There is one summary for this bill. Bill summaries are authored by CRS.

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Introduced in House (07/12/2002)

Omnibus Corporate Reform and Restoration Act of 2002 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC) to revise standards for pension plan security for defined contribution plans (DCPs).

Specifies a waivable limit to the amount of employer stock and real property which may be acquired and held with respect to the individual account each participant or beneficiary, in the case of DCPs that are individual account plans (IAPs) (401(k) and similar plans).

Allows employees to diversify assets in employee stock ownership plans (ESOPs) after five years (currently ten) and at age 35 (currently 55).

Reduces the tax deduction for employer matching contributions to DCPs (other than ESOPs) when such contributions are made in employer securities.

Exempts from certain prohibited transaction rules the provision of fiduciary investment advice to participants or beneficiaries who direct their investments.

Requires IAPs to provide for plan investment committees, whose members shall be elected by plan participants.

Directs the Pension Benefit Guaranty Corporation to study the feasibility of, and options for developing, an insurance system for IAPs.

Requires IAP trades in employer securities to be reported to participants and beneficiaries.

Amends the Securities and Exchange Act of 1934 to prohibit issuers of equity securities from making loans or other extensions of credit to beneficial owners, officers, or directors.

Amends Federal bankruptcy law to increase, from $4,000 to $15,000, the individual maximum limit on priority claims for wages and for contributions to employee benefit plans.

Provides criminal penalties for: (1) destruction, alteration, or falsification of records in Federal investigations and bankruptcy; and (2) destruction of corporate audit records.