[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2084 Introduced in House (IH)]







108th CONGRESS
  1st Session
                                H. R. 2084

To amend title I of the Employee Retirement Income Security Act of 1974 
  to provide for prompt compliance with annual reporting requirements 
        thereunder and prompt enforcement of such requirements.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 14, 2003

 Mr. Kucinich 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 prompt compliance with annual reporting requirements 
        thereunder and prompt enforcement of such requirements.

    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 ``ERISA Reporting Compliance Act of 
2003''.

SEC. 2. PROMPT COMPLIANCE WITH, AND ENFORCEMENT OF, ANNUAL REPORTING 
              REQUIREMENTS.

    (a) Faster Filing of Annual Reports.--Section 104(a) of the 
Employee Retirement Income Security Act of 1974 (29 U.S.C. 1024(a)) is 
amended--
            (1) by inserting ``(A)'' after ``Sec. 104. (a)(1)'';
            (2) by striking ``within 210 days after the close of such 
        year (or within such time as may be required by regulations 
        promulgated by the Secretary in order to reduce duplicative 
        filing)'' and insert ``within 90 days after the close of such 
        year''; and
            (3) by adding at the end the following new subparagraph:
    ``(B) In the case of any plan whose administrator has filed the 
annual report for any plan year under this part, if 450 days have 
elapsed since the latest date for timely filing of the annual report 
for such plan year and the annual report has not been filed with 
respect to the following plan year, the Secretary shall immediately log 
the fact that the annual report for such following plan year has not 
been filed. Within 30 days thereafter, the Secretary shall issue a 
written notification to the administrator of the plan that the 
Secretary has not received the annual report for such following plan 
year and that, if such annual report is not received within 30 days 
after the issuance of such notice, additional actions will be commenced 
by the Secretary under section 502(c)(8). Such notice shall include a 
description of the actions to be taken under section 502(c)(8).''.
    (b) Additional Remedies for Failure to Timely File Annual Report.--
Section 502 of such Act is amended--
            (1) by redesignating paragraph (8) as paragraph (9); and
            (2) by inserting after paragraph (7) the following new 
        paragraph:
    ``(8) If, within 30 days after the issuance of a written 
notification under section 104(a)(1)(B) indicating that the annual 
report under part 1 has not been received for a plan year, the 
Secretary has received neither the annual report for such plan year nor 
a written certification, in a form and manner which shall be prescribed 
by the Secretary, that such a report is not required for such plan 
year, the Secretary shall--
            ``(A) bring an action under subsection (a)(5) to freeze an 
        appropriate portion of the assets of each fiduciary of such 
        plan until such time as--
                    ``(i) the annual report, or the written 
                certification with respect to such plan year, is 
                received by the Secretary, or
                    ``(ii) a showing is made that no liability has been 
                incurred by such fiduciary in connection with the plan 
                under section 409, and
            ``(B) take immediate action under section 504 to 
        investigate the extent to which any requirement of this title 
        has not been met by the plan sponsor, the plan administrator, 
        or any other fiduciary of the plan.''.
    (b) Effective Date.--The amendments made by this section shall 
apply with respect to annual reports required to be filed under part 1 
of subtitle B of title I of the Employee Retirement Income Security Act 
of 1974 on or after the date of the enactment of this Act.
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