Omnibus Corporate Reform and Restoration Act of 2002

Summary

Omnibus Corporate Reform and Restoration Act of 2002 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC) to revise standards for pension plan security for defined contribution plans (DCPs). Specifies a waivable limit to the amount of employer stock and real property which may be acquired and held with respect to the individual account each participant or beneficiary, in the case of DCPs that are individual account plans (IAPs) (401(k) and similar plans). Allows employees to diversify assets in employee stock ownership plans (ESOPs) after five years (currently ten) and at age 35 (currently 55). Reduces the tax deduction for employer matching contributions to DCPs (other than ESOPs) when such contributions are made in employer securities. Exempts from certain prohibited transaction rules the provision of fiduciary investment advice to participants or beneficiaries who direct their investments. Requires IAPs to provide for plan investment committees, whose members shall be elected by plan participants. Directs the Pension Benefit Guaranty Corporation to study the feasibility of, and options for developing, an insurance system for IAPs. Requires IAP trades in employer securities to be reported to participants and beneficiaries. Amends the Securities and Exchange Act of 1934 to prohibit issuers of equity securities from making loans or other extensions of credit to beneficial owners, officers, or directors. Amends Federal bankruptcy law to increase, from $4,000 to $15,000, the individual maximum limit on priority claims for wages and for contributions to employee benefit plans. Provides criminal penalties for: (1) destruction, alteration, or falsification of records in Federal investigations and bankruptcy; and (2) destruction of corporate audit records.

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

Timeline

1. 26 June 2002

   Introduced

   Sponsor introductory remarks on measure. (CR H3934)

   Source: IntroReferral

2. 10 July 2002

   Introduced

   Sponsor introductory remarks on measure. (CR H4477)

   Source: IntroReferral

3. 12 July 2002

   Introduced

   Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, Financial Services, the Judiciary, and Energy and Commerce, 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. 12 July 2002

   Introduced

   Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, Financial Services, the Judiciary, and Energy and Commerce, 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. 12 July 2002

   Introduced

   Sponsor introductory remarks on measure. (CR H4570-4571)

   Source: IntroReferral

6. 12 July 2002

   Introduced

   Introduced in House

   Source: IntroReferral

7. 12 July 2002

   Introduced

   Introduced in House

   Source: IntroReferral

8. 29 July 2002

   Referred

   Referred to the Subcommittee on Commerce, Trade and Consumer Protection, for a period to be subsequently determined by the Chairman.

   Source: Committee

9. 20 August 2002

   Referred

   Referred to the Subcommittee on Crime, Terrorism, and Homeland Security.

   Source: Committee

10. 18 October 2002

    Referred

    Referred to the Subcommittee on Employer-Employee Relations.

    Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 12 July 2002 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 12 July 2002

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 12 July 2002

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 12 July 2002

  Open at official source

Sponsors

• Sheila Jackson Lee · D · Sponsor
• Rep. Honda, Michael M. [D-CA-17] · D · Cosponsor
• Rep. Watson, Diane E. [D-CA-33] · D · Cosponsor
• James Clyburn · D · Cosponsor
• Rep. Hilliard, Earl F. [D-AL-7] · D · Cosponsor
• Rep. McKinney, Cynthia A. [D-GA-4] · D · Cosponsor
• Rep. Millender-McDonald, Juanita [D-CA-37] · D · Cosponsor
• Rep. Schakowsky, Janice D. [D-IL-9] · D · Cosponsor
• Rep. Payne, Donald M. [D-NJ-10] · D · Cosponsor
• Rep. Meeks, Gregory W. [D-NY-5] · D · Cosponsor
• Rep. Towns, Edolphus [D-NY-11] · D · Cosponsor
• BOBBY RUSH · D · Cosponsor
• Rep. Evans, Lane [D-IL-17] · D · Cosponsor
• Rep. Kucinich, Dennis J. [D-OH-10] · D · Cosponsor
• Marcy Kaptur · D · Cosponsor
• Rep. Olver, John W. [D-MA-1] · D · Cosponsor
• Rep. Solis, Hilda L. [D-CA-32] · D · Cosponsor
• Sanford Bishop · D · Cosponsor
• JOSE SERRANO · D · Cosponsor
• Maxine Waters · D · Cosponsor
• Rep. Jones, Stephanie Tubbs [D-OH-11] · D · Cosponsor
• · hsed00 · Standing
• · hsju00 · Standing
• · hsba00 · Standing
• · hsif00 · Standing
• · hswm00 · Standing

Related records

No cross-record relationships stored yet.