PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, for a period to be subsequently determined by the Chairman.
Congressional Research Service
Version 00 · Introduced in House · Feb 14, 2002
Pension Security Act of 2002 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to require individual account plans, including those with cash or deferred arrangements under IRC section 401(k), to furnish quarterly pension benefit statements to plan participants and beneficiaries with rights to direct investments.Requires individual account plan administrators to give 30 days notice (except in specified circumstances) to plan participants and beneficiaries before a period (lockdown, blackout) in which their ability to divest or diversify assets control over their account assets will be limited. Provides that, during such lockdown periods, employers are not exempt from liability for failing in fiduciary duty with respect to individual account plan investments; but states that this loss of exemption from liability is not triggered by any limitations or restrictions on employee ability to divest or diversify assets, if such limitations or restrictions are disclosed to participants and beneficiaries through summary plan description or materials describing specific investment alternatives under the plan.Amends ERISA and IRC to prohibit individual account plans from acquiring or holding employer securities with respect to which there is any restriction on divestment by a participant or beneficiary after the participant has completed three years of plan participation. Exempts employee stock ownership plans (ESOPS) from this prohibition.Allows ERISA prohibited transaction exemptions under specified conditions to: (1) a fiduciary adviser's providing certain investment advice to an employee benefit plan or to a participant or beneficiary of such plan; (2) sale, acquisition, or holding of securities or other property (including any lending of money or other extension of credit associated with these) pursuant to such advice; and (3) direct or indirect receipt of fees or other compensation by the fiduciary adviser or an affiliate in connection with providing such advice.Amends the Securities Exchange Act of 1934 to prohibit certain insider trading during pension plan transaction suspension periods.
People & committees
Rep. Boehner, John A. [R-OH-8] · R–OH
Legislative record
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Referred to the Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, for a period to be subsequently determined by the Chairman.
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 recorded vote: 255 - 163 (Roll no. 92).
House roll call 92 · Individual votesPassed/agreed to in House: On passage Passed by recorded vote: 255 - 163 (Roll no. 92).
House roll call 92 · Individual votesOn motion to recommit with instructions Failed by recorded vote: 204 - 212 (Roll no. 91). (text: CR H1264-1265)
House roll call 91 · Individual votesThe previous question on the motion to recommit with instructions was ordered without objection.
DEBATE - The House proceeded with 10 minutes of debate on the George Miller (CA) motion to recommit with instructions. The instructions contained in the motion require the bill to be reported back to the House with an amendment adding a new section providing for treatment of certain funded deferred compensation plans for corporate insiders as pension plans covered under ERISA.
Mr. Miller, George moved to recommit with instructions to Education and the Workforce.
DEBATE - Pursuant to the provisions of H. Res. 386, the House proceeded with one hour of debate on the George Miller (CA) amendment in the nature of a substitute.
GENERAL DEBATE - Pursuant to the provisions of H. Res. 386, the House proceeded with two hours of general debate on H.R. 3762.
Rule provides for consideration of H.R. 3762 with 2 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. In lieu of the amendment recommended by the Committee on Education and the Workforce now printed in the bill, the amendment in the nature of a substitute printed in part A of the report of the Committee on Rules accompanying this resolution shall be considered as adopted. Measure will be considered read. A specified amendment is in order.
Considered under the provisions of rule H. Res. 386. (consideration: CR H1217-1267; text of measure as introduced: CR H1217-1220)
Rule H. Res. 386 passed House.
Rules Committee Resolution H. Res. 386 Reported to House. Rule provides for consideration of H.R. 3762 with 2 hours of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. In lieu of the amendment recommended by the Committee on Education and the Workforce now printed in the bill, the amendment in the nature of a substitute printed in part A of the report of the Committee on Rules accompanying this resolution shall be considered as adopted. Measure will be considered read. A specified amendment is in order.
Placed on the Union Calendar, Calendar No. 233.
Committee on Financial Services discharged.
Committee on Financial Services discharged.
Committee on Ways and Means discharged.
Committee on Ways and Means discharged.
House Committee on Financial Services Granted an extension for further consideration ending not later than April 9, 2002.
House Committee on Ways and Means Granted an extension for further consideration ending not later than April 9, 2002.
Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 107-383, Part I.
Reported (Amended) by the Committee on Education and the Workforce. H. Rept. 107-383, Part I.
Mr. Goss asked unanimous consent that the Committee on Education and Labor have until midnight on April 4 to file a report on H.R. 3762. Agreed to without objection.
Ordered to be Reported (Amended) by the Yeas and Nays: 28 - 19.
Committee Consideration and Mark-up Session Held.
Sponsor introductory remarks on measure. (CR E174)
Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and Financial Services, 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 Committees on Ways and Means, and Financial Services, 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 Committees on Ways and Means, and Financial Services, 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 Committees on Ways and Means, and Financial Services, 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: Jul 21, 2025. Consult Congress.gov for the current record.
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Analyze H.R.3762 as objectively as possible. Explain its main provisions, who would be affected, possible benefits and harms, implementation, exceptions, and uncertainties. Present the strongest arguments for and against it, and identify evidence needed to assess its public impact.
Examine H.R.3762 through a progressive lens, focusing on fairness, access, economic inequality, and effects on vulnerable communities. Explain potential benefits, costs, and unintended consequences. Consider the strongest counterarguments and distinguish stated goals from demonstrated outcomes.
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