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United States · Bill · HR

H.R. 1000 (108th)

Pension Security Act of 2003

referredUnited States· United States Congress· EN

Introduced

27 February 2003

Last action

15 May 2003 · Introduced

Status

Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Sponsors

Rep. Boehner, John A. [R-OH-8], Rep. Johnson, Sam [R-TX-3], Rep. Greenwood, James C. [R-PA-8], Rep. Gibbons, Jim [R-NV-2], Rep. Keller, Ric [R-FL-8], Rep. Wilson, Joe [R-SC-2], Rep. Norwood, Charles W. [R-GA-9], Rep. Platts, Todd Russell [R-PA-19], Rep. Tiberi, Patrick J. [R-OH-12], Rep. Shays, Christopher [R-CT-4], Rep. Simmons, Rob [R-CT-2], Rep. McKeon, Howard P. "Buck" [R-CA-25], Rep. Biggert, Judy [R-IL-13], Rep. Frelinghuysen, Rodney P. [R-NJ-11], Sen. Isakson, Johnny [R-GA], Rep. Brown-Waite, Ginny [R-FL-5], Rep. LaTourette, Steven C. [R-OH-14], Del. Norton, Eleanor Holmes [D-DC-At Large], Rep. Souder, Mark E. [R-IN-3], Rep. Sensenbrenner, F. James, Jr. [R-WI-5], Rep. English, Phil [R-PA-3], Rep. Green, Mark [R-WI-8], Rep. Herger, Wally [R-CA-2], Rep. Weldon, Curt [R-PA-7], Rep. Beauprez, Bob [R-CO-7], Rep. Feeney, Tom [R-FL-24], Rep. Ney, Robert W. [R-OH-18], Rep. Ballenger, Cass [R-NC-10], Rep. Sweeney, John E. [R-NY-20], Rep. Brady, Kevin [R-TX-8], Sen. Burr, Richard [R-NC], Rep. Musgrave, Marilyn N. [R-CO-4], Sen. DeMint, Jim [R-SC], Rep. Crane, Philip M. [R-IL-8], Rep. Hart, Melissa A. [R-PA-4], Rep. Oxley, Michael G. [R-OH-4], Rep. Upton, Fred [R-MI-6], Sen. Blackburn, Marsha [R-TN], Rep. Kline, John [R-MN-2], Rep. Cole, Tom [R-OK-4], Rep. Castle, Michael N. [R-DE-At Large], Rep. Peterson, John E. [R-PA-5], Rep. Tancredo, Thomas G. [R-CO-6], Rep. Rogers, Mike J. [R-MI-8], Rep. Kolbe, Jim [R-AZ-8], Rep. Janklow, William J. [R-SD-At Large], Rep. Reynolds, Thomas M. [R-NY-26], Rep. Rehberg, Denny [R-MT-At Large]

Subjects

Discovery layer

Source updated

10 February 2026

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Summary

Pension Security Act of 2003 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to require individual account plans (IAPs), including those with cash or deferred arrangements under Internal Revenue Code (IRC) section 401(k), to furnish quarterly pension benefit statements to plan participants and beneficiaries with rights to direct investments. Provides that employers are not exempt from liability for failing in fiduciary duty with respect to IAP investments during blackout periods if such a period's imposition suspends, limits, or restricts participants' and beneficiaries' ability to direct or diversify their assets. Directs the Secretary of Labor to establish a program to provide informational and educational support for pension plan fiduciaries. Amends ERISA and IRC to set forth diversification requirements for IAPs that hold employer securities readily tradable on an established market. Allows ERISA and IRC prohibited transaction exemptions under specified conditions. Directs the Secretary of Labor to study, and report to specified congressional committees on, the costs and benefits to participants and beneficiaries of requiring independent fiduciary consultants to advise plan fiduciaries in connection with IAPs. Amends the IRC to provide that 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. Amends the Securities Exchange Act of 1934 to prohibit certain insider trading during pension plan transaction suspension periods. Amends the Retirement Protection Act of 1994 to make permanent an exemption from certain funding rules under the General Agreement on Tariffs and Trade (GATT) for retirement plans sponsored by companies in the interstate bus transportation industry (thereby having ERISA funding rules apply instead). Directs the Secretaries of the Treasury and of Labor to allow: (1) one-participant retirement plans which meet certain requirements and have assets of $250,000 or less as of the close of the plan year to not file an annual return for that year; and (2) the filing of a simplified annual return for any retirement plan which covers fewer than 25 employees on the first day of a plan year and meets certain other requirements. Directs the Secretary of the Treasury to continue to update and improve the Employee Plans Compliance Resolution System (or any successor program) giving special attention to specified factors. Amends IRC and the Taxpayer Relief Act of 1997 to extend to all governmental plans a moratorium on the application of certain nondiscrimination rules applicable to State and local plans. Amends ERISA to direct the Secretary of the Treasury to modify specified regulations. Directs the Pension Benefit Guaranty Corporation (PBGC) to issue missing participant rules for multiemployer plans. Reduces PBGC premiums for new plans of small employers. Reduces PBGC additional premiums for new and small plans. Authorizes the PBGC to pay interest on premium overpayment refunds. Revises rules for substantial owner benefits in terminated plans. Directs the Secretary of Labor to study and report on model small employer group plans.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 27 February 2003

    Introduced

    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.

