3.0.0 2989 2023-01-11T13:18:46Z 2023-01-11T13:18:46Z House H HR 2009-06-23 111 hswm00 Ways and Means Committee House Standing Discharged from 2010-05-28T14:03:55Z Referred to 2009-06-23T14:31:40Z hsed00 Education and the Workforce Committee House Standing Reported by 2009-07-31T21:52:04Z Markup by 2009-06-24T19:55:37Z Referred to 2009-06-23T14:31:38Z H. Rept. 111-244 401(k) Fair Disclosure for Retirement Security Act of 2009 111 1984 HR 2009-06-17 Forwarded by Subcommittee to Full Committee (Amended) by the Yeas and Nays: 13 - 8 . Related bill CRS Conflicted Investment Advice Prohibition Act of 2009 111 1988 HR 2009-06-17 Forwarded by Subcommittee to Full Committee (Amended) by the Yeas and Nays: 13 - 8 . Related bill CRS Sensible Transparency for Retirement Plans Act of 2009 111 4146 HR 2010-01-04 Referred to the Subcommittee on Health, Employment, Labor, and Pensions. Related bill CRS Defined Contribution Fee Disclosure Act of 2009 111 401 S 2009-02-09 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Related bill CRS 2010-05-28 Placed on the Union Calendar, Calendar No. 284. Calendars H12410 2 House floor actions U00284 2010-05-28 Committee on Ways and Means discharged. Discharge H12300 2 House floor actions hswm00 Ways and Means Committee 2010-05-28 Committee on Ways and Means discharged. Committee 5500 9 Library of Congress hswm00 Ways and Means Committee 2010-04-30 House Committee on Ways and Means Granted an extension for further consideration ending not later than May 28, 2010. IntroReferral H11210 2 House floor actions hswm00 Ways and Means Committee 2010-03-26 House Committee on Ways and Means Granted an extension for further consideration ending not later than April 30, 2010. IntroReferral H11210 2 House floor actions hswm00 Ways and Means Committee 2010-02-26 House Committee on Ways and Means Granted an extension for further consideration ending not later than March 26, 2010. IntroReferral H11210 2 House floor actions hswm00 Ways and Means Committee 2010-01-19 House Committee on Ways and Means Granted an extension for further consideration ending not later than Feb. 26, 2010. IntroReferral H11210 2 House floor actions hswm00 Ways and Means Committee 2009-12-11 House Committee on Ways and Means Granted an extension for further consideration ending not later than Jan. 19, 2010. IntroReferral H11210 2 House floor actions hswm00 Ways and Means Committee 2009-11-13 House Committee on Ways and Means Granted an extension for further consideration ending not later than Dec. 11, 2009. IntroReferral H11210 2 House floor actions hswm00 Ways and Means Committee 2009-10-16 House Committee on Ways and Means Granted an extension for further consideration ending not later than Nov. 13, 2009. IntroReferral H11210 2 House floor actions hswm00 Ways and Means Committee 2009-07-31 House Committee on Ways and Means Granted an extension for further consideration ending not later than Oct. 16, 2009. IntroReferral H11210 2 House floor actions hswm00 Ways and Means Committee 2009-07-31 Reported (Amended) by the Committee on Education and Labor. H. Rept. 111-244, Part I. Committee H12200 2 House floor actions hsed00 Education and the Workforce Committee 2009-07-31 Reported (Amended) by the Committee on Education and Labor. H. Rept. 111-244, Part I. Committee 5000 9 Library of Congress hsed00 Education and the Workforce Committee 2009-06-24 hsed00 Education and the Workforce Committee 1 House committee actions Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 17. Committee 2009-06-24 hsed00 Education and the Workforce Committee 1 House committee actions Committee Consideration and Mark-up Session Held. Committee 2009-06-23 Referred to House Ways and Means IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2009-06-23 Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100-A 9 Library of Congress 2009-06-23 Referred to House Education and Labor IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2009-06-23 Introduced in House IntroReferral Intro-H 9 Library of Congress 2009-06-23 Introduced in House IntroReferral 1000 9 Library of Congress M000725 Rep. Miller, George [D-CA-7] GEORGE MILLER D CA 7 N A000210 Rep. Andrews, Robert E. [D-NJ-1] ROBERT ANDREWS D NJ E. 1 2009-06-23 True M000404 Rep. McDermott, Jim [D-WA-7] JIM MCDERMOTT D WA 7 2009-07-14 False 2009-07-31T04:00:00Z H.R. 2989, 401(k) Fair Disclosure and Pension Security Act of 2009 http://www.cbo.gov/publication/20970 <p>Cost estimate for the bill as ordered reported by the House Committee on Education and Labor on June 24, 2009</p> 2009-07-31T04:00:00Z H.R. 2989, 401(k) Fair Disclosure and Pension Security Act of 2009 https://www.cbo.gov/publication/20970 Cost estimate for the bill as ordered reported by the House Committee on Education and Labor on June 24, 2009 Labor and Employment Administrative law and regulatory procedures Business ethics Consumer affairs Contracts and agency Department of Labor Department of the Treasury Employee benefits and pensions Financial literacy Financial services and investments Government information and archives Government studies and investigations Income tax deferral Small business User charges and fees Labor and Employment 00 2009-06-23 Introduced in House 2009-09-11T20:19:20Z 401(k) Fair Disclosure for Retirement Security Act of 2009 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to prohibit an administrator of an individual account plan from contracting or arranging for services to the plan (including the offering of any investment option) unless the administrator has received, reasonably in advance, a written statement from the service provider that: (1) specifies the services to be provided; (2) provides the expected total annual service charges allocated among specified components; and (3) discloses the impact of different mutual fund investment share classes as well as financial relationships with, or free or discounted services provided by, service providers. Limits applicability of such requirements to contracts or arrangements for services with a total cost reasonably expected to equal or exceed $5,000 per plan year.

