Home > 106th Congressional Bills > H.R. 5398 (eh) To provide that land which is owned by the Coushatta Tribe of Louisiana but which is not held in trust by the United States for the Tribe may be leased or transferred by the Tribe without further approval by the United States. [Engrossed in...

H.R. 5398 (eh) To provide that land which is owned by the Coushatta Tribe of Louisiana but which is not held in trust by the United States for the Tribe may be leased or transferred by the Tribe without further approval by the United States. [Engrossed in...


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108th CONGRESS
  2d Session
                                H. R. 5397

        To improve the retirement security of American families.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           November 19, 2004

 Mr. Andrews introduced the following bill; which was referred to the 
                Committee on Education and the Workforce

_______________________________________________________________________

                                 A BILL


 
        To improve the retirement security of American families.

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

SECTION 1. SHORT TITLE AND TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Retirement 
Enhancement Act of 2004''.
    (b) Table of Contents.--The table of contents is as follows:

Sec. 1. Short title and table of contents.
              TITLE I--IMPROVED PARTICIPATION AND VESTING

Sec. 101. Minimum coverage requirements.
Sec. 102. Minimum participation requirements.
Sec. 103. Faster vesting of benefits under defined contribution plans.
Sec. 104. Prohibition of requests by plan sponsors for waiver of 
                            employee rights.
Sec. 105. Model small employer group pension plan.
Sec. 106. Enforcement under ERISA of requirements for simplified 
                            employee pensions.
            TITLE II--IMPROVED PENSION PROTECTIONS FOR WOMEN

Sec. 201. Elimination of integration with workers' compensation and 
                            similar benefits.
Sec. 202. Spousal consent required for distributions from defined 
                            contribution plans.
Sec. 203. Modification of joint and survivor annuity requirements.
Sec. 204. Division of pension benefits upon divorce.
Sec. 205. Periods of family and medical leave treated as hours of 
                            service for pension participation and 
                            vesting.
Sec. 206. Right of spouse to know distribution information.
Sec. 207. Repeal of reduction in military Survivor Benefit Plan 
                            annuities at age 62.
Sec. 208. Survivor annuities for widows, widowers, and former spouses 
                            of Federal employees who die before 
                            attaining age for deferred annuity under 
                            Civil Service Retirement System.
Sec. 209. Order of precedence for disposition of amounts remaining in 
                            the thrift savings account of a Federal 
                            employee (or former employee) who dies 
                            before making an effective election 
                            controlling such disposition.
Sec. 210. Amendments relating to effective date provision of the Civil 
                            Service Retirement Spouse Equity Act of 
                            1984.
Sec. 211. Entitlement of divorced spouses to railroad retirement 
                            annuities independent of actual entitlement 
                            of employee.
Sec. 212. Extension of tier II railroad retirement benefits to 
                            surviving former spouses pursuant to 
                            divorce agreements.
               TITLE III--SIMPLIFIED INVESTMENT STANDARDS

Sec. 301. Exemption from prohibited transaction rules for certain 
                            aborted emergent transactions.
Sec. 302. Prohibited transaction exemption for the provision of 
                            investment advice.
Sec. 303. Participation of participants in trusteeship of single-
                            employer plans providing for employee 
                            contributions.
Sec. 304. Diversification of investment of account assets held under 
                            individual account plans.
Sec. 305. Removal of $500,000 cap on bonding requirement.
Sec. 306. Disclosure regarding investments and voting of proxies.
Sec. 307. Immediate warning of excessive stock holdings.
Sec. 308. Report to participants and beneficiaries of trades in 
                            employer securities.
     TITLE IV--IMPROVEMENTS IN PENSION INFORMATION AND ENFORCEMENT