    Source: IntroReferral

  2. 27 February 2003

    Introduced

    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.

    Source: IntroReferral

  3. 27 February 2003

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 27 February 2003

    Introduced

    Introduced in House

    Source: IntroReferral

  5. 6 March 2003

    Vote

    Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 19.

    Source: Committee

  6. 6 March 2003

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  7. 18 March 2003

    Reported

    Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 108-43, Part I.(text: CR 5/14/2003 H4040-4050)

    Source: Committee

  8. 18 March 2003

    Committee

    House Committee on Ways and Means Granted Extention for Further Consideration Ending no Later Than March 28, 2003..

    Source: Committee

  9. 18 March 2003

    Introduced

    House Committee on Ways and Means Granted an extension for further consideration ending not later than March 28, 2003.

    Source: IntroReferral

  10. 18 March 2003

    Reported

    Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 108-43, Part I. (text: CR 5/14/2003 H4040-4050)

    Source: Committee

  11. 28 March 2003

    Introduced

    House Committee on Ways and Means Granted an extension for further consideration ending not later than May 9, 2003.

    Source: IntroReferral

  12. 28 March 2003

    Committee

    House Committee on Ways and Means Granted an Extention for Further Consideration Ending not Later Than May 9, 2003..

    Source: Committee

  13. 9 May 2003

    Calendars

    Placed on the Union Calendar, Calendar No. 50.

    Source: Calendars

  14. 9 May 2003

    Discharge

    Committee on Ways and Means discharged.

    Source: Discharge

  15. 9 May 2003

    Committee

    Committee on Ways and Means discharged.

    Source: Committee

  16. 13 May 2003

    Reported

    Rules Committee Resolution H. Res. 230 Reported to House. Rule provides for consideration of H.R. 1000 with 1 hour and 20 minutes of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. The amendment recommended by the Committee on Education and the Workforce now printed in the bill shall be considered as adopted. All points of order against the bill, as amended, are waived. Measure will be considered read. A specified amendment is in order.

    Source: Floor

  17. 14 May 2003

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

  18. 14 May 2003

    Vote

    On passage Passed by the Yeas and Nays: 271 - 157 (Roll no. 189). (text: CR H4050-4059)

    Source: Floor

  19. 14 May 2003

    Vote

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 271 - 157 (Roll no. 189).(text: CR H4050-4059)

    Source: Floor

  20. 14 May 2003

    Vote

    On motion to recommit with instructions Failed by the Yeas and Nays: 202 - 226 (Roll no. 188).

    Source: Floor

  21. 14 May 2003

    Floor

    The previous question on the motion to recommit with instructions was ordered without objection.

    Source: Floor

  22. 14 May 2003

    Floor

    Mr. Miller, George moved to recommit with instructions to Education and the Workforce. (consideration: CR H4089-4092; text: CR H4089-4090)

    Source: Floor

  23. 14 May 2003

    Floor

    The previous question was ordered on the amendment and the bill as amended pursuant to the rule.

    Source: Floor

  24. 14 May 2003

    Floor

    Rule provides for consideration of H.R. 1000 with 1 hour and 20 minutes of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. The amendment recommended by the Committee on Education and the Workforce now printed in the bill shall be considered as adopted. All points of order against the bill, as amended, are waived. Measure will be considered read. A specified amendment is in order.

    Source: Floor

  25. 14 May 2003

    Floor

    Considered under the provisions of rule H. Res. 230. (consideration: CR H4040-4092)

    Source: Floor

  26. 14 May 2003

    Passed

    Rule H. Res. 230 passed House.

    Source: Floor

  27. 15 May 2003

    Introduced

    Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Documents

11 official files

Referred in Senate (text)

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  • Referred in Senate (text)

    Referred in Senate · EN · 15 May 2003

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 15 May 2003

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  • Engrossed in House (text)

    Engrossed in House · EN · 14 May 2003

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 14 May 2003

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  • Passed House without amendment

    summary · EN · 14 May 2003

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  • Reported in House (text)

    Reported in House · EN · 9 May 2003

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  • Reported in House (PDF)

    Reported in House · EN · 9 May 2003

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  • Reported to House amended, Part I

    summary · EN · 18 March 2003

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  • Introduced in House (text)

    Introduced in House · EN · 27 February 2003

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  • Introduced in House (PDF)

    Introduced in House · EN · 27 February 2003

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  • Introduced in House

    summary · EN · 27 February 2003

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Sponsors

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