H.R.3840 - Inside Stock Sales Employee Notification Act of 2002107th Congress (2001-2002)
|Sponsor:||Rep. Miller, George [D-CA-7] (Introduced 03/05/2002)|
|Committees:||House - Education and the Workforce|
|Latest Action:||House - 05/21/2002 Referred to the Subcommittee on Employer-Employee Relations. (All Actions)|
This bill has the status Introduced
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Summary: H.R.3840 — 107th Congress (2001-2002)All Information (Except Text)
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.
Introduced in House (03/05/2002)
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.