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U.S. GOVERNMENT
INFORMATION
Gp
Calendar No. 516
108TH CONGRESS REPORT
2d Session SENATE 108-266
NATIONAL EMPLOYEE SAVINGS AND TRUST EQUITY
GUARANTEE ACT
MAY 14, 2004.-Ordered to be printed
Mr. GRASSLEY, from the Committee on Finance,
submitted the following
REPORT
together with
ADDITIONAL VIEWS
[To accompany S. 2424]
The Committee on Finance, having considered an original bill (S.
2424) to amend the Internal Revenue Code of 1986 and the Em-
ployee Retirement Income Security Act of 1974 to protect the re-
tirement security of American workers by ensuring that pension as-
sets are adequately diversified and by providing workers with ade-
quate access to, and information about, their pension plans, and for
other purposes, reports favorably thereon and recommends that the
bill do pass.
CONTENTS
Page
I. Legislative Background ............................................................................... 4
II Explanation of the Bill .................................................................................. 5
Title I. Diversification of Pension Plan Assets .......................................... 5
A. Defined Contribution Plans Required To Provide Employees
With Freedom To Invest Their Plan Assets (sec. 101 of the
bill, new sec. 401(a)(35) of the Code, and new sec. 204(j) of
E R ISA ) ............................................................................................ 5
B. Notice of Freedom To Divest Employer Securities or Real Prop-
erty (sec. 102 of the bill, new sec. 4980H of the Code, and
new sec. 104(d) of ERISA) .............................................................. 14
Title II. Information To Assist Pension Plan Participants ......................... 16
A. Periodic Pension Benefit Statements and Investment Education
(secs. 201-202 of the bill, new sec. 49801 of the Code, and
secs. 104 and 105(a) of ERISA) ..................................................... 16
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