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United States · Bill · HR

H.R. 3762 (107th)

Pension Security Act of 2002

referredUnited States· United States Congress· EN

Introduced

14 February 2002

Last action

9 May 2002 · Referred

Status

Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, for a period to be subsequently determined by the Chairman.

Sponsors

Rep. Boehner, John A. [R-OH-8], Rep. Johnson, Sam [R-TX-3], Rep. Oxley, Michael G. [R-OH-4], Rep. Fletcher, Ernie [R-KY-6], Rep. Petri, Thomas E. [R-WI-6], Rep. Roukema, Marge [R-NJ-5], Rep. McKeon, Howard P. "Buck" [R-CA-25], Rep. Castle, Michael N. [R-DE-At Large], Rep. Upton, Fred [R-MI-6], Rep. Tancredo, Thomas G. [R-CO-6], Rep. Biggert, Judy [R-IL-13], Rep. Keller, Ric [R-FL-8], Rep. Culberson, John Abney [R-TX-7], Rep. Calvert, Ken [R-CA-41], Rep. King, Peter T. [R-NY-2], Rep. LaTourette, Steven C. [R-OH-14], Rep. Hill, Baron P. [D-IN-9], Rep. Rehberg, Denny [R-MT-At Large], Sen. Boozman, John [R-AR], Rep. Wilson, Joe [R-SC-2], Sen. Capito, Shelley Moore [R-WV], Rep. Bartlett, Roscoe G. [R-MD-6], Rep. Latham, Tom [R-IA-3], Rep. Tiberi, Patrick J. [R-OH-12], Rep. Gibbons, Jim [R-NV-2], Rep. Greenwood, James C. [R-PA-8], Rep. Reynolds, Thomas M. [R-NY-26], Sen. Isakson, Johnny [R-GA], Rep. Hart, Melissa A. [R-PA-4], Rep. Sensenbrenner, F. James, Jr. [R-WI-5], Rep. Green, Mark [R-WI-8], Rep. Walsh, James T. [R-NY-25], Rep. Kolbe, Jim [R-AZ-8], Rep. Shays, Christopher [R-CT-4]

Subjects

Discovery layer

Source updated

21 July 2025

Official sourceDownload fileView documentsShare

Summary

Pension Security Act of 2002 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to require individual account plans, including those with cash or deferred arrangements under IRC section 401(k), to furnish quarterly pension benefit statements to plan participants and beneficiaries with rights to direct investments. Requires individual account plan administrators to give 30 days notice (except in specified circumstances) to plan participants and beneficiaries before a period (lockdown, blackout) in which their ability to divest or diversify assets control over their account assets will be limited. Provides that, during such lockdown periods, employers are not exempt from liability for failing in fiduciary duty with respect to individual account plan investments; but states that this loss of exemption from liability is not triggered by any limitations or restrictions on employee ability to divest or diversify assets, if such limitations or restrictions are disclosed to participants and beneficiaries through summary plan description or materials describing specific investment alternatives under the plan. Amends ERISA and IRC to prohibit individual account plans from acquiring or holding employer securities with respect to which there is any restriction on divestment by a participant or beneficiary after the participant has completed three years of plan participation. Exempts employee stock ownership plans (ESOPS) from this prohibition. Allows ERISA prohibited transaction exemptions under specified conditions to: (1) a fiduciary adviser's providing certain investment advice to an employee benefit plan or to a participant or beneficiary of such plan; (2) sale, acquisition, or holding of securities or other property (including any lending of money or other extension of credit associated with these) pursuant to such advice; and (3) direct or indirect receipt of fees or other compensation by the fiduciary adviser or an affiliate in connection with providing such advice. Amends the Securities Exchange Act of 1934 to prohibit certain insider trading during pension plan transaction suspension periods.

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

Timeline

  1. 14 February 2002

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 14 February 2002

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 14 February 2002

    Introduced

    Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and Financial Services, 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

  4. 14 February 2002

    Introduced

    Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and Financial Services, 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

  5. 15 February 2002

    Introduced

    Sponsor introductory remarks on measure. (CR E174)

    Source: IntroReferral

  6. 20 March 2002

    Passed

    Mr. Goss asked unanimous consent that the Committee on Education and Labor have until midnight on April 4 to file a report on H.R. 3762. Agreed to without objection.