Sec. 401. Pension benefit information.
Sec. 402. Disclosures to Secretary of Labor relating to plan 
                            termination and relating to plan sponsors 
                            after acquisition or merger of plans.
Sec. 403. Disclosure of operating income of employers adjusted so as to 
                            exclude certain components mandated in FASB 
                            rules governing accounting for defined 
                            benefit pension plans.
Sec. 404. Specific information regarding multiemployer plans included 
                            in annual report.
Sec. 405. Limited scope audits.
Sec. 406. Reporting and enforcement requirements for employee benefit 
                            plans.
Sec. 407. Study of pension trends and characteristics.
Sec. 408. Early resolution program for pension benefit claims.
Sec. 409. Review of benefit determinations.
Sec. 410. Allowable relief.
Sec. 411. Assessment by Secretary of Labor of penalties for failures to 
                            meet disclosure requirements.
Sec. 412. Missing participants and unclaimed benefits.
Sec. 413. Fiduciary duties with respect to changes in investment 
                            options.
Sec. 414. Office of Pension Participant Advocacy.
Sec. 415. Exclusivity of powers and procedures applicable to rights or 
                            claims.
    TITLE V--IMPROVED PENSION PROTECTIONS FOR THE CHANGING WORKFORCE

Sec. 501. Loans from retirement plans for health insurance and job 
                            training expenses.
Sec. 502. Automatic rollover upon mandatory distribution in excess of 
                            $1,000.
Sec. 503. Prompt distribution from defined contribution plans upon 
                            termination of participant's covered 
                            employment.
                      TITLE VI--GENERAL PROVISIONS

Sec. 601. General effective date.
Sec. 602. Plan amendments.

              TITLE I--IMPROVED PARTICIPATION AND VESTING

SEC. 101. MINIMUM COVERAGE REQUIREMENTS.

    (a) In General.--Part 2 of subtitle B of title I of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 201 et seq.) is 
amended by inserting after section 201 the following new section:

