According to a report from Washington legal publisher BNA, the proposal from Senator. Evan Bayh (D-Indiana.) requires the company stock warning on regular account statements for participants with more than 50% of their plan balance held in employer stock.
S3010 excludes plans not allowing participants to control their investments as well as ESOPs not tied to a 401(k) plan.
Bayh’s bill also requires that a tax deduction for qualified retirement planning services received as a fringe benefit shouldn’t go above $1,500 annually and is not applicable to those with modified adjusted gross income higher than $100,000 annually.