    Source: Committee

  7. 20 March 2002

    Vote

    Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 19.

    Source: Committee

  8. 20 March 2002

    Committee

    Committee Consideration and Mark-up Session Held.

    Source: Committee

  9. 4 April 2002

    Introduced

    House Committee on Ways and Means Granted an extension for further consideration ending not later than April 9, 2002.

    Source: IntroReferral

  10. 4 April 2002

    Reported

    Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 107-383, Part I.

    Source: Committee

  11. 4 April 2002

    Reported

    Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 107-383, Part I.

    Source: Committee

  12. 9 April 2002

    Calendars

    Placed on the Union Calendar, Calendar No. 233.

    Source: Calendars

  13. 9 April 2002

    Discharge

    Committee on Ways and Means discharged.

    Source: Discharge

  14. 9 April 2002

    Committee

    Committee on Ways and Means discharged.

    Source: Committee

  15. 10 April 2002

    Reported

    Rules Committee Resolution H. Res. 386 Reported to House. Rule provides for consideration of H.R. 3762 with 2 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. In lieu of the amendment recommended by the Committee on Education and the Workforce now printed in the bill, the amendment in the nature of a substitute printed in part A of the report of the Committee on Rules accompanying this resolution shall be considered as adopted. Measure will be considered read. A specified amendment is in order.

    Source: Floor

  16. 11 April 2002

    Passed

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

    Source: Floor

  17. 11 April 2002

    Vote

    On passage Passed by recorded vote: 255 - 163 (Roll no. 92).

    Source: Floor

  18. 11 April 2002

    Vote

    Passed/agreed to in House: On passage Passed by recorded vote: 255 - 163 (Roll no. 92).

    Source: Floor

  19. 11 April 2002

    Vote

    On motion to recommit with instructions Failed by recorded vote: 204 - 212 (Roll no. 91). (text: CR H1264-1265)

    Source: Floor

  20. 11 April 2002

    Floor

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

    Source: Floor

  21. 11 April 2002

    Floor

    Mr. Miller, George moved to recommit with instructions to Education and the Workforce.

    Source: Floor

  22. 11 April 2002

    Floor

    Rule provides for consideration of H.R. 3762 with 2 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. In lieu of the amendment recommended by the Committee on Education and the Workforce now printed in the bill, the amendment in the nature of a substitute printed in part A of the report of the Committee on Rules accompanying this resolution shall be considered as adopted. Measure will be considered read. A specified amendment is in order.

    Source: Floor

  23. 11 April 2002

    Floor

    Considered under the provisions of rule H. Res. 386. (consideration: CR H1217-1267; text of measure as introduced: CR H1217-1220)

    Source: Floor

  24. 11 April 2002

    Passed

    Rule H. Res. 386 passed House.

    Source: Floor

  25. 15 April 2002

    Introduced

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

    Source: IntroReferral

  26. 9 May 2002

    Referred

    Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, for a period to be subsequently determined by the Chairman.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

11 official files

Referred in Senate (text)

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Leesvertaling

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  • Referred in Senate (text)

    Referred in Senate · EN · 15 April 2002

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  • Referred in Senate (PDF)

    Referred in Senate · EN · 15 April 2002

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  • Engrossed in House (text)

    Engrossed in House · EN · 11 April 2002

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  • Engrossed in House (PDF)

    Engrossed in House · EN · 11 April 2002

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  • Passed House amended

    summary · EN · 11 April 2002

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  • Reported in House (text)

    Reported in House · EN · 9 April 2002

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  • Reported in House (PDF)

    Reported in House · EN · 9 April 2002

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  • Reported to House amended, Part I

    summary · EN · 4 April 2002

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  • Introduced in House (text)

    Introduced in House · EN · 14 February 2002

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  • Introduced in House (PDF)

    Introduced in House · EN · 14 February 2002

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  • Introduced in House

    summary · EN · 14 February 2002

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