Congress 107 - HR 3840 - Inside Stock Sales Employee Notification Act of 2002

Sponsor

Cosponsors

Topics

Commerce Corporate collapse Corporate governance Corporation directors Employee ownership Employee pensions Executives Finance and Financial Sector Fines (Penalties) Government Operations and Politics Government paperwork Information disclosure (Securities law) Insider trading in securities Labor and Employment Law Pension funds Securities regulation Stocks Trusts and trustees

Full Text

View Full Bill Text

Votes

Summary

Inside Stock Sales Employee Notification Act of 2002 - Amends the Employee Retirement Income Security Act of 1974 (ERISA ) to require timely written notification of any of insider trading in employer securities to be provided to pension plan participants and beneficiaries whose individual accounts (including those covered by section 401(k) of the Internal Revenue Code) hold employer securities.

Requires those engaging in direct or indirect sales of such securities, if they are plan fiduciaries or are required to report such trading to the Securities and Exchange Commission under the Securities Exchange Act of 1934, to report such transactions to the plan administrator not later than one business day after the transaction. Requires the plan administrator to notify plan participants and beneficiaries as soon as practicable, but no later than three business days after receiving notice, if the proceeds from any such transaction or series of transactions exceed in the aggregate $100,000.

Actions

May 21, 2002

Referred to the Subcommittee on Employer-Employee Relations.
Mar 5, 2002

Referred to the House Committee on Education and the Workforce.
Mar 5, 2002

Sponsor introductory remarks on measure. (CR E255-256)
Mar 5, 2002

Introduced in House

Amendments

Related Bills