3.0.0 1892 2023-01-15T09:03:30Z 2023-01-15T09:03:30Z Senate S S 2003-11-19 108 ssfi00 Finance Committee Senate Standing Referred to 2003-11-19T22:27:52Z 2003-11-19 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S15190) IntroReferral 2003-11-19 Introduced in Senate IntroReferral 10000 9 Library of Congress B001233 Sen. Bayh, Evan [D-IN] EVAN BAYH D IN N Labor and Employment Auditing Business records Commerce Consultants Consumer education Defined benefit pension plans Defined contribution plans Employee ownership Employee rights Finance and Financial Sector Financial planning Financial services Financial statements Fines (Penalties) Income tax Investment advisers Investments Law Liability (Law) Pension funds Retirement Securities Tax exclusion Tax returns Tax-deferred compensation plans Taxation Trusts and trustees Valuation Labor and Employment 00 2003-11-19 Introduced in Senate 2004-05-13T20:54:10Z Amends the Employee Retirement Income Security Act of 1974 (ERISA) to provide for information and advice to assist pension plan participants in making decisions regarding the investment of their pension plan assets under defined contribution plans that are individual account plans (IAPs) (401(k) and similar plans) which hold regularly tradable employment securities and permit participants or beneficiaries to exercise control over assets in the account.

Requires the plan administrator to include in the account statement a notice that the account may be overinvested in employer securities and real property, whenever assets consisting of employer securities and real property exceed 50 percent of total IAP assets. Excludes from such notice requirement: (1) assets held through pooled investment vehicles; and (2) employee stock ownership plans (ESOPs) that have no contributions subject to section 401 (k) or (m) of the Internal Revenue Code (IRC).

Amends IRC to limit to $1,500 the aggregate amount which may be excluded from gross income with respect to qualified retirement planning services (QRPS) provided to any individual during a taxable year. Prohibits exclusion of any such amount if the modified adjusted gross income of the taxpayer exceeds $100,000 ($200,000 for married individuals filing a joint return). Provides that no amount (constructive receipt) shall be included in the gross income of any employee solely because the employee may choose between any QRPS provided by a qualified investment advisor and compensation which would otherwise be includable in the employee's gross income. Applies such provision to highly compensated employees only if such choice is available on substantially the same terms to each member of the group of employees normally provided education and information regarding the employer's qualified employer plan.]]>

A bill to provide information and advice to pension plan participants to assist them in making decisions regarding the investment of their pension plan assets, and for other purposes. Display Title A bill to provide information and advice to pension plan participants to assist them in making decisions regarding the investment of their pension plan assets, and for other purposes. Official Title as Introduced A bill to provide information and advice to pension plan participants to assist them in making decisions regarding the investment of their pension plan assets, and for other purposes. Introduced in Senate IS Introduced in Senate 2003-11-19T05:00:00Z 2003-11-19 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S15190) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.