Congress 107 - S 2190 - WIRE Act

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Cosponsors

Topics

Administrative procedure Annuities Brokers Business income tax Commerce Congress Congressional reporting requirements Corporate collapse Corporation taxes Defined contribution plans Department of Labor Department of the Treasury Dividends Electronic government information Employee ownership Employee pensions Employee rights Employers' liability Excise tax Executive reorganization Finance and Financial Sector Financial planning Financial statements Government Operations and Politics Government paperwork Government publicity Income tax Independent regulatory commissions Information disclosure (Securities law) Insurance companies Internet Investment advisers Investments Labor and Employment Law Legislation Liability (Law) Ombudsman Pension funds Profit Real property Science, Technology, Communications Securities and Exchange Commission Securities regulation Standards Stocks Tax deductions Tax penalties Tax-deferred compensation plans Taxation Trusts and trustees Valuation Web sites

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Summary

Worker Investment Retirement and Education Act of 2002 (or the WIRE Act) - Amends the Internal Revenue Code to establish, with certain specified exceptions, an excise tax in cases where: (1) administrators of applicable defined contribution plans do not provide, at least once annually, information on basic investment guidelines to participants; and (2) a plan with at least 100 participants does not provide a personalized benefit statement to each participant at least annually. Establishes similar requirements under the Employee Retirement Income Security Act of 1974.

Sets forth diversification requirements for certain plans holding employer securities.

Establishes a tax for failure of applicable plans to meet certain notice and data requirements, with certain specified exceptions. Permits a waiver of the taxes by the Secretary of the Treasury.

Forbids trading of equity securities (other than exempted securities) acquired by an individual through employment (or other specified associations) with an issuer during blackout periods of an applicable plan.

Establishes in the Internal Revenue Service an "Office of Pension Participant Advocacy."

Actions

Apr 17, 2002

Read twice and referred to the Committee on Finance.
Apr 17, 2002

Sponsor introductory remarks on measure. (CR S2847-2849)
Apr 17, 2002

Introduced in Senate

Amendments

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