[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[S. 108 Introduced in Senate (IS)]







105th CONGRESS
  1st Session
                                 S. 108

To require annual, detailed investment reports by plans with qualified 
         cash or deferred arrangements, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 21, 1997

  Mrs. Boxer introduced the following bill; which was read twice and 
         referred to the Committee on Labor and Human Resources

_______________________________________________________________________

                                 A BILL


 
To require annual, detailed investment reports by plans with qualified 
         cash or deferred arrangements, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small 401(k) Pension Disclosure Act 
of 1997''.

SEC. 2. REQUIREMENT OF ANNUAL, DETAILED INVESTMENT REPORTS APPLIED TO 
              CERTAIN 401(k) PLANS.

    (a) In General.--Section 104(b)(3) of the Employee Retirement 
Income Security Act of 1974 (29 U.S.C. 1024(b)(3)) is amended--
            (1) by inserting ``(A)'' after ``(3)''; and
            (2) by adding at the end the following new subparagraph:
            ``(B)(i) If a plan includes a qualified cash or deferred 
        arrangement (as defined in section 401(k)(2) of the Internal 
        Revenue Code of 1986) and is maintained by an employer with 
        less than 100 participants, the administrators shall furnish to 
        each participant and to each beneficiary receiving benefits 
        under the plan an annual investment report detailing such 
        information as the Secretary by regulation shall require.
            ``(ii) Clause (i) shall not apply with respect to any 
        participant described in section 404(c).''.
    (b) Regulations.--
            (1) In general.--The Secretary of Labor, in prescribing 
        regulations required under section 104(b)(3)(B)(i) of the 
        Employee Retirement Income Security Act of 1974 (29 U.S.C. 
        1023(b)(3)(B)(i)), as added by subsection (a), shall consider 
        including in the information required in an annual investment 
        report the following:
                    (A) Total plan assets and liabilities as of the 
                beginning and ending of the plan year.
                    (B) Plan income and expenses and contributions made 
                and benefits paid for the plan year.
                    (C) Any transaction between the plan and the 
                employer, any fiduciary, or any 10-percent owner during 
                the plan year, including the acquisition of any 
                employer security or employer real property.
                    (D) Any noncash contributions made to or purchases 
                of nonpublicly traded securities made by the plan 
                during the plan year without an appraisal by an 
                independent third party.
            (2) Electronic transfer.--The Secretary of Labor in 
        prescribing such regulations shall also make provision for the 
        electronic transfer of the required annual investment report by 
        a plan administrator to plan participants and beneficiaries.
    (c) Effective Date.--The amendment made by subsection (a) shall 
apply to plan years beginning after the date of the enactment of this 
Act.
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