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108hr5397ih | to that pay based upon his years of active service when he died determined as follows: (A) In the case of an annuity provided under section 1448(d) of this title (other than in a case covered by subparagraph (B)), such retired pay shall be computed as if the member had been retired under section 1201 of this title on t... |
108hr5397ih | (B) In the case of an annuity provided under section 1448(d)(1)(A) of this title by reason of the death of a member not in line of duty, such retired pay shall be computed based upon the member’s years of active service when he died. |
108hr5397ih | (C) In the case of an annuity provided under section 1448(f) of this title, such retired pay shall be computed based upon the member or former member’s years of active service when he died computed under section 12733 of this title.. (c) Repeal of requirement for reduction
Such section is further amended by striking s... |
108hr5397ih | (2) The table of subchapters at the beginning of such chapter is amended by striking the item relating to subchapter III. (e) Effective date
The amendments made by this section shall take effect on October 1, 2005, and shall apply with respect to annuity payments for months beginning on or after that date. 208. Surviv... |
108hr5397ih | United States Code, is amended— (1) in the matter preceding paragraph (1)— (A) by inserting a former employee separated from the service with title to deferred annuity from the Fund dies before having established a valid claim for annuity and is survived by a spouse, or if before a Member ; and (B) by inserting of such... |
108hr5397ih | and (3) in the undesignated sentence following paragraph (2)— (A) in the matter preceding subparagraph (A), by inserting former employee or before Member ; and (B) in subparagraph (B), by inserting former employee or before Member. |
108hr5397ih | (b) Benefits for former spouse
Section 8341(h) of title 5, United States Code, is amended— (1) in paragraph (1), by inserting former employee entitled to a deferred annuity under section 8338(a) of this title, after employee, Member, annuitant, ; and (2) in paragraph (2)— (A) in subparagraph (A)(ii) by striking or ann... |
108hr5397ih | (c) Protection of survivor benefit rights
Section 8339(j)(3) of title 5, United States Code, is amended by adding at the end the following: The Office shall provide by regulation for the application of this subsection to the widow, widower, or surviving former spouse of a former employee who dies after having separate... |
108hr5397ih | (d) Effective date
The amendments made by this section shall take effect on the date of the enactment of this Act and shall apply only in the case of a former employee who dies on or after such date. 209. |
108hr5397ih | Order of precedence for disposition of amounts remaining in the thrift savings account of a Federal employee (or former employee) who dies before making an effective election controlling such disposition
(a) In general
Section 8433(e) of title 5, United States Code, is amended— (1) by striking (e) and inserting (e)(1... |
108hr5397ih | and (3) by adding at the end the following: (2) An amount under paragraph (1) shall be paid in a manner consistent with the provisions of section 8424(d), except that, in applying the order of precedence under such provisions— (A) the widow or widower of the decedent shall be the first party entitled to receive (instea... |
108hr5397ih | the party next entitled to receive shall be the beneficiary or beneficiaries designated by the employee or Member (or former employee or Member) in accordance with the procedures that would otherwise normally apply, subject to such additional conditions as the Executive Director shall by regulation prescribe based on s... |
108hr5397ih | and shall apply in the case of any individual who dies on or after such 90th day. 210. Amendments relating to effective date provision of the Civil Service Retirement Spouse Equity Act of 1984
(a) Elimination of certain bars to eligibility
Section 4(b) of the Civil Service Retirement Spouse Equity Act of 1984 ( 5 U.S... |
108hr5397ih | (b) New deadline for applications
(1) In general
Section 4(b)(1)(B)(iv) of the Civil Service Retirement Spouse Equity Act of 1984 is amended by striking May 7, 1989 and inserting May 7th of the year following the year in which the Retirement Enhancement Act of 2004 is enacted. |
108hr5397ih | (2) Authority to waive deadline
Section 4(b) of the Civil Service Retirement Spouse Equity Act of 1984 is amended by adding at the end the following: (6) (A) The Director of the Office of Personnel Management may waive the deadline under paragraph (1)(B)(iv) in any case in which the Director determines that the circum... |
