Safeguarding America's Retirement Act of 2002

Summary

Safeguarding America's Retirement Act of 2002 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to prohibit individual account plans which include cash or deferred arrangements, under the Internal Revenue Code (IRC) section 401(k), from using employee contributions to acquire or hold more than ten percent of their value in employer securities. Requires such plans to give a participant or beneficiary whose nonforfeitable accrued benefit attributable to employee contributions is invested in whole or in part in employer securities a reasonable opportunity periodically (at least quarterly) to invest such accrued benefit in investment vehicles, other than employer securities, selected to permit diversification. Prohibits plan sponsors, administrators, or other fiduciaries from imposing any lockdown in connection with the nonforfeitable accrued benefit of a participant or beneficiary. Amends ERISA and IRC to provide for vesting (a nonforfeitable right to all of the participant's accrued benefits) of elective deferrals under such plans for participants who have completed three years of plan participation.

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Timeline

1. 5 February 2002

   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. 5 February 2002

   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. 5 February 2002

   Introduced

   Introduced in House

   Source: IntroReferral

4. 5 February 2002

   Introduced

   Introduced in House

   Source: IntroReferral

5. 9 May 2002

   Referred

   Referred to the Subcommittee on Employer-Employee Relations.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 5 February 2002 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 5 February 2002

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 5 February 2002

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 5 February 2002

  Open at official source

Sponsors

• Rep. English, Phil [R-PA-3] · R · Sponsor
• Del. Faleomavaega, Eni F. H. [D-AS-At Large] · D · Cosponsor
• JOHN DUNCAN · R · Cosponsor
• · hsed00 · Standing
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.