legislation: 107-hr-3640

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
107-hr-3640 107 hr 3640 Pension Protection and Diversification Act of 2002 Labor and Employment 2002-01-29 2002-05-09 Referred to the Subcommittee on Employer-Employee Relations. House Rep. Pascrell, Bill, Jr. [D-NJ-8] NJ D P000096 3 Pension Protection and Diversification Act of 2002 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) limit to 20 percent the portion of funds which may be invested in the employer's stock and real property by an employee's individual account plans, including those which include cash or deferred arrangements under Internal Revenue Code section 401(k) and (2) allow an employee to direct the plan to divest the employee's account of such employer securities or property and to reinvest an equal amount in other assets, at any time after 90 days following allocation of employer securities or real property to the employee's individual account plan. Exempts employee stock ownership plans (ESOPS) from these new ERISA provisions.Amends Internal Revenue Code to: (1) allow employees to diversify assets in ESOPS after five years, and after they've reached age 35 (but requires a trustee-to-trustee transfer for those under age 55); and (2) reduce by 50 percent the allowable deduction for employer matching contributions to defined contribution plans made in employer securities. 2026-03-23T12:41:21Z https://www.congress.gov/bill/107th-congress/house-bill/3640

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