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. ...

Web GovRecords.org

                                                  Union Calendar No. 50

  1st Session
                                H. R. 1000

                      [Report No. 108-43, Part I]

To amend title I of the Employee Retirement Income Security Act of 1974 
and the Internal Revenue Code of 1986 to provide additional protections 
  to participants and beneficiaries in individual account plans from 
    excessive investment in employer securities and to promote the 
  provision of retirement investment advice to workers managing their 
                       retirement income assets.



                           February 27, 2003

Mr. Boehner (for himself, Mr. Sam Johnson of Texas, Mr. Greenwood, Mr. 
  Gibbons, Mr. Keller, Mr. Wilson of South Carolina, Mr. Norwood, Mr. 
 Platts, Mr. Tiberi, Mr. Shays, Mr. Simmons, Mr. McKeon, Mrs. Biggert, 
 Mr. Frelinghuysen, Mr. Isakson, Ms. Ginny Brown-Waite of Florida, Mr. 
LaTourette, Ms. Norton, Mr. Souder, Mr. Sensenbrenner, Mr. English, Mr. 
    Green of Wisconsin, Mr. Herger, Mr. Weldon of Pennsylvania, Mr. 
Beauprez, Mr. Feeney, Mr. Ney, Mr. Ballenger, Mr. Sweeney, Mr. Brady of 
 Texas, Mr. Burr, Mrs. Musgrave, Mr. DeMint, Mr. Crane, Ms. Hart, Mr. 
Oxley, Mr. Upton, Mrs. Blackburn, Mr. Kline, Mr. Cole, Mr. Castle, Mr. 
  Peterson of Pennsylvania, Mr. Tancredo, Mr. Rogers of Michigan, Mr. 
Kolbe, Mr. Janklow, Mr. Reynolds, Mr. Rehberg, Mr. Hill, Mr. Fossella, 
  Mr. Boozman, Mr. Culberson, and Mr. Walsh) introduced the following 
    bill; which was referred to the Committee on Education and the 
 Workforce, and in addition to the Committee on Ways and Means, for a 
 period to be subsequently determined by the Speaker, in each case for 
consideration of such provisions as fall within the jurisdiction of the 
                          committee concerned

                             March 18, 2003

  Reported from the Committee on Education and the Workforce with an 
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

                             March 18, 2003

   Referral to the Committee on Ways and Means extended for a period 
                  ending not later than March 28, 2003

                             March 28, 2003

   Referral to the Committee on Ways and Means extended for a period 
                   ending not later than May 9, 2003

                              May 9, 2003

             Additional sponsors: Mr. Wolf, and Mr. Gillmor

                              May 9, 2003

 Committee on Ways and Means discharged; committed to the Committee of 
  the Whole House on the State of the Union and ordered to be printed
    [For text of introduced bill, see copy of bill as introduced on 
                           February 27, 2003]


                                 A BILL

To amend title I of the Employee Retirement Income Security Act of 1974 
and the Internal Revenue Code of 1986 to provide additional protections 
  to participants and beneficiaries in individual account plans from 
    excessive investment in employer securities and to promote the 
  provision of retirement investment advice to workers managing their 
                       retirement income assets.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,


    (a) Short Title.--This Act may be cited as the ``Pension Security 
Act of 2003''.
    (b) Table of Contents.--The table of contents is as follows:

Sec. 1. Short title and table of contents.


Sec. 101. Periodic pension benefits statements.
Sec. 102. Inapplicability of relief from fiduciary liability during 
                            blackout periods.
Sec. 103. Informational and educational support for pension plan 
Sec. 104. Diversification requirements for defined contribution plans 
                            that hold employer securities.
Sec. 105. Prohibited transaction exemption for the provision of 
                            investment advice.
Sec. 106. Study regarding impact on retirement savings of participants 
                            and beneficiaries by requiring consultants 
                            to advise plan fiduciaries of individual 
                            account plans.
Sec. 107. Treatment of qualified retirement planning services.
Sec. 108. Effective dates and related rules.


Sec. 201. Amendments to Retirement Protection Act of 1994.
Sec. 202. Reporting simplification.
Sec. 203. Improvement of employee plans compliance resolution system.
Sec. 204. Flexibility in nondiscrimination, coverage, and line of 
                            business rules.
Sec. 205. Extension to all governmental plans of moratorium on 
                            application of certain nondiscrimination 
                            rules applicable to State and local plans.
Sec. 206. Notice and consent period regarding distributions.
Sec. 207. Annual report dissemination.
Sec. 208. Technical corrections to Saver Act.
Sec. 209. Missing participants and beneficiaries.
Sec. 210. Reduced PBGC premium for new plans of small employers.
Sec. 211. Reduction of additional PBGC premium for new and small plans.
Sec. 212. Authorization for PBGC to pay interest on premium overpayment 
Sec. 213. Substantial owner benefits in terminated plans.
Sec. 214. Benefit suspension notice.
Sec. 215. Studies.
Sec. 216. Interest rate range for additional funding requirements.

