H.R.3918 - Pension Improvement Act of 2002107th Congress (2001-2002)
|Sponsor:||Rep. Portman, Rob [R-OH-2] (Introduced 03/07/2002)|
|Committees:||House - Education and the Workforce; Ways and Means|
|Latest Action:||05/21/2002 Referred to the Subcommittee on Employer-Employee Relations. (All Actions)|
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Subject — Policy Area:
- Labor and Employment
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Summary: H.R.3918 — 107th Congress (2001-2002)All Bill Information (Except Text)
Pension Improvement Act of 2002 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to: (1) revise requirements for reporting and disclosure with respect to defined contribution pension plans (including individual account plans, such as 401(k) plans), as well as for defined benefit plans; and (2) reduce premiums charged by the Pension Benefit Guaranty Corporation to certain employers providing defined benefit pension plans.
Introduced in House (03/07/2002)
Requires plan administrators to provide pension benefit statements: (1) for individual account plans, at least once annually to participants, and upon request to beneficiaries; and (2) for defined benefit plans, at least once every three years to employee participants with nonforfeitable accrued benefits, and upon request to participants or beneficiaries.
Directs the Secretary of the Treasury to: (1) provide (together with the Secretary of Labor) simplified annual filing requirements for certain retirement plans with one participant or for fewer than 25 employees; (2) update the Employee Plans Compliance Resolution System; and (3) prescribe or modify certain regulations. Exempts plans maintained by any governmental entity from certain nondiscrimination rules. Revises ERISA provisions relating to the National Summit on Retirement Savings.
Directs the Pension Benefit Guaranty Corporation (PBGC) to issue missing participant rules for multiemployer plans. Reduces PBGC premiums for new plans of small employers and for new and small plans. Authorizes the PBGC to pay interest on premium overpayment refunds. Revises rules for substantial owner benefits in terminated plans. Sets forth civil penalties for certain breaches of fiduciary duty.