Pension Plan Investment Enforcement Act of 1983

Summary

Pension Plan Investment Enforcement Act of 1983 - Amends the Employee Retirement Income Security Act of 1974 to impose upon employee benefit plan fiduciaries the duty to avoid selecting an investment for the purpose of advancing political or social goals if such investment can be reasonably expected to yield a financial return less than other available investments. Amends the Internal Revenue Code to 1954 to declare employee benefit plans ineligible as qualified trusts for tax purposes if it is possible under such plans to: (1) conduct investments other than in the interest of plan participants and beneficiaries; or (2) select investments for purposes of advancing political or social goals if such investments can be reasonably expected to yield financial returns less than other available investments. Amends both the Act and the Code to establish procedures by which a person aggrieved by a determination of either the Secretary of Labor or the Secretary of the Treasury regarding an exemption from the prohibition on certain fiduciary transactions may bring a civil action in Federal district court for declaratory or injunctive relief against such Secretary. Authorizes award of all costs and reasonable attorney's fees to the prevailing complainant in such an action. Provides for punitive damages for each breach of fiduciary duties. Establishes maximum criminal fines and prison terms for violations of this Act.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 27 September 1983

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.