HR 4005
104th Congress
House
Labor and Employment
Finance and Financial Sector
Income tax
Investments
Law
Pension funds
Tax penalties
Taxation
Trusts and trustees
Pension Choice and Security Act of 1996
Introduced: August 2, 1996
Introduced by:
Schumer, Charles E.
Democratic
· New York
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Sep 6, 1996
Referred to the Subcommittee on Employer-Employee Relations.
Aug 2, 1996
Referred to the Committee on Economic and Educational Opportunities, and in addition to the Committee on Ways and Means, 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.
Aug 2, 1996
Introduced in House
Plain-English summary
Pension Choice and Security Act of 1996 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC) to require the availability of a defined contribution plan option for participants in defined benefit plans.
Amends ERISA to require timely investment by fiduciaries of pension plan contributions.
Amends the IRC to increase the penalty for early distributions from pension plans.
What's happening now
Referred to the Subcommittee on Employer-Employee Relations.
Committees of jurisdiction
3