Employee Savings Protection Act of 2002
Last action on May 9, 2002Referred to the Subcommittee on Employer-Employee Relations.
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Summary
Employee Savings Protection Act of 2002 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to prohibit certain knowing misrepresentations by pension plan fiduciaries to participants or beneficiaries relating to the present or expected valuation of employer securities, in the case of individual account plans that include cash or deferred arrangements under section 401(k) of the Internal Revenue Code.
Makes a fiduciary exemption liable (by removing an exemption) for any loss resulting from any exercise of control by participants or beneficiaries over assets in their accounts undertaken in reliance on such a misrepresentation.
Applies this Act to misrepresentations made on or after January 1, 2000.
Amends Federal law relating to bankruptcy to protection of unsecured claims by employees under such ERISA provisions for liability of fiduciaries for such misrepresentations.
