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H.R. 3623 107th Congress House

Employee Savings Protection Act of 2002

Official title: To amend title I of the Employee Retirement Income Security Act of 1974 to prohibit knowing misrepresentations by fiduciaries of 401(k) plans which may induce … Show full official titleShow less

Official title: To amend title I of the Employee Retirement Income Security Act of 1974 to prohibit knowing misrepresentations by fiduciaries of 401(k) plans which may induce participants and beneficiaries to act contrary to their own best interest in controlling the assets in their own accounts, and to amend title 11 of the United States Code to protect claims based on such misrepresentations.

Introduced: January 24, 2002 See on congress.gov
Labor and Employment BankruptcyCollection of accountsCorporate collapseCorporate governance
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Debtor and creditorEmployee ownershipEmployee pensionsFinance and Financial SectorLawLiability (Law)Pension fundsTrusts and trustees
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This bill died when the 107th Congress ended
It never became law before the 107th Congress (2001–2002) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 5 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 9, 2002
Referred to the Subcommittee on Employer-Employee Relations.
Mar 18, 2002
Referred to the Subcommittee on Commercial and Administrative Law.
Jan 24, 2002
Referred to the Committee on Education and the Workforce, and in addition to the Committee on the Judiciary, 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.
Jan 24, 2002
Sponsor introductory remarks on measure. (CR H51)
Jan 24, 2002
Introduced in House
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 Latest action May 9, 2002

Referred to the Subcommittee on Employer-Employee Relations.

 Plain-English summary Congressional Research Service
Employee Savings Protection Act of 2002 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to prohibit certain knowing misrepresentations by pension plan fiduciaries to participants or beneficiaries relating to the present or expected valuation of employer securities, in the case of individual account plans that include cash or deferred arrangements under section 401(k) of the Internal Revenue Code.

Makes a fiduciary exemption liable (by removing an exemption) for any loss resulting from any exercise of control by participants or beneficiaries over assets in their accounts undertaken in reliance on such a misrepresentation.

Applies this Act to misrepresentations made on or after January 1, 2000.

Amends Federal law relating to bankruptcy to protection of unsecured claims by employees under such ERISA provisions for liability of fiduciaries for such misrepresentations.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 4
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APA
U.S. Congress. (2026). H.R. 3623: Employee Savings Protection Act of 2002. 107th Congress. Open America. https://openamerica.io/bill/107-HR-3623/
MLA
"H.R. 3623: Employee Savings Protection Act of 2002." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-HR-3623/.
Bluebook (legal)
H.R. 3623, 107th Cong. (2026), https://openamerica.io/bill/107-HR-3623/.
Markdown link
[H.R. 3623: Employee Savings Protection Act of 2002](https://openamerica.io/bill/107-HR-3623/)
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