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United States · Bill · HR

H.R. 3657 (107th)

Employee Pension Freedom Act of 2002

referredUnited States· United States Congress· EN

Introduced

29 January 2002

Last action

9 May 2002 · Referred

Status

Referred to the Subcommittee on Employer-Employee Relations.

Sponsors

Rep. Miller, George [D-CA-11], Rep. Gephardt, Richard A. [D-MO-3], Rep. Pelosi, Nancy [D-CA-11], Rep. Bonior, David E. [D-MI-10], Rep. Frost, Martin [D-TX-24], Rep. Cummings, Elijah E. [D-MD-7], Sen. Brown, Sherrod [D-OH], Rep. Barrett, Thomas M. [D-WI-5], Rep. Lee, Barbara [D-CA-12], Rep. Stark, Fortney Pete [D-CA-13], Rep. Frank, Barney [D-MA-4], Rep. Owens, Major R. [D-NY-11], Rep. McGovern, James P. [D-MA-2], Rep. Tierney, John F. [D-MA-6], Rep. Andrews, Robert E. [D-NJ-1], Rep. McCollum, Betty [D-MN-4], Rep. Woolsey, Lynn C. [D-CA-6], Rep. Solis, Hilda L. [D-CA-32], Rep. LaFalce, John J. [D-NY-29], Rep. Holt, Rush [D-NJ-12], Rep. Johnson, Eddie Bernice [D-TX-30], Rep. Wynn, Albert Russell [D-MD-4], Rep. Tauscher, Ellen O. [D-CA-10], Rep. Watson, Diane E. [D-CA-33], Rep. Clayton, Eva M. [D-NC-1], Rep. Berkley, Shelley [D-NV-1], Rescom. Acevedo-Vila, Anibal [D-PR-At Large], Rep. Honda, Michael M. [D-CA-15], Rep. Pastor, Ed [D-AZ-4], Rep. Stupak, Bart [D-MI-1], Sen. Baldwin, Tammy [D-WI], Rep. Sabo, Martin Olav [D-MN-5], Rep. Millender-McDonald, Juanita [D-CA-37], Rep. Davis, Susan A. [D-CA-53], Rep. Schakowsky, Janice D. [D-IL-9], Rep. Phelps, David D. [D-IL-19], Rep. Olver, John W. [D-MA-1], Rep. Baca, Joe [D-CA-43], Rep. Rodriguez, Ciro D. [D-TX-28], Del. Christensen, Donna M. [D-VI-At Large], Rep. Sawyer, Tom [D-OH-14], Rep. Farr, Sam [D-CA-20], Rep. Hinchey, Maurice D. [D-NY-22], Rep. Hilliard, Earl F. [D-AL-7], Rep. Sandlin, Max [D-TX-1], Rep. Slaughter, Louise McIntosh [D-NY-25], Rep. Lantos, Tom [D-CA-12], Del. Faleomavaega, Eni F. H. [D-AS-At Large]

Subjects

Discovery layer

Source updated

23 March 2026

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Summary

Employee Pension Freedom Act of 2002 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to set forth requirements for disclosure, diversification, account access, and accountability under defined contribution plans that are individual account plans (401(k) and similar plans). Requires pension plan administrators to provide certain benefit information to participants or beneficiaries periodically. Requires plan sponsors (employers) and plan administrators to provide all material investment information to participants and beneficiaries, in an accurate form, as required to be disclosed to investors under applicable securities laws, and treats misleading investment information as a violation. Requires individual account plans that permit participants or beneficiaries to exercise control over their account assets to grant them the right to allocate all their nonforfeitable accrued benefits which are readily tradable employer securities to any investment option provided under the plan. Reduces, from three years to one year, the maximum vesting period for individual account plans (so that an employee who has completed at least one year of service has a nonforfeitable right to all of the employee's accrued benefit derived from employer contributions). Requires individual account plan fiduciaries to give 30 days notice to plan participants and beneficiaries before a lockdown limiting their control over their account assets, and limits the maximum duration of any such lockdown to ten business days. Requires each fiduciary of an individual account plan to be bonded or insured in an amount sufficient to ensure coverage of financial losses due to failures to meet certain ERISA requirements. Requires joint boards of trustees, representing interests of employers and those of employee participants and beneficiaries, to hold in trust the assets of single-employer plans which are individual account plans with some or all assets derived from employee contributions. Makes liable anyone who participates in or conceals certain breaches of fiduciary duty. Provides that rights or claims under ERISA may not be waived, with specified exceptions. Establishes an Office of Pension Participant Advocacy in the Department of Labor. Directs the Pension Benefit Guaranty Corporation to study and report to specified congressional committees on the feasibility of and options for developing an insurance system for individual account plans.

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

Timeline

  1. 29 January 2002

    Introduced

    Referred to the House Committee on Education and the Workforce.

    Source: IntroReferral

  2. 29 January 2002

    Introduced

    Sponsor introductory remarks on measure. (CR H86-87)

    Source: IntroReferral

  3. 29 January 2002

    Introduced

    Introduced in House

    Source: IntroReferral

  4. 29 January 2002

    Introduced

    Introduced in House

    Source: IntroReferral

  5. 9 May 2002

    Referred

    Referred to the Subcommittee on Employer-Employee Relations.

    Source: Committee

Votes

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Versions

Documents

3 official files

Introduced in House (text)

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  • Introduced in House (text)

    Introduced in House · EN · 29 January 2002

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  • Introduced in House (PDF)

    Introduced in House · EN · 29 January 2002

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  • Introduced in House

    summary · EN · 29 January 2002

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Sponsors

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Related records

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Sources

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