[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[S. 1541 Introduced in Senate (IS)]

  1st Session
                                S. 1541

To amend the Employee Retirement Income Security Act of 1974 to require 
    annual informational statements by plans with qualified cash or 
             deferred arrangements, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             August 5, 1999

  Mr. Johnson introduced the following bill; which was read twice and 
  referred to the Committee on Health, Education, Labor, and Pensions

_______________________________________________________________________

                                 A BILL


 
To amend the Employee Retirement Income Security Act of 1974 to require 
    annual informational statements 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 ``401(k) Full Disclosure Act''.

SEC. 2. ANNUAL INFORMATIONAL STATEMENTS BY 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) If a plan includes a qualified cash or deferred 
        arrangement (as defined in section 401(k)(2) of the Internal 
        Revenue Code of 1986), the administrator shall furnish to each 
        participant, or alternate payee under any qualified domestic 
        relations order, receiving benefits under the plan a statement 
        no less frequently than annually providing--
                    ``(i) the individual's account balance as of the 
                beginning and ending of the statement period;
                    ``(ii) the investment performance of each 
                investment option for the statement period;
                    ``(iii) the total assets of the plan;
                    ``(iv) the administrative fees of the plan for the 
                statement period as a percentage of the total assets of 
                the plan;
                    ``(v) the name of the plan administrator.''.
    (b) Effective Date.--The amendments made by subsection (a) shall 
apply to plan years beginning after the date of enactment of this Act.
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