text: SECTION 1. NOTICE OF HIGH CONCENTRATION OF PENSION ASSETS IN EMPLOYER 
                SECURITIES.
  
      (a) In General.--Section 105 of the Employee Retirement Income 
  Security Act of 1974 (29 U.S.C. 1025) in amended by adding at the end 
  of the following new subsection:
      ``(e) Notice of High Concentration of Plan Assets In Employer 
  Securities.--
              ``(1) In general.--In the case of an individual account 
          plan to which this subsection applies, if the percentage of 
          assets in the individual account that consists of employer 
          securities and employer real property exceeds 50 percent of the 
          total account, the plan administrator shall include with the 
          account statement a notice that the account may be overinvested 
          in employer securities and employer real property. Any 
          determination under this paragraph shall be made as of the most 
          recent valuation date under the plan.
              ``(2) Exclusion of assets held through pooled investment 
          vehicles.--Employer securities and employer real property held 
          through an investment option of the plan which is not designed 
          to invest primarily in employer securities or employer real 
          property shall not be taken under paragraph (1) is determining 
          the percentage of assets that consist of employer securities 
          and employer real property.
              ``(3) Application.--
                      ``(A) In general.--This subsection shall apply to 
                  any individual account plan which--
                              ``(i) holds employer securities which are 
                          readily tradable on an established securities 
                          market, and
                              ``(ii) permits a participant or beneficiary 
                          to exercise control over assets in the 
                          individual's account.
                      ``(B) Exception for esops.--This subsection shall 
                  not apply to an employee stock ownership plan (as 
                  defined in section 4795(e)(7)) of the Internal Revenue 
                  Code of 1986) if the plan has no contributions which 
                  are subject to section 401 (k) or (m) of such Code.
              ``(4) Employer securities and real property.--For purposes 
          of this subsection, the terms `employer securities' and 
          `employer real property' have the meanings given such terms by 
          paragraphs (1) and (2) of section 407(d), respectively.''
      (b) Penalty.--Section 502 of the Employee Retirement Income 
  Security Act of 1974 (29 U.S.C. 1132) is amended--
              (1) in subsection (a)(6), by striking ``(6), or (7)'' and 
          inserting ``(6), (7), or (8)'',
              (2) by redesignating paragraph (8) of subsection (c) as 
          paragraph (9), and
              (3) by inserting after paragraph (7) the following new 
          paragraph:
              ``(8) The Secretary may assess a civil penalty against a 
          plan administrator of up to $100 a day from the date of the 
          plan administrator's failure or refusal to provide notice to 
          participants and beneficiaries in accordance with section 
          105(e). For purposes of this paragraph, each violation with 
          respect to any single participant or beneficiary shall be 
          treated as a separate violation.''
      (c) Effective Date.--The amendments made by this section shall 
  apply to plan years beginning after December 31, 2002.
  
  SEC. 2. TREATMENT OF QUALIFIED RETIREMENT PLANNING SERVICES.
  
      (a) In General.--Subsection (m) of section 132 of the Internal 
  Revenue Code of 1986 (defining qualified retirement services) is 
  amended by redesignating paragraphs (2) and (3) as paragraphs (5) and 
  (6), respectively, and by inserting after paragraph (1) the following:
              ``(2) Limitations.--
                      ``(A) Dollar limitation.--The aggregate amount 
                  which may be excluded with respect to qualified 
                  retirement planning services provided to any individual 
                  during a taxable year shall not exceed $1,500.
                      ``(B) Adjusted gross income.--No amount may be 
                  excluded with respect to qualified retirement planning 
                  services provided during a taxable year if the modified 
                  adjusted gross income of the taxpayer for such taxable 
                  year exceeds $100,000 ($200,000 in the case of married 
                  individuals filing a joint return). For purposes of 
                  this subparagraph, the term `modified adjusted gross 
                  income' means adjusted gross income, determined without 
                  regard to this section and sections 911, 931, and 933.
              ``(3) Cash reimbursements.--For purposes of this subsection 
          the term `qualified retirement planning services' includes a 
          cash reimbursement by an employer to an employee for a benefit 
          described in paragraph (1).
              ``(4) No constructive receipt.--No amount shall be included 
          in the gross income of any employee solely because the employee 
          may choose between any qualified retirement planning services 
          provided by a qualified investment advisor and compensation 
          which would otherwise be includible in the gross income of such 
          employee. The preceding sentence shall apply to highly 
          compensated employees only if the choice described in such 
          sentence is available on substantially the same terms to each 
          member of the group of employees normally provided education 
          and information regarding the employer's qualified employer 
          plan.''
      (b) Conforming Amendments.--
              (1) Section 403(b)(3)(B) of such Code is amended by 
          inserting ``132(m)(4),'' after ``132(f)(4),''.
              (2) Section 414(s)(2) of such Code is amended by inserting 
          ``132(m)(4),'' after ``132(f)(4),''.
              (3) Section 415(c)(3)(D)(ii) of such Code is amended by 
          inserting ``132(m)(4),'' after ``132(f)(4),''.
      (c) Effective Date.--The amendment made by this section shall apply 
  to taxable years beginning after December 31, 2002.
target: Amends the Employee Retirement Income Security Act of 1974 (ERISA) to provide for information and advice to assist pension plan participants in making decisions regarding the investment of their pension plan assets under defined contribution plans that are individual account plans (IAPs) (401(k) and similar plans) which hold regularly tradable employment securities and permit participants or beneficiaries to exercise control over assets in the account.Requires the plan administrator to include in the account statement a notice that the account may be overinvested in employer securities and real property, whenever assets consisting of employer securities and real property exceed 50 percent of total IAP assets. Excludes from such notice requirement: (1) assets held through pooled investment vehicles; and (2) employee stock ownership plans (ESOPs) that have no contributions subject to section 401 (k) or (m) of the Internal Revenue Code (IRC).Amends IRC to limit to$1,500 the aggregate amount which may be excluded from gross income with respect to qualified retirement planning services (QRPS) provided to any individual during a taxable year. Prohibits exclusion of any such amount if the modified adjusted gross income of the taxpayer exceeds $100,000 ($200,000 for married individuals filing a joint return). Provides that no amount (constructive receipt) shall be included in the gross income of any employee solely because the employee may choose between any QRPS provided by a qualified investment advisor, and compensation which would otherwise be includible in the employee's gross income. Applies such provision to highly compensated employees only if such choice is available on substantially the same terms to each member of the group of employees normally provided education and information regarding the employer's qualified employer plan.
feat_title: A bill to provide information and advice to pension plan participants to assist them in making decisions regarding the investment of their pension plan assets, and for other purposes.