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HR 5110 107th Congress House Labor and Employment Accounting Accounting and financial statements Administrative procedure Affiliated corporations Age (Law) Auditing Auditing and auditors Bankruptcy Business income tax Business records Commerce Conflict of interests Congress Congressional reporting requirements Consumer education Corporate collapse Corporate debt Corporate divestiture Corporate governance

Omnibus Corporate Reform and Restoration Act of 2002

Introduced: July 12, 2002 See on congress.gov
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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 9 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 18, 2002
Referred to the Subcommittee on Employer-Employee Relations.
Aug 20, 2002
Referred to the Subcommittee on Crime, Terrorism, and Homeland Security.
Jul 29, 2002
Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, for a period to be subsequently determined by the Chairman.
Jul 29, 2002
Referred to the Subcommittee on Commerce, Trade and Consumer Protection, for a period to be subsequently determined by the Chairman.
Jul 12, 2002
Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, Financial Services, the Judiciary, and Energy and Commerce, 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.
Jul 12, 2002
Sponsor introductory remarks on measure. (CR H4570-4571)
Jul 12, 2002
Introduced in House
Jul 10, 2002
Sponsor introductory remarks on measure. (CR H4477)
Jun 26, 2002
Sponsor introductory remarks on measure. (CR H3934)
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 Plain-English summary Congressional Research Service
Omnibus Corporate Reform and Restoration Act of 2002 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC) to revise standards for pension plan security for defined contribution plans (DCPs).

Specifies a waivable limit to the amount of employer stock and real property which may be acquired and held with respect to the individual account each participant or beneficiary, in the case of DCPs that are individual account plans (IAPs) (401(k) and similar plans).

Allows employees to diversify assets in employee stock ownership plans (ESOPs) after five years (currently ten) and at age 35 (currently 55).

Reduces the tax deduction for employer matching contributions to DCPs (other than ESOPs) when such contributions are made in employer securities.

Exempts from certain prohibited transaction rules the provision of fiduciary investment advice to participants or beneficiaries who direct their investments.

Requires IAPs to provide for plan investment committees, whose members shall be elected by plan participants.

Directs the Pension Benefit Guaranty Corporation to study the feasibility of, and options for developing, an insurance system for IAPs.

Requires IAP trades in employer securities to be reported to participants and beneficiaries.

Amends the Securities and Exchange Act of 1934 to prohibit issuers of equity securities from making loans or other extensions of credit to beneficial owners, officers, or directors.

Amends Federal bankruptcy law to increase, from $4,000 to $15,000, the individual maximum limit on priority claims for wages and for contributions to employee benefit plans.

Provides criminal penalties for: (1) destruction, alteration, or falsification of records in Federal investigations and bankruptcy; and (2) destruction of corporate audit records.

What's happening now October 18, 2002

Referred to the Subcommittee on Employer-Employee Relations.

 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 9
 Cosponsors 6
All 6 Democratic 6
D
Bishop, Sanford D.
Georgia · Jul 23, 2002
 D
Clyburn, James E.
South Carolina · Jul 23, 2002
 D
Kaptur, Marcy
Ohio · Jul 23, 2002
 D
Meeks, Gregory W.
New York · Jul 23, 2002
 D
Schakowsky, Janice D.
Illinois · Jul 23, 2002
 D
Waters, Maxine
California · Jul 23, 2002
Cite this page click to expand
APA
U.S. Congress. (2026). H.R. 5110: Omnibus Corporate Reform and Restoration Act of 2002. 107th Congress. Open America. https://openamerica.io/bill/107-HR-5110/
MLA
"H.R. 5110: Omnibus Corporate Reform and Restoration Act of 2002." 107th Congress, 2026, Open America, https://openamerica.io/bill/107-HR-5110/.
Bluebook (legal)
H.R. 5110, 107th Cong. (2026), https://openamerica.io/bill/107-HR-5110/.
Markdown link
[H.R. 5110: Omnibus Corporate Reform and Restoration Act of 2002](https://openamerica.io/bill/107-HR-5110/)
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