Pension Security Act of 2003

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.

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Documents

11 official files

• 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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