Retirement Account Protection Act of 2001

Summary

Retirement Account Protection Act of 2001 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to revise fiduciary duties with respect to pension plans that are specified types of eligible individual account plans, including employee stock ownership plans that are among qualifying plans under section 401(k) of the Internal Revenue Code (IRC), but excluding, with certain exceptions, individual retirement accounts or annuities (IRAs) under section 408 of IRC. Prohibits sponsors, administrators, or other fiduciaries of such plans, unless they apply for and obtain exemptions from the Secretary of Labor, from imposing any lockdown (including a blackout, freeze, suspension, or similar limitation) on participants' or beneficiaries' ability to transfer their nonforfeitable accrued benefits from investment in the form of qualifying employer securities to other investment vehicles otherwise available under the terms of the plan. Prohibits the Secretary from granting such an exemption without finding that it is: (1) administratively feasible; (2) in the interests of the plan, participants, and beneficiaries; and (3) protective of participant and beneficiary rights. Prohibits any such lockdown from taking effect until at least 90 days after written notice (which may include notice by means of electronic communication) is provided by the plan administrator to such participants or beneficiaries. Directs the Secretary to study, and report with recommendations to Congress on, the feasibility of statutory limits on investment of individual account plan assets in stock or other securities issued by the employer.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 18 December 2001

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• Introduced in House (PDF)

  Introduced in House · EN · 18 December 2001

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• Introduced in House

  summary · EN · 18 December 2001

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