Summary: S.1678 — 97th Congress (1981-1982)All Information (Except Text)

There is one summary for S.1678. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (09/29/1981)

Amends the Employee Retirement Income Security Act of 1974 to provide that certain fiduciary duties under such Act shall be deemed satisfied by investments in residential housing mortgages that provide adequate security and a reasonable rate of interest.

Exempts from specified prohibitions under such Act the placing, investing, or purchase of a mortgage secured by residential housing property if such investment or sale: (1) is adequately secured; (2) is made in accordance with specific provisions regarding such loans set forth in the employee benefit plan; and (3) bears a reasonable rate of interest.