PlainBillCongress, translated.Legislation. Context. Public interest.Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Congressional Research Service
Version 00 · Introduced in House · Feb 27, 2003
Pension Security Act of 2003 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to require individual account plans (IAPs), including those with cash or deferred arrangements under Internal Revenue Code (IRC) section 401(k), to furnish quarterly pension benefit statements to plan participants and beneficiaries with rights to direct investments.Provides that employers are not exempt from liability for failing in fiduciary duty with respect to IAP investments during blackout periods if such a period's imposition suspends, limits, or restricts participants' and beneficiaries' ability to direct or diversify their assets.Directs the Secretary of Labor to establish a program to provide informational and educational support for pension plan fiduciaries.Amends ERISA and IRC to set forth diversification requirements for IAPs that hold employer securities readily tradable on an established market.Allows ERISA and IRC prohibited transaction exemptions under specified conditions.Directs the Secretary of Labor to study, and report to specified congressional committees on, the costs and benefits to participants and beneficiaries of requiring independent fiduciary consultants to advise plan fiduciaries in connection with IAPs.Amends the IRC to provide that no amount shall be included in the gross income of any employee solely because the employee may choose between any qualified retirement planning services provided by a qualified investment advisor, and compensation which would otherwise be includible in the gross income of such employee.Amends the Securities Exchange Act of 1934 to prohibit certain insider trading during pension plan transaction suspension periods.Amends the Retirement Protection Act of 1994 to make permanent an exemption from certain funding rules under the General Agreement on Tariffs and Trade (GATT) for retirement plans sponsored by companies in the interstate bus transportation industry (thereby having ERISA funding rules apply instead).Directs the Secretaries of the Treasury and of Labor to allow: (1) one-participant retirement plans which meet certain requirements and have assets of $250,000 or less as of the close of the plan year to not file an annual return for that year; and (2) the filing of a simplified annual return for any retirement plan which covers fewer than 25 employees on the first day of a plan year and meets certain other requirements.Directs the Secretary of the Treasury to continue to update and improve the Employee Plans Compliance Resolution System (or any successor program) giving special attention to specified factors.Amends IRC and the Taxpayer Relief Act of 1997 to extend to all governmental plans a moratorium on the application of certain nondiscrimination rules applicable to State and local plans.Amends ERISA to direct the Secretary of the Treasury to modify specified regulations.Directs the Pension Benefit Guaranty Corporation (PBGC) to issue missing participant rules for multiemployer plans.Reduces PBGC premiums for new plans of small employers.Reduces PBGC additional premiums for new and small plans.Authorizes the PBGC to pay interest on premium overpayment refunds.Revises rules for substantial owner benefits in terminated plans.Directs the Secretary of Labor to study and report on model small employer group plans.
People & committees
Rep. Boehner, John A. [R-OH-8] · R–OH
Legislative record
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Received in the Senate and Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by the Yeas and Nays: 271 - 157 (Roll no. 189). (text: CR H4050-4059)
House roll call 189 · Individual votesPassed/agreed to in House: On passage Passed by the Yeas and Nays: 271 - 157 (Roll no. 189).(text: CR H4050-4059)
House roll call 189 · Individual votesOn motion to recommit with instructions Failed by the Yeas and Nays: 202 - 226 (Roll no. 188).
House roll call 188 · Individual votesThe previous question on the motion to recommit with instructions was ordered without objection.
Mr. Miller, George moved to recommit with instructions to Education and the Workforce. (consideration: CR H4089-4092; text: CR H4089-4090)
The previous question was ordered on the amendment and the bill as amended pursuant to the rule.
DEBATE - Pursuant to H. Res. 230 the House proceeded with 60 minutes of debate on the Andrews substitute amendment.
DEBATE - The House proceeded with one hour and 20 minutes of debate on H.R. 1000, as amended by the rule.
Rule provides for consideration of H.R. 1000 with 1 hour and 20 minutes of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. The amendment recommended by the Committee on Education and the Workforce now printed in the bill shall be considered as adopted. All points of order against the bill, as amended, are waived. Measure will be considered read. A specified amendment is in order.
Considered under the provisions of rule H. Res. 230. (consideration: CR H4040-4092)
Rule H. Res. 230 passed House.
Rules Committee Resolution H. Res. 230 Reported to House. Rule provides for consideration of H.R. 1000 with 1 hour and 20 minutes of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. The amendment recommended by the Committee on Education and the Workforce now printed in the bill shall be considered as adopted. All points of order against the bill, as amended, are waived. Measure will be considered read. A specified amendment is in order.
Placed on the Union Calendar, Calendar No. 50.
Committee on Ways and Means discharged.
Committee on Ways and Means discharged.
House Committee on Ways and Means Granted an extension for further consideration ending not later than May 9, 2003.
House Committee on Ways and Means Granted an Extention for Further Consideration Ending not Later Than May 9, 2003..
House Committee on Ways and Means Granted an extension for further consideration ending not later than March 28, 2003.
Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 108-43, Part I. (text: CR 5/14/2003 H4040-4050)
Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 108-43, Part I.(text: CR 5/14/2003 H4040-4050)
House Committee on Ways and Means Granted Extention for Further Consideration Ending no Later Than March 28, 2003..
Ordered to be Reported (Amended) by the Yeas and Nays: 29 - 19.
Committee Consideration and Mark-up Session Held.
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.
Introduced in House
Introduced in House
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Source last updated: Feb 10, 2026. Consult Congress.gov for the current record.
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