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

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)

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.

Committees of jurisdiction 9