80 percent.
    5th plan year or thereafter....
                                        100 percent.
                            ``(iii) Elective deferrals treated as 
                        separate plan not individual account plan.--For 
                        purposes of clause (i), the applicable 
                        percentage shall be 100 percent with respect 
                        to--
                                    ``(I) employee contributions to a 
                                plan under which any portion 
                                attributable to elective deferrals is 
                                treated as a separate plan under 
                                section 407(b)(2) of the Employee 
                                Retirement Income Security Act of 1974 
                                as of the date of the enactment of this 
                                paragraph, and
                                    ``(II) such elective deferrals.
                            ``(iv) Contributions held within an esop.--
                        In the case of contributions (other than 
                        elective deferrals and employee contributions) 
                        held within an employee stock ownership plan, 
                        in the case of the 1st and 2nd plan years 
                        referred to in the table in clause (ii), the 
                        applicable percentage shall be the greater of 
                        the amount determined under clause (ii) or the 
                        percentage determined under paragraph (28) 
                        (determined as if paragraph (28) applied to a 
                        plan described in this paragraph).
                            ``(v) Coordination with prior elections 
                        under paragraph (28).--In any case in which a 
                        divestiture of investment in employer 
                        securities of any class held by an employee 
                        stock ownership plan prior to the effective 
                        date of this paragraph was undertaken pursuant 
                        to an election under paragraph (28) prior to 
                        such date, the applicable percentage (as 
                        determined without regard to this clause) in 
                        connection with such securities shall be 
                        reduced to the extent necessary to account for 
                        the amount to which such election applied.
                    ``(H) Regulations.--The Secretary shall prescribe 
                regulations under this paragraph in consultation with 
                the Secretary of Labor.''.
            (2) Conforming amendments.--
                    (A) Section 401(a)(28) of such Code is amended by 
                adding at the end the following new subparagraph:
                    ``(D) Application.--This paragraph shall not apply 
                to a plan to which paragraph (35) applies.''.
                    (B) Section 409(h)(7) of such Code is amended by 
                inserting before the period at the end ``or 
                subparagraph (B) or (C) of section 401(a)(35)''.
                    (C) Section 4980(c)(3)(A) of such Code is amended 
                by striking ``if--'' and all that follows and inserting 
                ``if the requirements of subparagraphs (B), (C), and 
                (D) are met.''.
    (c) Effective Date.--
            (1) In general.--Except as provided in paragraph (2) and 
        section 108, the amendments made by this section shall apply to 
        plan years beginning after December 31, 2003, and with respect 
        to employer securities allocated to accounts before, on, or 
        after the date of the enactment of this Act.
            (2) Exception.--The amendments made by this section shall 
        not apply to employer securities held by an employee stock 
        ownership plan which are acquired before January 1, 1987.

SEC. 105. PROHIBITED TRANSACTION EXEMPTION FOR THE PROVISION OF 
              INVESTMENT ADVICE.

    (a) Amendments to the Employee Retirement Income Security Act of 
1974.--
            (1) Exemption from prohibited transactions.--Section 408(b) 
        of the Employee Retirement Income Security Act of 1974 (29 
        U.S.C. 1108(b)) is amended by adding at the end the following 
        new paragraph:
            ``(14)(A) Any transaction described in subparagraph (B) in 
        connection with the provision of investment advice described in 
        section 3(21)(A)(ii), in any case in which--
                    ``(i) the investment of assets of the plan is 
                subject to the direction of plan participants or 
                beneficiaries,
                    ``(ii) the advice is provided to the plan or a 
                participant or beneficiary of the plan by a fiduciary 
                adviser in connection with any sale, acquisition, or 
                holding of a security or other property for purposes of 
                investment of plan assets, and
                    ``(iii) the requirements of subsection (g) are met 
                in connection with the provision of the advice.
            ``(B) The transactions described in this subparagraph are 
        the following:
                    ``(i) the provision of the advice to the plan, 
                participant, or beneficiary;
                    ``(ii) the sale, acquisition, or holding of a 
                security or other property (including any lending of 
                money or other extension of credit associated with the 
                sale, acquisition, or holding of a security or other 
                property) pursuant to the advice; and
                    ``(iii) the direct or indirect receipt of fees or 
                other compensation by the fiduciary adviser or an 
                affiliate thereof (or any employee, agent, or 
                registered representative of the fiduciary adviser or 
                affiliate) in connection with the provision of the 
                advice or in connection with a sale, acquisition, or 
                holding of a security or other property pursuant to the 
                advice.''.
            (2) Requirements.--Section 408 of such Act is amended 
        further by adding at the end the following new subsection:
    ``(g) Requirements Relating to Provision of Investment Advice by 

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