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H.R. 3677 107th Congress House

Safeguarding America's Retirement Act of 2002

Official title: To amend title I of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to provide new protections under applicable fiduc… Show full official titleShow less

Official title: To amend title I of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to provide new protections under applicable fiduciary rules for participants and beneficiaries under 401(k) plans and to provide for 3-year vesting of elective deferrals under such plans.

Introduced: February 5, 2002 See on congress.gov
Labor and Employment Collective bargaining agreementsCorporate collapseCrime and Law EnforcementDefined contribution plans
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Employee ownershipEmployee pensionsFinance and Financial SectorFines (Penalties)InvestmentsLawPension 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 3 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.
Feb 5, 2002
Referred to the Committee on Education and the Workforce, 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.
Feb 5, 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
Safeguarding America's Retirement Act of 2002 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to prohibit individual account plans which include cash or deferred arrangements, under the Internal Revenue Code (IRC) section 401(k), from using employee contributions to acquire or hold more than ten percent of their value in employer securities.

Requires such plans to give a participant or beneficiary whose nonforfeitable accrued benefit attributable to employee contributions is invested in whole or in part in employer securities a reasonable opportunity periodically (at least quarterly) to invest such accrued benefit in investment vehicles, other than employer securities, selected to permit diversification.

Prohibits plan sponsors, administrators, or other fiduciaries from imposing any lockdown in connection with the nonforfeitable accrued benefit of a participant or beneficiary.

Amends ERISA and IRC to provide for vesting (a nonforfeitable right to all of the participant's accrued benefits) of elective deferrals under such plans for participants who have completed three years of plan participation.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 3
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APA
U.S. Congress. (2026). H.R. 3677: Safeguarding America's Retirement Act of 2002. 107th Congress. Open America. https://openamerica.io/bill/107-HR-3677/
MLA
"H.R. 3677: Safeguarding America's Retirement Act of 2002." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-HR-3677/.
Bluebook (legal)
H.R. 3677, 107th Cong. (2026), https://openamerica.io/bill/107-HR-3677/.
Markdown link
[H.R. 3677: Safeguarding America's Retirement Act of 2002](https://openamerica.io/bill/107-HR-3677/)
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