                     TITLE III--GENERAL PROVISIONS

Sec. 301. Provisions relating to plan amendments.



    (a) Amendments to the Employee Retirement Income Security Act of 
            (1) Requirements.--
                    (A) In general.--Section 105(a) of the Employee 
                Retirement Income Security Act of 1974 (29 U.S.C. 
                1025(a)) is amended to read as follows:
    ``(a)(1)(A) The administrator of an individual account plan shall 
furnish a pension benefit statement--
            ``(i) to each plan participant at least annually,
            ``(ii) to each plan beneficiary upon written request, and
            ``(iii) in the case of an applicable individual account 
        plan, to each individual who is a plan participant or 
        beneficiary and who has a right to direct investments, at least 
    ``(B) The administrator of a defined benefit plan shall furnish a 
pension benefit statement--
            ``(i) at least once every 3 years to each participant with 
        a nonforfeitable accrued benefit who is employed by the 
        employer maintaining the plan at the time the statement is 
        furnished to participants, and
            ``(ii) to a plan participant or plan beneficiary of the 
        plan upon written request.
Information furnished under clause (i) to a participant may be based on 
reasonable estimates determined under regulations prescribed by the 
Secretary, in consultation with the Pension Benefit Guaranty 
    ``(2) A pension benefit statement under paragraph (1)--
            ``(A) shall indicate, on the basis of the latest available 
                    ``(i) the total benefits accrued, and
                    ``(ii) the nonforfeitable pension benefits, if any, 
                which have accrued, or the earliest date on which 
                benefits will become nonforfeitable,
            ``(B) shall be written in a manner calculated to be 
        understood by the average plan participant, and
            ``(C) may be provided in written form or in electronic or 
        other appropriate form to the extent that such form is 
        reasonably accessible to the recipient.
    ``(3)(A) In the case of a defined benefit plan, the requirements of 
paragraph (1)(B)(i) shall be treated as met with respect to a 
participant if the administrator, at least once each year, provides the 
participant with notice, at the participant's last known address, of 
the availability of the pension benefit statement and the ways in which 
the participant may obtain such statement. Such notice shall be 
provided in written, electronic, or other appropriate form, and may be 
included with other communications to the participant if done in a 
manner reasonably designed to attract the attention of the participant.
    ``(B) The Secretary may provide that years in which no employee or 
former employee benefits (within the meaning of section 410(b) of the 
Internal Revenue Code of 1986) under the plan need not be taken into 
account in determining the 3-year period under paragraph (1)(B)(i).''.
                    (B) Conforming amendments.--
                            (i) Section 105 of the Employee Retirement 
                        Income Security Act of 1974 (29 U.S.C. 1025) is 
                        amended by striking subsection (d).
                            (ii) Section 105(b) of such Act (29 U.S.C. 
                        1025(b)) is amended to read as follows:
    ``(b) In no case shall a participant or beneficiary of a plan be 
entitled to more than one statement described in clause (i) or (ii) of 
subsection (a)(1)(A) or clause (i) or (ii) of subsection (a)(1)(B), 
whichever is applicable, in any 12-month period. If such report is 
required under subsection (a) to be furnished at least quarterly, the 
requirements of the preceding sentence shall be applied with respect to 
each quarter in lieu of the 12-month period.''.
            (2) Information required from applicable individual account 
        plans.--Section 105 of such Act (as amended by paragraph (1)) 
        is amended further by adding at the end the following new 
    ``(d)(1) The statements required to be provided at least quarterly 
under subsection (a)(1)(A)(iii) in the case of applicable individual 
account plans shall include (together with the information required in 
subsection (a)) the following:
            ``(A) the value of each investment to which assets in the 
        individual account have been allocated, determined as of the 
        most recent valuation date under the plan, including the value 
        of any assets held in the form of employer securities, without 
        regard to whether such securities were contributed by the plan 
        sponsor or acquired at the direction of the plan or of the 
        participant or beneficiary,
            ``(B) an explanation, written in a manner calculated to be 
        understood by the average plan participant, of any limitations 
        or restrictions on the right of the participant or beneficiary 
        to direct an investment, and
            ``(C) an explanation, written in a manner calculated to be 
        understood by the average plan participant, of the importance, 
        for the long-term retirement security of participants and 
        beneficiaries, of a well-balanced and diversified investment 
        portfolio, including a discussion of the risk of holding more 
        than 25 percent of a portfolio in the security of any one 
        entity, such as employer securities.
    ``(2) The Secretary shall issue guidance and model notices which 
meet the requirements of this subsection.''.
            (3) Definition of applicable individual account plan.--
        Section 3 of such Act (29 U.S.C. 1002) is amended by adding at 
        the end the following new paragraph:
    ``(42)(A) The term `applicable individual account plan' means any 
individual account plan, except that such term does not include an 
employee stock ownership plan (within the meaning of section 4975(e)(7) 
of the Internal Revenue Code of 1986) unless there are any 
contributions to such plan (or earnings thereunder) held within such 
plan that are subject to subsection (k)(3) or (m)(2) of section 401 of 
the Internal Revenue Code of 1986. Such term shall not include a one-
participant retirement plan.
    ``(B) The term `one-participant retirement plan' means a pension 
plan with respect to which the following requirements are met:
            ``(i) 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;
            ``(ii) the plan meets the minimum coverage requirements of 
        section 410(b) of the Internal Revenue Code of 1986 (as in 
        effect on the date of the enactment of this paragraph) without 
        being combined with any other plan of the business that covers 
        the employees of the business;
            ``(iii) the plan does not provide benefits to anyone except 
        the individual (and the individual's spouse) or the partners 
        (and their spouses);
            ``(iv) 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; 
            ``(v) the plan does not cover a business that leases 
            (4) Civil penalties for failure to provide quarterly 
        benefit statements.--Section 502 of such Act (29 U.S.C. 1132) 
        is amended--
                    (A) in subsection (a)(6), by striking ``(6), or 
                (7)'' and inserting ``(6), (7), or (8)'';
                    (B) by redesignating paragraph (8) of subsection 
                (c) as paragraph (9); and
                    (C) by inserting after paragraph (7) of subsection 
                (c) the following new paragraph:
    ``(8) The Secretary may assess a civil penalty against any plan 
administrator of up to $1,000 a day for each day on which the plan 
administrator has failed to comply with the requirements of clause 
(iii) of section 105(a)(1)(A) and has not corrected such failure by 
providing the required pension benefit statements to the affected 
participants and beneficiaries.''.
            (5) Model statements.--The Secretary of Labor shall, not 
        later than 180 days after the date of the enactment of this 
        Act, issue initial guidance and a model benefit statement, 
        written in a manner calculated to be understood by the average 
        plan participant, that may be used by plan administrators in 
        complying with the requirements of section 105 of the Employee 
        Retirement Income Security Act of 1974. Not later than 75 days 
        after the date of the enactment of this Act, the Secretary 
        shall promulgate interim final rules necessary to carry out the 
        amendments made by this subsection.
    (b) Amendments to the Internal Revenue Code of 1986.--