108hr5397ih | (B) In making a determination under this paragraph, one of the factors which may be taken into account is whether the individual involved has previously submitted a timely application under this section— (i) which was denied; but (ii) which, based on criteria applied under this section pursuant to changes in law subseq... |
108hr5397ih | 231a ) is amended— (1) in subsection (c)(4)(i), by striking (A) is entitled to an annuity under subsection (a)(1) and (B) ; and (2) in subsection (e)(5), by striking or divorced wife the second place it appears. (b) Effective date
The amendments made by this section shall take effect 1 year after the date of the enact... |
108hr5397ih | Extension of tier II railroad retirement benefits to surviving former spouses pursuant to divorce agreements
(a) In general
Section 5 of the Railroad Retirement Act of 1974 ( 45 U.S.C. 231d ) is amended by adding at the end the following: (d) Notwithstanding any other provision of law, the payment of any portion of a... |
108hr5397ih | or legal separation or the terms of any court-approved property settlement incident to any such court decree shall not be terminated upon the death of the individual who performed the service with respect to which such annuity is so computed unless such termination is otherwise required by the terms of such court decre... |
108hr5397ih | Exemption from prohibited transaction rules for certain aborted emergent transactions
(a) Amendments to the Employee Retirement Income Security Act of 1974
Section 408 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1108 ) is amended by adding at the end the following new subsection: (g) (1) Pursua... |
108hr5397ih | if— (A) the eligible person submits to the Secretary, not later than 60 days after the date of the transaction, an application for an exemption under subsection (a) from such restriction in the case of such transaction, (B) the Secretary determines not to grant the exemption, and (C) the transaction is reversed within ... |
108hr5397ih | a transaction between an employee benefit plan and such eligible person constituting the purchase or sale of a financial product, if— (i) prior to engaging in the transaction, the plan acquires from the eligible person a sufficient guarantee, consisting of a letter of credit or other form of written guarantee, issued b... |
108hr5397ih | to not less than 100 percent of the amount of plan assets involved in the transaction, plus interest on that amount at a rate determined by the parties to the transaction, or in the absence of such determination, an interest rate equal to the underpayment rate defined in section 6621(a)(2) of the Internal Revenue Code ... |
108hr5397ih | and (iv) immediately after the acquisition of the financial product— (I) the fair market value of such financial product does not exceed 1 percent of the fair market value of the assets of the plan, and (II) the aggregate fair market value of all outstanding financial products acquired by the plan from the eligible per... |
108hr5397ih | (3) For purposes of this subsection— (A) A guarantee referred to in paragraph (2) is sufficient if such guarantee is irrevocable and, under the terms of the guarantee, if the Secretary determines not to grant the exemption, the plan has the unconditional right to apply the amounts under the guarantee to any losses suff... |
108hr5397ih | (B) The term eligible person means a person that— (i) consists of— (I) a bank as defined in section 202(a)(2) of the Investment Advisers Act of 1940 , (II) an investment adviser registered under the Investment Advisers Act of 1940 , (III) an insurance company which is qualified to do business in more than one State, or... |
108hr5397ih | and (iii) is not described in section 411. (b) Effective date
The amendment made by this section shall apply with respect to transactions occurring after December 31, 2005. 302. |
108hr5397ih | Prohibited transaction exemption for the provision of investment advice
LAJohnston: Language inserted from HR3445 (107th) on 10/1/04, replacing language that had been included from HR2101 (108th) (a) Amendments to the Employee Retirement Income Security Act of 1974
(1) In General
Section 408(b) of the Employee Retir... |
108hr5397ih | 1108(b) ) is amended by adding at the end the following new paragraph: (14) (A) Any transaction described in subparagraph (B) in connection with the provision of investment advice described in section 3(21)(A)(ii), in any case in which— (i) the plan provides for individual accounts and permits a participant or benefici... |
