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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (3)

Popular Titles

Pension Protection bill (Identified by CRS)

Short Titles

Short Titles - Senate

Short Titles as Introduced

Pension Protection and Diversification Act of 2001

Official Titles

Official Titles - Senate

Official Titles as Introduced

A bill to amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to ensure that individual account plans protect workers by limiting the amount of employer stock each worker may hold and encouraging diversification of investment of plan assets, and for other purposes.

Actions Overview (1)

Date Actions Overview
12/18/2001Introduced in Senate

All Actions (2)

Date All Actions
12/18/2001Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Action By: Senate
12/17/2001Sponsor introductory remarks on measure. (CR S13466)
Action By: Senate

Cosponsors (2)

* = Original cosponsor
CosponsorDate Cosponsored
Sen. Corzine, Jon S. [D-NJ]* 12/18/2001
Sen. Mikulski, Barbara A. [D-MD] 02/04/2002

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Related Documents
Senate Health, Education, Labor, and Pensions12/18/2001 Referred to

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.

Latest Summary (1)

There is one summary for S.1838. View summaries

Shown Here:
Introduced in Senate (12/18/2001)

Pension Protection and Diversification Act of 2001 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) limit to 20 percent the portion of funds which may be invested in the employer's stock and real property by an employee's individual account plans under section 401(k) of the Internal Revenue Code; and (2) allow an employee to direct the plan to divest the employee's account of such employer securities or property and to reinvest an equal amount in other assets, at any time after 90 days following allocation of employer securities or real property to the employee's individual account plan. Exempts employee stock ownership plans (ESOPS) from these new ERISA provisions.

Amends Internal Revenue Code to: (1) allow employees to diversify assets in ESOPS after five years, and after they've reached age 35 (but requires a trustee-to-trustee transfer for those under age 55); and (2) reduce by 50 percent the allowable deduction for employer matching contributions to defined contribution plans made in employer securities.