Sec. 2. Trusteeship of single-employer plans
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Section 403(a) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1103(a) ) is amended— by redesignating paragraphs
(1)and
(2)as subparagraphs
(A)and (B), respectively; by striking Except as and inserting
(1)Except as ; and by adding at the end the following: The assets of a single-employer plan shall be held in trust by a joint board of trustees, which shall consist of 2 or more trustees representing on an equal basis the interests of the employer or employers maintaining the plan and the interests of the participants and their beneficiaries. Except as provided in clause (ii), in any case in which the plan is maintained pursuant to one or more collective bargaining agreements between one or more employee organizations and one or more employers, the trustees representing the interests of the participants and their beneficiaries shall be designated by such employee organizations. In any case in which clause
(i)does not apply with respect to a single-employer plan because the plan is not described in clause (i), the trustee or trustees representing the interests of the participants and their beneficiaries shall consist of 1 or more participants under the plan elected to serve as such in accordance with this clause. Not later than one year after the date of enactment of the Encouraging More Proxy voting by Organized Workers, Employees, and Retirement Savers Act , the Secretary shall issue rules with respect to the election of trustees and certification of the results of such elections under subparagraph (B)(ii). Such rules shall ensure that— employee trustee elections are— fair and democratic and free from interference by the employer, the employer’s fiduciaries, and the investment managers; designed to maximize participation by plan participants and their beneficiaries and to be convenient for participants, and their beneficiaries when appropriate, to vote; use the latest technologies to meet the objectives described in subclause (II); provide for a secret ballot to be used by the participants of the plan (or, in the case of a deceased participant, by the beneficiary of such participant); and provide one vote per participant, which, in the event a participant is deceased, may be cast by the deceased participant's beneficiary; and trustee vacancies are filled— by the election process, and not by appointment; and not later than one month after the trustee position is vacant. .
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Sec. 2
Trusteeship of single-employer plans
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