108hr5397ih | or holding of a security or other property for purposes of investment of plan assets, and (iii) the requirements of subsection (g) are met in connection with each instance of the provision of the advice. (B) The transactions described in this subparagraph are the following: (i) the provision of the advice to the partic... |
108hr5397ih | and (iii) the direct or indirect receipt of fees or other compensation by the fiduciary adviser or an affiliate thereof (or any employee, agent, or registered representative of the fiduciary adviser or affiliate) in connection with the provision of the advice. |
108hr5397ih | (2) Requirements
Section 408 of such Act is amended further by adding at the end the following new subsection: (g) Requirements for exemption from prohibited transactions with respect to provision of investment advice
(1) In General
The requirements of this subsection are met in connection with the provision of qual... |
108hr5397ih | if the requirements of the following subparagraphs are met: (A) Written disclosures
At a time contemporaneous with the provision of the advice in connection with the sale, acquisition, or holding of the security or other property, the fiduciary adviser shall provide to the recipient of the advice a clear and conspicuo... |
108hr5397ih | or any affiliation or contractual relationship of the fiduciary adviser (or affiliates thereof) with any third party having an interest in, the security or other property. |
108hr5397ih | (ii) Related fees or compensation in connection with the provision of the advice
All fees or other compensation relating to the advice (including fees or other compensation itemized with respect to each security or other property with respect to which the advice is provided) that the fiduciary adviser (or any affiliat... |
108hr5397ih | (iii) Ongoing fees or compensation in connection with the security or property involved
All fees or other compensation that the fiduciary adviser (or any affiliate thereof) is to receive, on an ongoing basis, in connection with any security or other property with respect to which the fiduciary adviser gives the advice... |
108hr5397ih | (v) Types of services generally offered
The types of services offered by the fiduciary adviser in connection with the provision of qualified investment advice by the fiduciary adviser. (vi) Fiduciary status of the fiduciary adviser
That the fiduciary advisor is a fiduciary of the plan. (B) Disclosure by fiduciary adv... |
108hr5397ih | (C) Transaction occurring solely at direction of recipient of advice
The sale, acquisition, or holding of the security or other property shall occur solely at the direction of the recipient of the advice. (D) Reasonable compensation
The compensation received by the fiduciary adviser and affiliates thereof in connecti... |
108hr5397ih | (2) Continued availability of information for at least 1 year
The requirements of paragraph (1)(A) shall be deemed not to have been met in connection with the initial or any subsequent provision of advice described in paragraph (1) if, at any time during the 1-year period following the provision of the advice, the fid... |
108hr5397ih | (3) Evidence of compliance maintained for at least 6 years
A fiduciary adviser referred to in paragraph (1) who has provided advice referred to in such paragraph shall, for a period of not less than 6 years after the provision of the advice, maintain any records necessary for determining whether the requirements of th... |
108hr5397ih | A transaction prohibited under section 406 shall not be considered to have occurred solely because the records are lost or destroyed prior to the end of the 6-year period due to circumstances beyond the control of the fiduciary adviser. (4) Model disclosure forms
The Secretary shall prescribe regulations setting forth... |
108hr5397ih | a plan sponsor or other person who is a fiduciary (other than a fiduciary adviser) shall not be treated as failing to meet the requirements of this part solely by reason of the provision of qualified investment advice (or solely by reason of contracting for or otherwise arranging for the provision of the investment adv... |
108hr5397ih | and (ii) the terms of the arrangement require compliance by the fiduciary adviser with the requirements of this subsection. (B) Continued duty for employer to prudently select and review fiduciary advisers
Nothing in subparagraph (A) shall be construed to exempt a plan sponsor or other person who is a fiduciary from a... |
108hr5397ih | The plan sponsor or other person who is a fiduciary shall not be liable under this part with respect to the specific qualified investment advice given by the fiduciary adviser to any particular recipient of the advice. Pursuant to regulations which shall be prescribed by the Secretary, the fiduciary adviser shall provi... |
