Congress 107 - S 1921 - Pension Plan Protection Act

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Accounting Accounting and auditing Administrative procedure Auditing Auditing and auditors Brokers Business records Commerce Conflict of interests Congress Congressional reporting requirements Corporate collapse Corporate governance Corporation directors Defined contribution plans Department of Labor Department of the Treasury Employee ownership Employee pensions Employee rights Excise tax Executives Fees Finance and Financial Sector Financial statements Government Operations and Politics Government paperwork Governmental investigations Information disclosure (Securities law) Insider trading in securities Insurance companies Investment advisers Investments Labor and Employment Law Legislation Pension funds Securities Securities industry Securities regulation Stocks Tax penalties Taxation Trusts and trustees Valuation

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Summary

Pension Plan Protection Act - Amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 with respect to retirement plans to, among other things: (1) require plans to offer at least four different investment options, including three options which do not involve the acquisition or holding of qualifying employer securities or qualifying employer real property; (2) prohibit plans from requiring employees to invest employee contributions in employer securities; (3) permit employees to divest plan assets 90 days following allocation of employer securities or property when the employee has a 100 percent nonforfeitable right to the employee's accrued benefit derived from employer contributions; (4) require plans to provide specified quarterly statements; (5) set standards concerning investment advice provided by fiduciary advisors; (6) require plans to provide 30 days notice before a blackout period (a temporary limitation on the ability of a plan participant who has met minimum participation requirements to transfer nonforfeitable accrued benefits from investment in employer securities to another investment option); and (7) prohibit corporate executives from trading securities or derivatives during a blackout period.

Amends the Securities Exchange Act of 1934 to prohibit an independent public accountant that performs for an entity an auditing service required under the securities laws, rules, or regulations from providing to such entity any other service not directly related to the performance of the auditing service.

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Feb 7, 2002

Read twice and referred to the Committee on Finance.
Feb 7, 2002

Introduced in Senate

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