                    ``minimum coverage requirements

    ``Sec. 201A. (a) General Rule.--Each pension plan maintained by an 
employer shall benefit all employees of the employer.
    ``(b) Exclusion of Certain Employees.--
            ``(1) In general.--Subject to paragraph (2), in 
        determining, in the case of any plan, whether the requirements 
        of subsection (a) are met with respect to the employees of the 
        employer maintaining the plan, there shall be excluded from 
        consideration--
                    ``(A) employees who are included in a unit of 
                employees covered by an agreement which, as determined 
                in accordance with regulations issued by the Secretary, 
                constitutes a collective bargaining agreement between 
                employee representatives and the employer or 2 or more 
                employers including the employer, if there is evidence 
                that retirement benefits were the subject of good faith 
                bargaining between the employee representatives and the 
                employer or employers,
                    ``(B) in the case of a trust, forming a part of the 
                plan, which is established or maintained pursuant to an 
                agreement which, as determined in accordance with 
                regulations issued by the Secretary, constitutes a 
                collective bargaining agreement between airline pilots 
                represented in accordance with title II of the Railway 
                Labor Act and the employer or 2 or more employers 
                including the employer, all employees not covered by 
                the agreement, and
                    ``(C) employees who are nonresident aliens and who 
                receive no earned income (within the meaning of section 
                911(d)(2) of the Internal Revenue Code of 1986) from 
                the employer which constitutes income from sources 
                within the United States (within the meaning of section 
                861(a)(3) of such Code).
            ``(2) Special rules.--
                    ``(A) Treatment of employees in units covered by 
                collective bargaining agreements.--Subsection (a) shall 
                apply separately with respect to employees (of an 
                employer referred to in paragraph (1)(A)) who are in a 
                unit of employees described in paragraph (1)(A).
                    ``(B) Treatment of certain airline employees.--
                Paragraph (1)(B) shall not apply in the case of any 
                plan (of which the trust referred to in paragraph 
                (1)(B) forms a part) if the plan provides for 
                contributions or benefits for employees whose principal 
                duties are not customarily performed aboard aircraft in 
                flight.
    ``(c) Exclusion of Employees not Meeting Age and Service 
Requirements.--
            ``(1) In general.--If a plan--
                    ``(A) prescribes, consistent with section 202(a), 
                minimum age and service requirements as a condition of 
                participation, and
                    ``(B) excludes all employees not meeting such 
                requirements from participation,
        then such employees shall be excluded from consideration for 
        purposes of this section.
            ``(2) Requirements may be met separately with respect to 
        excluded group.--If employees not meeting the minimum age or 
        service requirements of section 202(a)(1) (without regard to 
        subparagraph (B) thereof) are covered under a plan of the 
        employer which meets the requirements of subsection (a) 
        separately with respect to such employees, such employees may 
        be excluded from consideration in determining whether any plan 
        of the employer meets the requirements of subsection (a).
            ``(3) Requirements not treated as being met before entry 
        date.--An employee shall not be treated as meeting the age and 
        service requirements described in this subsection until the 
        first date on which, under the plan, any employee with the same 
        age and service would be eligible to commence participation in 
        the plan.
    ``(d) Line of Business Exception.--
            ``(1) In general.--If, under section 414(r) of the Internal 
        Revenue Code of 1986, an employer is treated as operating 
        separate lines of business for a year, the employer may apply 
        the requirements of this section for such year separately with 
        respect to employees in each separate line of business.
            ``(2) Plan must be nondiscriminatory.--Paragraph (1) shall 
        not apply with respect to any plan maintained by an employer 
        unless such plan benefits such employees as qualify under a 
        classification set up by the employer and found by the 
        Secretary of the Treasury not to be discriminatory in favor of 
        highly compensated employees.
    ``(e) Definitions and Special Rules.--For purposes of this 
section--
            ``(1) Highly compensated employee.--The term `highly 
        compensated employee' has the meaning given such term by 
        section 414(q) of the Internal Revenue Code of 1986.
            ``(2) Aggregation rules.--An employer may elect to 
        designate--
                    ``(A) 2 or more trusts,
                    ``(B) 1 or more trusts and 1 or more annuity plans, 
                or
                    ``(C) 2 or more annuity plans,
        as part of 1 plan to determine whether the requirements of this 
        section are met with respect to such plan.
            ``(3) Special rules for certain dispositions or 
        acquisitions.--
                    ``(A) In general.--If a person becomes, or ceases 
                to be, a member of a group described in subsection (b), 
                (c), (m), or (o) of section 414 of such Code, then the 
                requirements of this section shall be treated as having 
                been met during the transition period with respect to 
                any plan covering employees of such person or any other 
                member of such group if--
                            ``(i) such requirements were met 
                        immediately before each such change, and
                            ``(ii) the coverage under such plan is not 
                        significantly changed during the transition 
                        period (other than by reason of the change in 
                        members of a group) or such plan meets such 
                        other requirements as the Secretary of the 
                        Treasury may prescribe by regulation.
                    ``(B) Transition period.--For purposes of 
                subparagraph (A), the term `transition period' means 
                the period--
                            ``(i) beginning on the date of the change 
                        in members of a group, and
                            ``(ii) ending on the last day of the 1st 
                        plan year beginning after the date of such 
                        change.
            ``(4) Eligibility to contribute.--In the case of 
        contributions which are subject to section 401(k) or 401(m) of 
        the Internal Revenue Code of 1986, employees who are eligible 
        to contribute (or elect to have contributions made on their 
        behalf) shall be treated as benefiting under the plan.
            ``(5) Regulations.--The Secretary of the Treasury shall 
        prescribe such regulations as may be necessary or appropriate 
        to carry out the purposes of this section.''.
    (b) Clerical Amendment.--The table of contents in section 1 of such 
Act is amended by inserting after the item relating to section 201 the 
following new item:

``Sec. 201A. Minimum coverage requirements.''.

SEC. 102. MINIMUM PARTICIPATION REQUIREMENTS.

    (a) In General.--Sections 202(a)(3), 203(b)(2), and 204(b)(4) of 
the Employee Retirement Income Security Act of 1974 (29 U.S.C. 
1052(a)(3), 1053(b)(2), and 1054(b)(4)) are each amended by striking 
``1,000 hours'' each place it appears and inserting ``750 hours''.
    (b) Conforming Amendments.--
            (1) Sections 202(a)(3)(D), 203(b)(2)(D), and 204(b)(4)(E) 
        (29 U.S.C. 1052(a)(3)(D), 1053(b)(2)(D), and 1054(b)(4)(E)) are 
        each amended by striking ``125 days'' and inserting ``94 
        days''.
            (2) Sections 202(b)(5)(B) and 203(b)(3)(E)(ii) (29 U.S.C. 
        1052(b)(5)(B) and 1053(b)(3)(E)(ii)) are each amended by 
        striking ``501 hours'' and inserting ``376 hours''.
            (3) Section 203(b)(3)(A) (29 U.S.C. 1053(b)(3)(A)) is 
        amended by striking ``500 hours'' and inserting ``375 hours''.

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