Continues to shield an individual account plan fiduciary from liability (as under current law) for any loss resulting from a plan participant's or beneficiary's exercise of control over the plan's assets, but only if the plan includes at least one investment option which: (1) is a passively managed investment with a portfolio of securities designed to be representative of the U.S. investable equity market or the U.S. investment grade bond market, or a combination of them; and (2) is offered without any endorsement of the government or the plan sponsor.

Requires the Secretary to notify the applicable regulatory authority about any service provider engaged in a pattern or practice that precludes requirement compliance.

Allows an individual account plan and a participant or beneficiary who controls the investment of such plan's assets to receive investment advice from an independent investment adviser that: (1) is registered under the Investment Advisers Act of 1940; (2) is not the plan investment provider; and (3) meets certain other requirements.

Prescribes requirements for an investment advice program.

Requires the Secretary of Labor to establish a program that provides information and materials to help employees attain financial literacy with respect to investment for retirement.

Revises the authority of a plan sponsor to use interest rates under the corporate bond yield curve, in lieu of specified segment interest rates, solely to determine the minimum required contribution to a single-employer defined benefit pension plan. Allows revocation of such an election, once made, only with the consent of the Secretary. But allows revocation without the Secretary's consent for a plan year beginning in 2010 of any such election in effect for a plan year beginning in 2009.

Adds another five years to the extension period for automatic amortization of the unfunded liability of a multiemployer plan.

]]> 18 2009-07-31 Reported to House amended, Part I 2009-12-09T20:14:28Z 401(k) Fair Disclosure for Retirement Security Act of 2009 - Title I: 401(k) Fair Disclosure for Retirement - (Sec. 101) Amends the Employee Retirement Income Security Act of 1974 (ERISA) to prohibit an administrator of an individual account plan from contracting or arranging for services to the plan (including the offering of any investment option) unless the administrator has received, reasonably in advance, a written statement from the service provider that: (1) specifies the services to be provided; (2) provides the expected total annual service charges allocated among specified components; and (3) discloses the impact of different mutual fund investment share classes as well as financial relationships with, or free or discounted services provided by, service providers. Limits applicability of such requirements to contracts or arrangements for services with a total cost reasonably expected to equal or exceed $5,000 per plan year.

Adds new requirements for quarterly benefit statements, including specified periodic account information for participants and beneficiaries. Allows plans with 100 or fewer participants to issue an annual pension benefit statement instead of quarterly statements.

Directs the Secretary of Health and Human Services (HHS) to make available to employers with 100 or fewer employees certain educational assistance, compliance materials, and services related to selection of plan investment options.

Allows any required disclosure to be made electronically.

