PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Employer-Employee Relations.
Congressional Research Service
Version 00 · Introduced in House · Jan 29, 2002
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.
People & committees
Rep. Pascrell, Bill, Jr. [D-NJ-8] · D–NJ
Legislative record
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Referred to the Subcommittee on Employer-Employee Relations.
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, 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 Ways and Means, and in addition to the Committee on Education and the Workforce, 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 Ways and Means, and in addition to the Committee on Education and the Workforce, 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
Primary sources
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Source last updated: Mar 23, 2026. Consult Congress.gov for the current record.
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