[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4778 Introduced in House (IH)]







107th CONGRESS
  2d Session
                                H. R. 4778

To amend title I of the Employee Retirement Income Security Act of 1974 
to provide for more effective enforcement by the Department of Labor of 
  the requirements of such title relating to participation, vesting, 
                     benefit accrual, and funding.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 20, 2002

Mr. Sanders (for himself, Mr. Hinchey, Mr. Gutknecht, Ms. McKinney, Ms. 
DeLauro, Ms. Woolsey, Mr. Owens, Mr. Frank, Ms. Schakowsky, Mr. Borski, 
 Mr. Kennedy of Rhode Island, and Mr. Kildee) introduced the following 
    bill; which was referred to the Committee on Education and the 
                               Workforce

_______________________________________________________________________

                                 A BILL


 
To amend title I of the Employee Retirement Income Security Act of 1974 
to provide for more effective enforcement by the Department of Labor of 
  the requirements of such title relating to participation, vesting, 
                     benefit accrual, and funding.

    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 ``Pension Protection Act of 2002''.

SEC. 2. ENFORCEMENT OF ERISA REQUIREMENTS RELATING TO PENSION PLANS.

    (a) In General.--Section 502(b) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1132(b)) is amended by striking 
paragraph (1) and by redesignating paragraphs (2) and (3) as paragraphs 
(1) and (2), respectively. Notwithstanding Reorganization Plan No. 4 of 
1978 (5 U.S.C. app.; 29 U.S.C. 1001 note), the Secretary of Labor shall 
undertake enforcement under section 502 of such Act with respect to 
violations of the requirements of parts 2 and 3 of subtitle B of title 
I of such Act.
    (b) Enforcement Actions in Response to Inspector General's 
Report.--As soon as practicable after the date of the enactment of this 
Act, the Secretary of Labor shall commence appropriate enforcement of 
the requirements of sections 203 and 205 of the Employee Retirement 
Income Security Act of 1974 in connection with the 13 plans referred to 
in the report of the Office of Inspector General, Department of Labor, 
issued on March 29, 2002, entitled ``PWBA Needs to Improve Oversight of 
Cash Balance Plan Lump Sum Distributions'' (Report No. 09-02-001-12-
121) and identified by such Office in the audit referred to in such 
report as having forfeitures.

SEC. 3. GUIDANCE BY THE SECRETARY OF LABOR FOR ADMINISTRATORS OF 
              CERTAIN DEFINED BENEFIT PLANS.

    As soon as practicable after the date of the enactment of this Act, 
the Secretary of Labor, in conjunction with the Secretary of the 
Treasury, shall undertake to develop improved guidance for 
administrators of defined benefit plans with respect to the 
requirements of parts 2 and 3 of subtitle B of title I of the Employee 
Retirement Income Security Act of 1974 in connection with defined 
benefit plans which express accrued benefits in the form of an account 
balance. Such guidance shall include further assistance with respect to 
all factors involved in determining lump sum distributions of accrued 
benefits under such plans.

SEC. 4. EFFECTIVE DATE.

    The amendments made by this Act shall take effect on the date of 
the enactment of this Act and shall apply with respect to violations 
occurring before, on, or after such date.
                                 <all>