A bill to protect private pension plan participants from excessive concentration of the investment of tax-exempt private pension assets in a small number of corporate stocks by amending the Internal Revenue Code of 1954 to impose reasonable investment limitations on large pension managers.
Tax-Exempt Private Pension Investment Act - Amends the Internal Revenue Code to establish an excise tax on managers of tax-exempt pension plans with a fair market value exceeding $1,000,000,000, where the manager invests sufficient assets, over which he has discretionary authority, to acquire more than five percent of any class of security of any corporation having a capital account exceeding $150,000,000. Provides pension plan trusts with unlimited authority to invest up to two percent of their assets in any corporation with a capital account of less than $25,000,000, or any securities investment company.
Introduced in Senate
Referred to Senate Committee on Finance.
Referred to Senate Committee on Labor and Public Welfare (Subsequently: Human Resources).
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