To require that 401(k)-type pension plans be subject to the same prohibited transaction rules that apply to traditional defined benefit pension plans.
401(k) Pension Protection Act of 1996 - Amends the Employee Retirement Income Protection Act of 1974 (ERISA) to require that (Internal Revenue Code section) 401(k)-type pension plans be subject to the same prohibited transaction rules that apply to traditional defined benefit pension plans under ERISA.
Requires 401(k)-type plans (by extending such ERISA protections to them) to have diversified investments, and prohibits them from investing more than ten percent of their assets in securities and real property of the sponsoring employer.
Read twice and referred to the Committee on Labor and Human Resources.
Introduced in House
Introduced in House
Referred to the House Committee on Economic and Educational Opportunities.
Referred to the Subcommittee on Employer-Employee Relations.
Sponsor introductory remarks on measure. (CR E1345)
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