A bill to provide information and advice to pension plan participants to assist them in making decisions regarding the investment of their pension plan assets, and for other purposes.
Latest action · Nov 19, 2003 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S15190)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedNov 19, 2003
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Amends the Employee Retirement Income Security Act of 1974 (ERISA) to provide for information and advice to assist pension plan participants in making decisions regarding the investment of their pension plan assets under defined contribution plans that are individual account plans (IAPs) (401(k) and similar plans) which hold regularly tradable employment securities and permit participants or beneficiaries to exercise control over assets in the account.
Requires the plan administrator to include in the account statement a notice that the account may be overinvested in employer securities and real property, whenever assets consisting of employer securities and real property exceed 50 percent of total IAP assets. Excludes from such notice requirement: (1) assets held through pooled investment vehicles; and (2) employee stock ownership plans (ESOPs) that have no contributions subject to section 401 (k) or (m) of the Internal Revenue Code (IRC).
Amends IRC to limit to $1,500 the aggregate amount which may be excluded from gross income with respect to qualified retirement planning services (QRPS) provided to any individual during a taxable year. Prohibits exclusion of any such amount if the modified adjusted gross income of the taxpayer exceeds $100,000 ($200,000 for married individuals filing a joint return). Provides that no amount (constructive receipt) shall be included in the gross income of any employee solely because the employee may choose between any QRPS provided by a qualified investment advisor and compensation which would otherwise be includable in the employee's gross income. Applies such provision to highly compensated employees only if such choice is available on substantially the same terms to each member of the group of employees normally provided education and information regarding the employer's qualified employer plan.
Cosponsors
Members who signed on, in the order they did.
Actions 2
Everything that happened, newest first.
- Nov 19, 2003Introduced in Senate
- Nov 19, 2003Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S15190)
Subjects
Assigned by the Library of Congress. Policy area: Labor and Employment.
- Auditing
- Business records
- Commerce
- Consultants
- Consumer education
- Defined benefit pension plans
- Defined contribution plans
- Employee ownership
- Employee rights
- Finance and Financial Sector
- Financial planning
- Financial services
- Financial statements
- Fines (Penalties)
- Income tax
- Investment advisers
- Investments
- Labor and Employment
- Law
- Liability (Law)
- Pension funds
- Retirement
- Securities
- Tax exclusion
- Tax returns
- Tax-deferred compensation plans
- Taxation
- Trusts and trustees
- Valuation
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.