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Bill 1 of 50
401(k) Full Disclosure Act (Introduced in the Senate)
S 1541 IS
106th CONGRESS
1st Session
S. 1541
To amend the Employee Retirement Income Security Act of 1974 to require annual
informational statements by plans with qualified cash or deferred arrangements,
and for other purposes.
IN THE SENATE OF THE UNITED STATES
August 5, 1999
Mr. JOHNSON introduced the following bill; which was read twice and referred
to the Committee on Health, Education, Labor, and Pensions
A BILL
To amend the Employee Retirement Income Security Act of 1974 to require annual
informational statements by plans with qualified cash or deferred arrangements,
and for other purposes.
Be it enacted by the Senate and House of Representatives of the United
States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the
`401 (k ) Full Disclosure Act' .
SEC. 2. ANNUAL INFORMATIONAL STATEMENTS BY 401 (k ) PLANS.
(a) IN GENERAL- Section 104(b)(3) of the Employee Retirement Income
Security Act of 1974 (29 U.S.C.
1024(b)(3)) is amended--
(1) by inserting `(A)' after `(3)'; and
(2) by adding at the end the following new subparagraph:
`(B) If a plan includes a qualified cash or deferred arrangement (as
defined in section 401 (k )(2) of the Internal Revenue Code
of 1986), the administrator shall furnish to each participant, or alternate
payee under any qualified domestic relations order, receiving benefits under
the plan a statement no less frequently than annually providing--
`(i) the individual's account balance as of the beginning and ending
of the statement period;
`(ii) the investment performance of each investment option for the
statement period;
`(iii) the total assets of the plan;
`(iv) the administrative fees of the plan for the statement period as
a percentage of the total assets of the plan;
`(v) the name of the plan administrator.'.
(b) EFFECTIVE DATE- The amendments made by subsection (a) shall apply to
plan years beginning after the date of enactment of this Act .
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