GovTrack’s Bill Summary
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H.R. 3509 (107th): Retirement Account Protection Act of 2001
- Introduced:
- Dec 18, 2001 (107th Congress, 2001–2002)
- Sponsor:
- Rep. Ken Bentsen [D-TX25]
- Status:
- Died (Referred to Committee)
The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.
Library of Congress Summary
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.
12/18/2001--Introduced.
Retirement Account Protection Act of 2001 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to revise fiduciary duties with respect to pension plans that are specified types of eligible individual account plans, including employee stock ownership plans that are among qualifying plans under section 401(k) of the Internal Revenue Code (IRC), but excluding, with certain exceptions, individual retirement accounts or annuities (IRAs) under section 408 of IRC.
Prohibits sponsors, administrators, or other fiduciaries of such plans, unless they apply for and obtain exemptions from the Secretary of Labor, from imposing any lockdown (including a blackout, freeze, suspension, or similar limitation) on participants' or beneficiaries' ability to transfer their nonforfeitable accrued benefits from investment in the form of qualifying employer securities to other investment vehicles otherwise available under the terms of the plan. Prohibits the Secretary from granting such an exemption without finding that it is: (1) administratively feasible; (2) in the interests of the plan, participants, and beneficiaries; and (3) protective of participant and beneficiary rights. Prohibits any such lockdown from taking effect until at least 90 days after written notice (which may include notice by means of electronic communication) is provided by the plan administrator to such participants or beneficiaries.
Directs the Secretary to study, and report with recommendations to Congress on, the feasibility of statutory limits on investment of individual account plan assets in stock or other securities issued by the employer.
House Republican Conference Summary
The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.
No summary available.
House Democratic Caucus Summary
The House Democratic Caucus does not provide summaries of bills.
So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.
We’ll be looking for a source of summaries from the other side in the meanwhile.
The bill contains the following citations to other parts of U.S. law:
United States Code
The United States Code is the compilation of permanent laws enacted by Congress. Temporary and other non-permanent laws do not appear in the United States Code. (About half of the United States Code is the law itself, called positive law. The other half is merely a compilation of the laws but has no legal significance.)
- Title 29: LABOR
- Chapter 18: EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM
- Subchapter I: PROTECTION OF EMPLOYEE BENEFIT RIGHTS
- Subtitle B: Regulatory Provisions
- Part 4: fiduciary responsibility
- Section 1104: Fiduciary duties