108hr5397ih | (C) Plan assets may be used to pay reasonable expenses
Nothing in this part shall be construed to preclude the use of plan assets to pay for reasonable expenses in providing qualified investment advice. (6) Annual reviews by the Secretary
The Secretary shall conduct annual reviews of randomly selected fiduciary advis... |
108hr5397ih | (B) Compliance with disclosure requirements
The extent to which disclosures provided by the fiduciary adviser have complied with the requirements of this subsection. (C) Extent of violations
The extent to which any violations of fiduciary duties have occurred in connection with the provision of the advice. (D) Extent... |
108hr5397ih | (7) Duty of conflicted fiduciary adviser to provide for alternative independent advice
(A) In General
In connection with any qualified investment advice provided by a fiduciary adviser to a participant or beneficiary regarding any security or other property, if the fiduciary adviser— (i) has an interest in the securi... |
108hr5397ih | as an alternative to the advice that would otherwise be provided by the fiduciary advisor, for qualified investment advice with respect to the security or other property provided by at least one alternative investment adviser meeting the requirements of subparagraph (B). |
108hr5397ih | (B) Independence and qualifications of alternative investment adviser
Any alternative investment adviser whose qualified investment advice is arranged for by a fiduciary adviser pursuant to subparagraph (A)— (i) shall have no material interest in, and no material affiliation or contractual relationship with any third ... |
108hr5397ih | (C) Scope and fees of alternative investment advice
Any qualified investment advice provided pursuant to this paragraph by an alternative investment adviser shall be of the same type and scope, and provided under the same terms and conditions (including no additional charge to the participant or beneficiary), as apply... |
108hr5397ih | (8) Fiduciary adviser defined
For purposes of this subsection and subsection (b)(14)— (A) In General
The term fiduciary adviser means, with respect to a plan, a person who— (i) is a fiduciary of the plan by reason of the provision of qualified investment advice by such person to a participant or beneficiary, (ii) mee... |
108hr5397ih | (B) Qualifications
A person meets the qualifications of this subparagraph if such person— (i) is registered as an investment adviser under the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–1 et seq. ), (ii) if not registered as an investment adviser under such Act by reason of section 203A(a)(1) of such Act (15 U.S.... |
108hr5397ih | 80b–3a(a)(1)), is registered under the laws of the State in which the fiduciary maintains its principal office and place of business, and, at the time the fiduciary last filed the registration form most recently filed by the fiduciary with such State in order to maintain the fiduciary’s registration under the laws of s... |
108hr5397ih | ), (iv) is a bank or similar financial institution referred to in section 408(b)(4), (v) is an insurance company qualified to do business under the laws of a State, or (vi) is any other comparable entity which satisfies such criteria as the Secretary determines appropriate. |
108hr5397ih | (C) Additional requirements with respect to certain employees or other agents of certain advisers
A person meets the additional requirements of this subparagraph if every individual who is employed (or otherwise compensated) by such person and whose scope of duties includes the provision of qualified investment advice... |
108hr5397ih | (9) Additional definitions
For purposes of this subsection and subsection (b)(14)— (A) Qualified investment advice
The term qualified investment advice means, in connection with a participant or beneficiary, investment advice referred to in section 3(21)(A)(ii) which— (i) consists of an individualized recommendation ... |
108hr5397ih | (B) Affiliate
The term affiliate of another entity means an affiliated person of such entity (as defined in section 2(a)(3) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a)(3) )). (C) Registered representative
The term registered representative of another entity means a person described in section 3(a)(18) ... |
108hr5397ih | 78c(a)(18) ) (substituting such entity for the broker or dealer referred to in such section) or a person described in section 202(a)(17) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2(a)(17) ) (substituting such entity for the investment adviser referred to in such section).. (b) Enforcement
