Pension Security Act of 2002

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.

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Timeline

1. 26 February 2002

   Introduced

   Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (text of measure as introduced: CR S1213-1216)

   Source: IntroReferral

2. 26 February 2002

   Introduced

   Sponsor introductory remarks on measure. (CR S1212-1213)

   Source: IntroReferral

3. 26 February 2002

   Introduced

   Introduced in Senate

   Source: IntroReferral

4. 27 February 2002

   Introduced

   Sponsor introductory remarks on measure. (CR S1248)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 26 February 2002 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 26 February 2002

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 26 February 2002

  ViewDownloadOpen at official source

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  Vertaal document

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• Introduced in Senate

  summary · EN · 26 February 2002

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Hutchinson, Tim [R-AR] · R · Sponsor
• Sen. Lott, Trent [R-MS] · R · Sponsor
• Sen. Gregg, Judd [R-NH] · R · Sponsor
• Sen. Smith, Bob [R-NH] · R · Cosponsor
• Sen. Enzi, Michael B. [R-WY] · R · Cosponsor
• Sen. Roberts, Pat [R-KS] · R · Cosponsor
• · sshr00 · Standing

Related records

• related to → Pension Security Act of 2002