Pages: 1 2 3 4 5 6 Next >>

Other Popular 105th Congressional Bills Documents:

1 H.R. 3718 (ih) To limit the jurisdiction of the Federal courts with respect to prison release orders. ...
2 S. 2032 (is) To designate the Federal building in Juneau, Alaska, as the ``Hurff A. Saunders Federal Building''. ...
3 S.Res. 78 (is) To designate April 30, 1997, as ``National Erase the Hate and Eliminate Racism Day''. ...
4 S. 1378 (enr) To extend the authorization of use of official mail in the location and recovery of missing children, and for other purposes. ...
5 S.J.Res. 57 (is) Expressing the sense of Congress in support of the existing Federal legal process for determining the safety and efficacy of drugs, including marijuana and other Schedule I drugs, for medicinal use. ...
6 H.R. 4079 (rs) To authorize the construction of temperature control devices at Folsom Dam in California. ...
7 H.R. 1949 (enr) For the relief of Nuratu Olarewaju Abeke Kadiri. ...
8 S. 1027 (is) To extend the Native American veteran direct housing loan pilot program, and for other purposes. ...
9 H.R. 2979 (enr) To authorize acquisition of certain real property for the Library of Congress, and for other purposes. ...
10 H.R. 3731 (enr) To designate the auditorium located within the Sandia Technology Transfer Center in Albuquerque, New Mexico, as the ``Steve Schiff Auditorium''. ...
11 H.R. 2946 (ih) To provide veterans benefits to individuals who serve in the United States merchant marine during a period of war. ...
12 S.Con.Res. 111 (ats) Authorizing the use of the rotunda of the Capitol for a memorial service for Detective John Michael Gibson and Private First Class Jacob Joseph Chestnut of the United States Capitol Police, and for other purposes. ...
13 S. 1604 (is) To amend title XVIII of the Social Security Act to repeal the restriction on payment for certain hospital discharges to post-acute care imposed by section 4407 of the Balanced Budget Act of 1997. ...
14 H.R. 3164 (ih) To describe the hydrographic services functions of the Administrator of the National Oceanic and Atmospheric Administration, and for other purposes. ...
15 H.R. 258 (ih) To amend title XIX of the Social Security Act to provide for mandatory coverage of services furnished by nurse practitioners and clinical nurse specialists under State Medicaid plans. ...
16 S. 768 (enr) For the relief of Michel Christopher Meili, Giuseppina Meili, Mirjam Naomi Meili, and Davide Meili. ...
17 H.R. 1856 (eh) To amend the Fish and Wildlife Act of 1956 to direct the Secretary of the Interior to conduct a volunteer pilot project at one national wildlife refuge in each United States Fish and Wildlife Service region, and for other purposes. %%Filena...
18 H.R. 3716 (ih) To amend the Public Health Service Act to extend the program of research on breast cancer. ...
19 H.J.Res. 33 (ih) Proposing an amendment to the Constitution of the United States to limit the terms of office for Representatives and Senators in Congress. ...
20 H.Con.Res. 316 (ih) To express the sense of Congress that State and local governments and local educational agencies are encouraged to dedicate a day of learning to the study and understanding of the Declaration of Independence, the United States Constitu...
21 H.R. 2314 (rh) To restore Federal Indian services to members of the Kickapoo Tribe of Oklahoma residing in Maverick County, Texas, to clarify United States citizenship status of such members, to provide trust land for the benefit of the Tribe, and for oth...
22 H.R. 2107 (rs) Making appropriations for the Department of the Interior and related agencies for the fiscal year ending September 30, 1998, and for other purposes. ...
23 S.Res. 280 (ats) Directing the printing as a Senate document of a compilation of materials entitled ``History of the United States Senate Committee on Agriculture, Nutrition, and Forestry''. ...
24 H.Con.Res. 169 (enr) Providing for an adjournment of the two Houses. ...
25 H.R. 3664 (ih) To provide crop insurance coverage for tobacco crops, to provide extension services related to tobacco, and to provide for the administration of the Federal tobacco price support and quota programs at no expense to the Department of Agricul...
26 S. 1174 (is) To improve the operations and governance of the Internal Revenue Service, and for other purposes. ...
27 H.R. 3528 (rs) To amend title 28, United States Code, with respect to the use of alternative dispute resolution processes in United States district courts, and for other purposes. ...
28 H.J.Res. 104 (enr) Making further continuing appropriations for the fiscal year 1998, and for other purposes. ...
29 H.R. 3617 (ih) To make technical corrections to the Community Development Banking and ...
30 S. 107 (is) To require the offer in every defined benefit plan of a joint and \2/3\ survivor annuity option and to require comparative disclosure of all benefit options to both spouses. ...

Other Documents:

105th Congressional Bills Records and Documents

GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information.
House Rules:

104th House Rules
105th House Rules
106th House Rules

Congressional Bills:

104th Congressional Bills
105th Congressional Bills
106th Congressional Bills
107th Congressional Bills
108th Congressional Bills

Supreme Court Decisions

Supreme Court Decisions


1995 Privacy Act Documents
1997 Privacy Act Documents
1994 Unified Agenda
2004 Unified Agenda

Congressional Documents:

104th Congressional Documents
105th Congressional Documents
106th Congressional Documents
107th Congressional Documents
108th Congressional Documents

Congressional Directory:

105th Congressional Directory
106th Congressional Directory
107th Congressional Directory
108th Congressional Directory

Public Laws:

104th Congressional Public Laws
105th Congressional Public Laws
106th Congressional Public Laws
107th Congressional Public Laws
108th Congressional Public Laws

Presidential Records

1994 Presidential Documents
1995 Presidential Documents
1996 Presidential Documents
1997 Presidential Documents
1998 Presidential Documents
1999 Presidential Documents
2000 Presidential Documents
2001 Presidential Documents
2002 Presidential Documents
2003 Presidential Documents
2004 Presidential Documents

Home Executive Judicial Legislative Additional Reference About Privacy