WIRE Act

Summary

Worker Investment Retirement and Education Act of 2002 (or the WIRE Act) - Amends the Internal Revenue Code to establish, with certain specified exceptions, an excise tax in cases where: (1) administrators of applicable defined contribution plans do not provide, at least once annually, information on basic investment guidelines to participants; and (2) a plan with at least 100 participants does not provide a personalized benefit statement to each participant at least annually. Establishes similar requirements under the Employee Retirement Income Security Act of 1974. Sets forth diversification requirements for certain plans holding employer securities. Establishes a tax for failure of applicable plans to meet certain notice and data requirements, with certain specified exceptions. Permits a waiver of the taxes by the Secretary of the Treasury. Forbids trading of equity securities (other than exempted securities) acquired by an individual through employment (or other specified associations) with an issuer during blackout periods of an applicable plan. Establishes in the Internal Revenue Service an "Office of Pension Participant Advocacy."

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 17 April 2002

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 17 April 2002

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• Introduced in Senate

  summary · EN · 17 April 2002

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