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HR 3762 107th Congress House Labor and Employment Accounting and financial statements Administrative procedure Affiliated corporations Annuities Brokers Business income tax Civil Service pensions Collective bargaining agreements Commerce Conferences Conflict of interests Congress Congressional reporting requirements Contracts Corporate collapse Corporate governance Cost effectiveness Defined contribution plans Department of Labor

Pension Security Act of 2002

Introduced: February 14, 2002 See on congress.gov
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 Everywhere this bill has been 27 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 9, 2002
Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, for a period to be subsequently determined by the Chairman.
Apr 15, 2002
Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Apr 11, 2002
Rule H. Res. 386 passed House.
Apr 11, 2002
Motion to reconsider laid on the table Agreed to without objection.
Apr 11, 2002
On passage Passed by recorded vote: 255 - 163 (Roll no. 92).
Apr 11, 2002
Passed/agreed to in House: On passage Passed by recorded vote: 255 - 163 (Roll no. 92).
Apr 11, 2002
On motion to recommit with instructions Failed by recorded vote: 204 - 212 (Roll no. 91). (text: CR H1264-1265)
Apr 11, 2002
The previous question on the motion to recommit with instructions was ordered without objection.
Apr 11, 2002
DEBATE - The House proceeded with 10 minutes of debate on the George Miller (CA) motion to recommit with instructions. The instructions contained in the motion require the bill to be reported back to the House with an amendment adding a new section providing for treatment of certain funded deferred compensation plans for corporate insiders as pension plans covered under ERISA.
Apr 11, 2002
Mr. Miller, George moved to recommit with instructions to Education and the Workforce.
Apr 11, 2002
DEBATE - Pursuant to the provisions of H. Res. 386, the House proceeded with one hour of debate on the George Miller (CA) amendment in the nature of a substitute.
Apr 11, 2002
GENERAL DEBATE - Pursuant to the provisions of H. Res. 386, the House proceeded with two hours of general debate on H.R. 3762.
Apr 11, 2002
Considered under the provisions of rule H. Res. 386. (consideration: CR H1217-1267; text of measure as introduced: CR H1217-1220)
Apr 11, 2002
Rule provides for consideration of H.R. 3762 with 2 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. In lieu of the amendment recommended by the Committee on Education and the Workforce now printed in the bill, the amendment in the nature of a substitute printed in part A of the report of the Committee on Rules accompanying this resolution shall be considered as adopted. Measure will be considered read. A specified amendment is in order.
Apr 10, 2002
Rules Committee Resolution H. Res. 386 Reported to House. Rule provides for consideration of H.R. 3762 with 2 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. In lieu of the amendment recommended by the Committee on Education and the Workforce now printed in the bill, the amendment in the nature of a substitute printed in part A of the report of the Committee on Rules accompanying this resolution shall be considered as adopted. Measure will be considered read. A specified amendment is in order.
Apr 9, 2002
Placed on the Union Calendar, Calendar No. 233.
Apr 9, 2002
Committee on Financial Services discharged.
Apr 9, 2002
Committee on Ways and Means discharged.
Apr 4, 2002
Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 107-383, Part I.
Apr 4, 2002
House Committee on Financial Services Granted an extension for further consideration ending not later than April 9, 2002.
Apr 4, 2002
House Committee on Ways and Means Granted an extension for further consideration ending not later than April 9, 2002.
Mar 20, 2002
Mr. Goss asked unanimous consent that the Committee on Education and Labor have until midnight on April 4 to file a report on H.R. 3762. Agreed to without objection.
Mar 20, 2002
Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 19.
Mar 20, 2002
Committee Consideration and Mark-up Session Held.
Feb 15, 2002
Sponsor introductory remarks on measure. (CR E174)
Feb 14, 2002
Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and Financial Services, 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 14, 2002
Introduced in House
 Votes taken on this bill 2
DateChamberWhat was voted onResultYes–No
Apr 11, 2002 House · vote #92 On Passage Passed 255–163 See who voted →
Apr 11, 2002 House · vote #91 On Motion to Recommit with Instructions Failed 204–212 See who voted →
 Plain-English summary Congressional Research Service
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.

What's happening now May 9, 2002

Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, for a period to be subsequently determined by the Chairman.

 Committees of jurisdiction 5
 Cosponsors 4
All 4 Republican 4