Protecting America's Pensions Act of 2002

[AI summary unavailable — showing source text] Protecting America's Pensions Act of 2002 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to set forth requirements for disclosure, diversification, account access, and accountability under defined contribution plans that are individual account plans (IAPs) (401(k) and similar plans). Allows IAPs either to permit employees' elective deferrals to be invested in employer securities, or to make the employer's contribution in employer securities; but prohibits an IAP from doing both. Exempts from such limitation any employer who maintains a certain kind of defined benefit plan (DBP) coverage besides the IAP. Requires IAPs to offer at least three investment options in addition to an option to invest in employer securities or real property. Requires IAPs to grant a participant or beneficiary the right to reinvest in any other option provided by the IAP any assets that are in employer securities or real property within certain time limits. Exempts IAP sponsors from fiduciary liability for IAP investments only if they designate independent investment advisors, who shall be fiduciaries with respect to such investments. Requires IAPs to furnish quarterly pension benefit …