Revises civil penalties to authorize the Secretary of Labor to assess a civil penalty of up to: (1) $1,000 a day (subject to a total maximum penalty of 10% of the amount involved) against a service provider that fails to provide a written service disclosure statement to the administrator of an individual account plan; and (2) $100 a day against a plan administrator that fails or refuses to provide such statement to plan participants and beneficiaries.

Directs the Secretary to study and report to Congress on the efficacy of including benchmarks, indices, and other points of comparison in plan fee comparison charts provided to participants and beneficiaries.

(Sec. 102) Continues to shield an individual account plan fiduciary from liability (as under current law) for any loss resulting from a plan participant's or beneficiary's exercise of control over the plan's assets, but only if the plan includes at least one investment option which: (1) is a passively managed investment with a portfolio of securities designed to be representative of the U.S. investable equity market or the U.S. investment grade bond market, or a combination of them; and (2) is offered without any endorsement of the government or the plan sponsor.

(Sec. 103) Requires the Secretary to notify the applicable regulatory authority about any service provider engaged in a pattern or practice that precludes compliance with special reporting and disclosure requirements for individual account plans.

Requires the Secretary to: (1) review such reporting and disclosure requirements; and (2) report recommendations for consolidating and improving them.

Title II: Prohibition of Conflicted Investment Advice - (Sec. 202) Allows an individual account plan and a participant or beneficiary who controls the investment of plan assets to receive investment advice from an independent investment adviser that: (1) is registered under the Investment Advisers Act of 1940; (2) is not the plan investment provider; and (3) meets certain other requirements.

Prescribes requirements for: (1) an investment advice computer program; and (2) fiduciary duties with respect to investment advice.

(Sec. 203) Requires the Secretary to: (1) establish a program that provides information and materials to help employees and the general public attain financial literacy with respect to investment for retirement; and (2) study and report to Congress on government efforts to assist them in attaining financial literacy.

Title III: Transitional Funding Relief for Defined Benefit Plans - (Sec. 301) Revises the authority of a plan sponsor to use interest rates under the corporate bond yield curve, in lieu of specified segment interest rates, solely to determine the minimum required contribution to a single-employer defined benefit pension plan. Allows revocation of such an election, once made, without the Secretary's consent for a plan year beginning in 2010 if the election is in effect for a plan year beginning in 2009.

(Sec. 302) Makes December 31, 2009, the earliest effective date for single-employer benefit plans of regulations under the Pension Protection Act (PPA).

(Sec. 303) Specifies that plan-related administrative expenses (investment expenses) for a single-employer defined benefit plan must be amortized over seven years.

(Sec. 304) Revises Pension Benefit Guaranty Corporation (PBGC) reporting requirements to require single-employer plans that are under-funded in excess of $50 million to report certain actuarial and financial information to the PBGC.

(Sec. 305) Increases from 5 to 10 years the automatic extension period for amortization of the unfunded liability of a multiemployer plan. Increases from 10 to 15 years the extension period the Secretary of the Treasury may grant in certain circumstances.

(Sec. 306) Treats a pension plan maintained by Christian Schools International as of January 1, 2009, as a church plan exempt from ERISA coverage.

(Sec. 307) Prescribes a requirement for determining adequate consideration in connection with the purchase and sale of qualifying employer securities by an eligible individual account plan.

(Sec. 308) Extends the period to amortize the shortfall amortization base of a single-employer defined benefit plan for 2009 and 2010.

]]> 401(k) Fair Disclosure and Pension Security Act of 2009 Display Title 401(k) Fair Disclosure and Pension Security Act of 2009 Official Title as Introduced To amend the Employee Retirement Income Security Act of 1974 to provide special reporting and disclosure rules for individual account plans and to provide a minimum investment option requirement for such plans, to amend such Act to provide for independent investment advice for participants and beneficiaries under individual account plans, and to amend such Act and the Internal Revenue Code of 1986 to provide transitional relief under certain pension funding rules added by the Pension Protection Act of 2006. Introduced in House IH Short Titles as Introduced 401(k) Fair Disclosure and Pension Security Act of 2009 Short Titles as Reported to House 401(k) Fair Disclosure and Pension Security Act of 2009 H House Reported in House 2010-05-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr2989rh/xml/BILLS-111hr2989rh.xml Introduced in House 2009-06-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr2989ih/xml/BILLS-111hr2989ih.xml 2010-05-28 Placed on the Union Calendar, Calendar No. 284. 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.