HR 1000 108th Congress House Labor and Employment Administrative procedure Affiliated corporations Auditing Brokers Business records Civil Rights and Liberties, Minority Issues Civil service retirement Collective bargaining Commerce Conflict of interests Congress Congressional reporting requirements Consultants Corporations Cost effectiveness Defined benefit pension plans Defined contribution plans Department of Labor Department of the Treasury

Pension Security Act of 2003

Introduced: February 27, 2003 See on congress.gov

Everywhere this bill has been 26 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 15, 2003

Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

May 14, 2003

Motion to reconsider laid on the table Agreed to without objection.

May 14, 2003

On passage Passed by the Yeas and Nays: 271 - 157 (Roll no. 189). (text: CR H4050-4059)

May 14, 2003

Passed/agreed to in House: On passage Passed by the Yeas and Nays: 271 - 157 (Roll no. 189).(text: CR H4050-4059)

May 14, 2003

On motion to recommit with instructions Failed by the Yeas and Nays: 202 - 226 (Roll no. 188).

May 14, 2003

The previous question on the motion to recommit with instructions was ordered without objection.

May 14, 2003

Mr. Miller, George moved to recommit with instructions to Education and the Workforce. (consideration: CR H4089-4092; text: CR H4089-4090)

May 14, 2003

The previous question was ordered on the amendment and the bill as amended pursuant to the rule.

May 14, 2003

DEBATE - Pursuant to H. Res. 230 the House proceeded with 60 minutes of debate on the Andrews substitute amendment.

May 14, 2003

DEBATE - The House proceeded with one hour and 20 minutes of debate on H.R. 1000, as amended by the rule.

May 14, 2003

Rule provides for consideration of H.R. 1000 with 1 hour and 20 minutes of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. The amendment recommended by the Committee on Education and the Workforce now printed in the bill shall be considered as adopted. All points of order against the bill, as amended, are waived. Measure will be considered read. A specified amendment is in order.

May 14, 2003

Considered under the provisions of rule H. Res. 230. (consideration: CR H4040-4092)

May 14, 2003

Rule H. Res. 230 passed House.

May 13, 2003

Rules Committee Resolution H. Res. 230 Reported to House. Rule provides for consideration of H.R. 1000 with 1 hour and 20 minutes of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. The amendment recommended by the Committee on Education and the Workforce now printed in the bill shall be considered as adopted. All points of order against the bill, as amended, are waived. Measure will be considered read. A specified amendment is in order.

May 9, 2003

Placed on the Union Calendar, Calendar No. 50.

May 9, 2003

Committee on Ways and Means discharged.

Mar 28, 2003

House Committee on Ways and Means Granted an extension for further consideration ending not later than May 9, 2003.

Mar 28, 2003

House Committee on Ways and Means Granted an Extention for Further Consideration Ending not Later Than May 9, 2003..

Mar 18, 2003

House Committee on Ways and Means Granted an extension for further consideration ending not later than March 28, 2003.

Mar 18, 2003

Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 108-43, Part I. (text: CR 5/14/2003 H4040-4050)

Mar 18, 2003

Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 108-43, Part I.(text: CR 5/14/2003 H4040-4050)

Mar 18, 2003

House Committee on Ways and Means Granted Extention for Further Consideration Ending no Later Than March 28, 2003..

Mar 6, 2003

Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 19.

Mar 6, 2003

Committee Consideration and Mark-up Session Held.

Feb 27, 2003

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 27, 2003

Introduced in House

Votes taken on this bill 2

Date	Chamber	What was voted on	Result	Yes–No
May 14, 2003	House · vote #189	On Passage	Passed	271–157	See who voted →
May 14, 2003	House · vote #188	On Motion to Recommit with Instructions	Failed	202–226	See who voted →

Plain-English summary Congressional Research Service

Pension Security Act of 2003 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to require individual account plans (IAPs), including those with cash or deferred arrangements under Internal Revenue Code (IRC) section 401(k), to furnish quarterly pension benefit statements to plan participants and beneficiaries with rights to direct investments.

Provides that employers are not exempt from liability for failing in fiduciary duty with respect to IAP investments during blackout periods if such a period's imposition suspends, limits, or restricts participants' and beneficiaries' ability to direct or diversify their assets.

Directs the Secretary of Labor to establish a program to provide informational and educational support for pension plan fiduciaries.

Amends ERISA and IRC to set forth diversification requirements for IAPs that hold employer securities readily tradable on an established market.

Allows ERISA and IRC prohibited transaction exemptions under specified conditions.

Directs the Secretary of Labor to study, and report to specified congressional committees on, the costs and benefits to participants and beneficiaries of requiring independent fiduciary consultants to advise plan fiduciaries in connection with IAPs.

Amends the IRC to provide that no amount shall be included in the gross income of any employee solely because the employee may choose between any qualified retirement planning services provided by a qualified investment advisor, and compensation which would otherwise be includible in the gross income of such employee.

Amends the Securities Exchange Act of 1934 to prohibit certain insider trading during pension plan transaction suspension periods.

Amends the Retirement Protection Act of 1994 to make permanent an exemption from certain funding rules under the General Agreement on Tariffs and Trade (GATT) for retirement plans sponsored by companies in the interstate bus transportation industry (thereby having ERISA funding rules apply instead).

Directs the Secretaries of the Treasury and of Labor to allow: (1) one-participant retirement plans which meet certain requirements and have assets of $250,000 or less as of the close of the plan year to not file an annual return for that year; and (2) the filing of a simplified annual return for any retirement plan which covers fewer than 25 employees on the first day of a plan year and meets certain other requirements.

Directs the Secretary of the Treasury to continue to update and improve the Employee Plans Compliance Resolution System (or any successor program) giving special attention to specified factors.

Amends IRC and the Taxpayer Relief Act of 1997 to extend to all governmental plans a moratorium on the application of certain nondiscrimination rules applicable to State and local plans.

Amends ERISA to direct the Secretary of the Treasury to modify specified regulations.

Directs the Pension Benefit Guaranty Corporation (PBGC) to issue missing participant rules for multiemployer plans.

Reduces PBGC premiums for new plans of small employers.

Reduces PBGC additional premiums for new and small plans.

Authorizes the PBGC to pay interest on premium overpayment refunds.

Revises rules for substantial owner benefits in terminated plans.

Directs the Secretary of Labor to study and report on model small employer group plans.

What's happening now May 15, 2003

Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Committees of jurisdiction 3