H.R. 3623 (107th): Employee Savings Protection Act of 2002

Introduced:
Jan 24, 2002 (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.

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Status

This bill was introduced on January 24, 2002, in a previous session of Congress, but was not enacted.

Progress
Introduced Jan 24, 2002
Cosponsors
8 cosponsors (8D) (show)
Committees

House Education and the Workforce

House Judiciary

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend title I of the Employee Retirement Income Security Act of 1974 to prohibit knowing misrepresentations by fiduciaries of 401(k) plans which may induce participants and beneficiaries to act contrary to their own best interest in controlling the assets in their own accounts, and to amend title 11 of the United States Code to protect claims based on such misrepresentations.

Summary

No summaries available.

Text

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Last updated Jan 24, 2002.
4 pages

Primary Source

View on THOMAS (The Library of Congress)

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

1/24/2002--Introduced.
Employee Savings Protection Act of 2002 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to prohibit certain knowing misrepresentations by pension plan fiduciaries to participants or beneficiaries relating to the present or expected valuation of employer securities, in the case of individual account plans that include cash or deferred arrangements under section 401(k) of the Internal Revenue Code.
Makes a fiduciary exemption liable (by removing an exemption) for any loss resulting from any exercise of control by participants or beneficiaries over assets in their accounts undertaken in reliance on such a misrepresentation.
Applies this Act to misrepresentations made on or after January 1, 2000.
Amends Federal law relating to bankruptcy to protection of unsecured claims by employees under such ERISA provisions for liability of fiduciaries for such misrepresentations.

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

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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