H.R.5529 - To amend title I of the Employee Retirement Income Security Act of 1974 to provide for joint trusteeship of single-employer pension plans.107th Congress (2001-2002)
|Sponsor:||Rep. Visclosky, Peter J. [D-IN-1] (Introduced 10/02/2002)|
|Committees:||House - Education and the Workforce|
|Latest Action:||House - 11/25/2002 Referred to the Subcommittee on Employer-Employee Relations. (All Actions)|
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Text: H.R.5529 — 107th Congress (2001-2002)All Information (Except Text)
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Introduced in House (10/02/2002)
[Congressional Bills 107th Congress] [From the U.S. Government Printing Office] [H.R. 5529 Introduced in House (IH)] 107th CONGRESS 2d Session H. R. 5529 To amend title I of the Employee Retirement Income Security Act of 1974 to provide for joint trusteeship of single-employer pension plans. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES October 2, 2002 Mr. Visclosky (for himself and Mr. Frost) introduced the following bill; which was referred to the Committee on Education and the Workforce _______________________________________________________________________ A BILL To amend title I of the Employee Retirement Income Security Act of 1974 to provide for joint trusteeship of single-employer pension plans. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. REQUIREMENTS RELATING TO TRUSTEESHIP OF SINGLE-EMPLOYER PLANS. (a) In General.--Section 403(a) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1103(a)) is amended-- (1) by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively; (2) by inserting ``(1)'' after ``(a)''; and (3) by adding at the end the following new paragraph: ``(2)(A) The assets of a pension plan which is a single-employer plan shall be held in trust by a joint board of trustees, which shall consist of two or more trustees representing on an equal basis the interests of the employer or employers maintaining the plan and the interests of the participants and their beneficiaries. ``(B)(i) Except as provided in clause (ii), in any case in which the plan is maintained pursuant to one or more collective bargaining agreements between one or more employee organizations and one or more employers, the trustees representing the interests of the participants and their beneficiaries pursuant to subparagraph (A) shall be designated by such employee organizations. ``(ii) Clause (i) shall not apply with respect to a plan described in such clause if the employee organization (or all employee organizations, if more than one) referred to in such clause file with the Secretary, in such form and manner as shall be prescribed in regulations of the Secretary, a written waiver of their rights under clause (i). ``(iii) In any case in which clause (i) does not apply with respect to a pension plan which is a single-employer plan because the plan is not described in clause (i) or because of a waiver filed pursuant to clause (ii), the trustee or trustees representing the interests of the participants and their beneficiaries shall consist of one or more participants under the plan elected to serve as such in accordance with this clause. The Secretary shall provide by regulation for a secret ballot of the participants under the plan for purposes of such election, and for certification of the results thereof to the participants (and any employee organization referred to in clause (ii)) and to the employer.''. (b) Conforming Amendments.--Section 403(a)(1) of such Act (as redesignated under subsection (a)) is amended-- (1) by striking ``Such trustee or trustees'' and inserting ``Except as provided in paragraph (2), such trustee or trustees''; (2) by striking ``fiduciary, and upon acceptance'' and inserting ``fiduciary. Upon acceptance''; and (3) in subparagraph (A) (as so redesignated), by striking ``the plan'' the first place it appears and inserting ``in the case of a plan other than a pension plan which is a single- employer plan, the plan''. SEC. 2. EFFECTIVE DATE. The amendments made by section 1 shall apply with respect to plan years beginning after 180 days after the date of the enactment of this Act. The Secretary of Labor shall prescribe the initial regulations necessary to carry out the provisions of such amendments not later than 90 days after the date of the enactment of this Act. <all>