Pension bill reform passed Senate-Short Version Here

Date:   11/17/2005 12:30:27 PM ( 19 y ago)

9/28/2005--Introduced.

Pension Security and Transparency Act of 2005 - Amends the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code (IRC) to establish new minimum funding standards for single-employer and multiemployer defined benefit pension plans. Limits benefits under underfunded plans. Establishes additional funding rules for multiemployer plans in endangered or critical status. Requires measures to forestall insolvency.

Revises deduction limits for such plans. Revises deduction rules for combinations of defined contribution plans and defined benefit plans.
Sets forth interest rate assumptions for determining lump sum distributions and for applying benefit limitations to such distributions.

Increases certain premiums to be paid to the Pension Benefit Guaranty Corporation (PBGC). Provides for phasing-in increases of: (1) the annual flat-rate premium paid by all single-employer plans; and (2) the additional risk-based premium, which is to be paid by all underfunded plans. Limits PBGC guarantee of shutdown benefits and other unpredictable contingent event benefits under single employer plans. Revises requirements for defined benefit plan funding notices. Requires additional disclosures in annual reports and to plan participants and beneficiaries. Provides that defined benefit pension plans, including hybrid plans such as cash balance plans, may be deemed nondiscriminatory as to age if they comply with certain requirements, in cases of reduction in accrued benefits because of attainment of any age. Requires defined contribution plans to allow employees to divest employer stock and diversify their pension asset investments. Provides that defined benefit pension plans, including hybrid plans such as cash balance plans, may be deemed nondiscriminatory as to age if they comply with certain requirements, in cases of reduction in accrued benefits because of attainment of any age. Sets forth participant protections, including diversification rights, under defined contribution plans. Revises requirements relating to: (1) portability and distribution rules; (2) information, including investment advice and retirement planning, to assist pension plan participants; (3) spousal pension protection under ERISA and the Railroad Retirement Act of 1974; (4) employee plans compliance resolution systems; (5) governmental and tribal pension plans; (6) black lung disability trust funds; (7) treatment of death benefits from corporate-owned life insurance; and (8) compensation and pensions of Tax Court judges.
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MAJOR ACTIONS:
9/28/2005 Introduced/originated in Senate
11/16/2005 Passed/agreed to in Senate: Passed Senate with an amendment by Yea-Nay Vote. 97 - 2. Record Vote Number: 328.



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ALL ACTIONS:
9/28/2005:
Introduced in the Senate. Read twice. Ordered Placed on Senate Legislative Calendar under General Orders. Calendar No. 231.
11/16/2005:
Measure laid before Senate by unanimous consent. (consideration: CR S12884-12921)
11/16/2005:
S.AMDT.2581 Amendment SA 2581 proposed by Senator Enzi for Senator Grassley. (consideration: CR S12884)
In the nature of a substitute.
11/16/2005:
S.AMDT.2581 Amendment SA 2581 agreed to in Senate by Unanimous Consent.
11/16/2005:
S.AMDT.2582 Amendment SA 2582 proposed by Senator Isakson. (consideration: CR S12886-12892)
To modify pension funding rules related to airlines, and for other purposes.
11/16/2005:
S.AMDT.2582 Amendment SA 2582 agreed to in Senate by Voice Vote.
11/16/2005:
S.AMDT.2583 Amendment SA 2583 proposed by Senator Akaka. (consideration: CR S12892-12897, S12905-12906)
To compute the actuarial value of monthly benefits in the form of a life annuity commencing at age 60 for certain airline pilots.
11/16/2005:
S.AMDT.2583 Amendment SA 2583 agreed to in Senate by Yea-Nay Vote. 58 - 41. Record Vote Number: 327.
11/16/2005:
Passed Senate with an amendment by Yea-Nay Vote. 97 - 2. Record Vote Number: 328.

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TITLE(S): (italics indicate a title for a portion of a bill)

POPULAR TITLE(S):
Pension Reform bill (identified by CRS)

SHORT TITLE(S) AS INTRODUCED:
Pension Security and Transparency Act of 2005

OFFICIAL TITLE AS INTRODUCED:
A bill to amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to reform the pension funding rules, and for other purposes.

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