(1) Liability fo... |
108hr5397ih | 1109 ) is amended by adding at the end the following new subsection: (c) (1) In any case in which the provision by a fiduciary adviser of qualified investment advice to a participant or beneficiary regarding any security or other property consists of a breach described in subsection (a), the fiduciary adviser shall be ... |
108hr5397ih | and to restore to the individual account any profits of the fiduciary adviser which have been made through use of assets of the individual account by— (A) the fiduciary adviser, or (B) any other party with respect to whom a material affiliation or contractual relationship of the fiduciary adviser resulted in a violatio... |
108hr5397ih | (2) In the case of any action under this title by a participant or beneficiary against a fiduciary adviser for relief under this subsection in connection with the provision of any qualified investment advice— (A) if the participant or beneficiary shows that the fiduciary adviser had any interest in, or had any affiliat... |
108hr5397ih | there shall be a presumption (rebuttable by a preponderance of the evidence) that the fiduciary adviser failed to meet the requirements of subparagraphs (A) and (B) of section 404(a)(1) in connection with the provision of the advice, and (B) the dispute may be settled by arbitration, but only pursuant to terms and cond... |
108hr5397ih | (3) For purposes of this subsection, the terms fiduciary adviser and qualified investment advice shall have the meanings provided such terms in subparagraphs (A) and (B), respectively, of section 406(g)(7).. (B) Limitation on exemption from liability
Section 403(c) of such Act ( 29 U.S.C. 1104(c) ) is amended— (i) by ... |
108hr5397ih | and (ii) by inserting after paragraph (1) the following new paragraph: (2) (A) In any case in which— (i) a participant or beneficiary exercises control over the assets in his or her account by means of a sale, acquisition, or holding of a security or other property with regard to which qualified investment advice was p... |
108hr5397ih | paragraph (1) shall not apply with respect to the fiduciary adviser in connection with the provision of the advice. (B) For purposes of this subsection, the terms fiduciary adviser and qualified investment advice shall have the meanings provided such terms in subparagraphs (A) and (B), respectively, of section 408(g)(7... |
108hr5397ih | 1132(g) ) is amended— (A) in paragraph (1), by inserting or (3) after paragraph (2) ; and (B) by adding at the end the following new paragraph: (3) In any action under this title by the participant or beneficiary against a fiduciary adviser for relief under section 409(c) in which the plaintiff prevails, the court shal... |
108hr5397ih | 1144(b) ) is amended— (A) by redesignating paragraph (9) as paragraph (10); and (B) by inserting after paragraph (8) the following new paragraph: (9) Nothing in this title shall be construed to supersede any State action for fraud against a fiduciary adviser for any act or failure to act by the fiduciary adviser consti... |
108hr5397ih | (c) Effective date
The amendments made by this section shall apply with respect to advice referred to in section 3(21)(A)(ii) of the Employee Retirement Income Security Act of 1974 provided on or after January 1, 2006. 303. Participation of participants in trusteeship of single-employer plans providing for employee co... |
108hr5397ih | 1103(a) ) is amended— (1) by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively; (2) by inserting (1) after (a) ; and (3) by adding at the end the following new paragraph: (2) (A) Subject to subparagraph (B), the assets of a pension plan which is a single-employer plan and under which some ... |
108hr5397ih | which shall consist of two or more trustees representing on an equal basis the interests of the employer or employers maintaining the plan and the interests of the participants and their beneficiaries. (B) This paragraph shall apply for any plan year only if a majority of the participants of the plan indicates to the p... |
108hr5397ih | (C) (i) Except as provided in clause (ii), in any case in which the plan is maintained pursuant to one or more collective bargaining agreements between one or more employee organizations and one or more employers, the trustees representing the interests of the participants and their beneficiaries shall be designated by... |
108hr5397ih | (ii) Clause (i) shall not apply with respect to a plan described in such clause if the employee organization (or all employee organizations, if more than one) referred to in such clause file with the Secretary, in such form and manner as shall be prescribed in regulations of the Secretary, a written waiver of their rig... |
