[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2683 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 2683

To amend title I of the Employee Retirement Income Security Act of 1974 
 to require in the annual report of each defined benefit pension plan 
             disclosure of plan investments in hedge funds.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 12, 2007

  Mr. Castle (for himself and Mr. Mahoney of Florida) introduced the 
 following bill; which was referred to the Committee on Education and 
                                 Labor

_______________________________________________________________________

                                 A BILL


 
To amend title I of the Employee Retirement Income Security Act of 1974 
 to require in the annual report of each defined benefit pension plan 
             disclosure of plan investments in hedge funds.

    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 Security Act of 2007''.

SEC. 2. DISCLOSURE IN ANNUAL REPORT OF INVESTMENTS IN HEDGE FUNDS BY 
              DEFINED BENEFIT PENSION PLANS.

    (a) In General.--Section 103(b) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1023(b)) is amended--
            (1) in paragraph (3)(C), by striking ``value;'' and 
        inserting ``value, including, in the case of a defined benefit 
        pension plan, a separate schedule identifying each hedge fund 
        (as defined in paragraph 5)) in which amounts held for 
        investment under the plan are invested as of the end of the 
        plan year covered by the annual report and the amount so 
        invested in such hedge fund;''; and
            (2) by adding at the end the following new paragraph:
    ``(5) For purposes of paragraph (3)(C), the term `hedge fund' means 
an unregistered investment pool permitted under sections 3(c)(1) and 
3(c)(7) of the Investment Company Act of 1940 (15 U.S.C. 80a-3(c)(1), 
(7)) and section 4(2) of the Securities Act of 1933 (15 U.S.C. 77d(2)) 
and Rule 506 of Regulation D of the Securities and Exchange Commission 
(17 CFR 230.506).''.
    (b) Effective Date; Regulations.--The amendments made by subsection 
(a) shall apply with respect to annual reports for plan years beginning 
on or after the date of the enactment of this Act. The Secretary of 
Labor, in consultation with the Securities and Exchange Commission, 
shall issue initial regulations to carry out the amendments made by 
subsection (a) not later than 1 year after the date of the enactment of 
this Act.
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