To amend title I of the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to provide new protections under applicable fiduciary rules for participants and beneficiaries under 401(k) plans and to provide for 3-year vesting of elective deferrals under such plans.
Requires such plans to give a participant or beneficiary whose nonforfeitable accrued benefit attributable to employee contributions is invested in whole or in part in employer securities a reasonable opportunity periodically (at least quarterly) to invest such accrued benefit in investment vehicles, other than employer securities, selected to permit diversification.
Prohibits plan sponsors, administrators, or other fiduciaries from imposing any lockdown in connection with the nonforfeitable accrued benefit of a participant or beneficiary.
Amends ERISA and IRC to provide for vesting (a nonforfeitable right to all of the participant's accrued benefits) of elective deferrals under such plans for participants who have completed three years of plan participation.
Introduced in House
Introduced in House
Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Employer-Employee Relations.
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