108hr5397ih | (iii) In any case in which clause (i) does not apply with respect to a single-employer plan because the plan is not described in clause (i) or because of a waiver filed pursuant to clause (ii), the trustee or trustees representing the interests of the participants and their beneficiaries shall be selected in accordance... |
108hr5397ih | An individual shall not be treated as ineligible for selection as trustee solely because such individual is an employee of the plan sponsor, except that the employee so selected may not be a highly compensated employee (as defined in section 414(q) of the Internal Revenue Code of 1986). (iv) The Secretary shall provide... |
108hr5397ih | 173(f) ), to cast votes as necessary to resolve tie votes by the trustees.. (b) Regulations
The Secretary of Labor shall prescribe the initial regulations necessary to carry out the provisions of such amendments not later than 90 days after the date of the enactment of this Act. 304. Diversification of investment of a... |
108hr5397ih | 1104 ) is amended by adding at the end the following new subsection: (e) Diversification of investment of account assets held under individual account plans
(1) In general
In the case of an individual account plan under which a participant or beneficiary is permitted to exercise control over assets in his or her acco... |
108hr5397ih | and (7). (2) Assets attributable to employee contributions
In the case of any portion of the account assets described in paragraph (1) which is attributable to employee contributions, there shall be no restrictions on the right of a participant or beneficiary to allocate the assets in such portion to any investment op... |
108hr5397ih | (3) Elective deferrals invested in employer securities
(A) In general
In the case of the portion of the account assets described in paragraph (1) which is attributable to elective deferrals and is invested in employer securities, a plan meets the requirements of this paragraph if each applicable individual in such pl... |
108hr5397ih | The preceding sentence shall apply to the extent that the amount attributable to such reinvested portion exceeds the amount to which a prior election under this paragraph or section 401(a)(28) of the Internal Revenue Code of 1986 applies. |
108hr5397ih | (B) Applicable individual
For purposes of this paragraph, the term applicable individual means— (i) any participant in the plan, (ii) any beneficiary who is an alternate payee (within the meaning of section 206(d)(3)(K)) under an applicable qualified domestic relations order (within the meaning of section 206(d)(3)(B)... |
108hr5397ih | (4) Other employer contributions
(A) In general
In the case of the portion of the account assets described in paragraph (1) which is attributable to employer contributions (other than elective deferrals) and is invested in employer securities, a plan meets the requirements of this paragraph if each qualified particip... |
108hr5397ih | The preceding sentence shall apply to the extent that the amount attributable to such reinvested portion exceeds the amount to which a prior election under this paragraph or section 401(a)(28) of such Code applies. (B) Qualified participant
For purposes of this paragraph, the term qualified participant means— (i) any ... |
108hr5397ih | is an alternate payee (within the meaning of section 206(d)(3)(K)) under an applicable qualified domestic relations order (within the meaning of section 206(d)(3)(B)(i)), and (iii) any beneficiary of a deceased participant who met the service requirement in clause (i) or alternate payee described in clause (ii). (5) In... |
108hr5397ih | (6) Prompt compliance with directions to allocate investments
(A) In general
Except as provided in subparagraph (B), a plan meets the requirements of this paragraph with respect to plan assets described in paragraph (1) if the plan provides that, within 5 days after the date of any election by a participant or benefi... |
108hr5397ih | (B) Special rule for periodic elections
In any case in which the plan provides for elections periodically during prescribed periods, the 5-day period described in subparagraph (A) shall commence at the end of each such prescribed period. |
108hr5397ih | (7) Notice of rights and of importance of diversification
A plan meets the requirements of this paragraph if the plan provides that, not later than 30 days prior to the date on which the right of a participant under the plan to his or her accrued benefit becomes nonforfeitable, the plan administrator shall provide to ... |
108hr5397ih | (8) Preservation of authority of plan to limit investment
