A bill to amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to provide employees with greater control over assets in their pension accounts by providing them with better information about investment of the assets, new diversification rights, and new limitations on pension plan blackouts, and for other purposes.
Sets forth diversification requirements for certain plans holding employer securities.
Establishes a tax for failure of applicable plans to meet certain notice and data requirements, with certain specified exceptions. Permits a waiver of the taxes by the Secretary of the Treasury.
Forbids trading of equity securities (other than exempted securities) acquired by an individual through employment (or other specified associations) with an issuer during blackout periods of an applicable plan.
Establishes in the Internal Revenue Service an "Office of Pension Participant Advocacy."
Introduced in Senate
Sponsor introductory remarks on measure. (CR S2847-2849)
Read twice and referred to the Committee on Finance.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line