Nothing in this subsection shall be construed to limit the authority of a plan to impose limitations on the portion of plan assets in any account which may be invested in employer securities. (9) Other definitions and rules
For purposes of this subsection— (A)... |
108hr5397ih | (B) Elective deferrals
The term elective deferrals means an employer contribution described in section 402(g)(3)(A) of such Code and any employee contribution. (C) Election
Elections under this subsection shall be not less frequently than quarterly. (D) Employee stock ownership plan
The term employee stock ownership... |
108hr5397ih | the Secretary of Labor shall transmit to the Committee on Education and the Workforce of the House of Representatives and the Committee on Health, Education, Labor, and Pensions of the Senate the Secretary’s recommendations regarding legislative changes relating to treatment, under section 404(e) of the Employee Retire... |
108hr5397ih | (c) Effective date
(1) In general
Except as provided in paragraph (2), the amendments made by this section shall apply with respect to plan years beginning after December 31, 2005. (2) Exception
The amendments made by this section shall not apply to employer securities held by an employee stock ownership plan which ... |
108hr5397ih | (3) Delayed effective date of existing holdings
In any case in which a portion of the nonforfeitable accrued benefit of a participant or beneficiary is held in the form of employer securities (as defined in section 407(d)(1) of the Employee Retirement Income Security Act of 1974 ) immediately before the first date of ... |
108hr5397ih | Removal of $500,000 cap on bonding requirement
Section 412(a) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1112(a) ) is amended, in the matter following paragraph (2), by striking nor more than $500,000 and all that follows through preceding sentence. 306. Disclosure regarding investments and vot... |
108hr5397ih | 1021 ) is amended by inserting after subsection (e) the following new subsection: (f) Disclosure regarding investments and voting of proxies
(1) In General
Within 30 days after receipt by the plan administrator of a written request by a participant or beneficiary for relevant and specific information regarding— (A) t... |
108hr5397ih | The administrator may make a reasonable charge to cover the cost of furnishing such information. (2) Standards and review
The Secretary shall by regulation prescribe— (A) standards which must be met by requests made pursuant to this subsection, including standards relating to relevancy and specificity of the informati... |
108hr5397ih | including methods for obtaining timely and binding determinations by the Secretary regarding whether such standards are being met by particular requests. (b) Conforming amendment
Section 101(h)(1) of such Act ( 29 U.S.C. 1021(h)(1) ) is amended by inserting or subsection (f) after this subsection. (c) Effective date
... |
108hr5397ih | Immediate warning of excessive stock holdings
Section 105 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1025 ) is amended by adding at the end the following new subsection: (e) (1) Upon receipt of information by the plan administrator of an individual account plan indicating that the individual ac... |
108hr5397ih | written statement— (A) indicating that the participant’s account has become excessively invested in employer securities, (B) setting forth the notice described in subsection (e)(7), and (C) referring the participant to investment education materials and investment advice which shall be made available by or under the pl... |
108hr5397ih | In any case in which such a separate, written statement is required to be provided to a participant under this paragraph, each statement issued to such participant pursuant to subsection (a) thereafter shall also contain such separate, written statement until the plan administrator is made aware that such participant’s... |
108hr5397ih | Such regulations shall provide for inclusion in the notice a prominent reference to the risks of large losses in assets available for retirement from excessive investment in employer securities. (3) For purposes of paragraph (1), a participant’s account is excessively invested in employer securities if more than 10 per... |
108hr5397ih | 1024 ) is amended— (1) by redesignating subsection (d) as subsection (e); and (2) by inserting after subsection (c) the following new subsection: (d) (1) In any case in which assets in the individual account of a participant or beneficiary under an individual account plan include employer securities, if any person enga... |
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