Retirement Protection Act of 1998

TABLE OF CONTENTS:

Title I: Public Employee Pension Plans

Title II: Women's Pension Equity

Title III: Employer Reversions

Title IV: Alternative Dispute Resolution

Title V: Allowable Relief

Title VI: Annual Reports

Retirement Protection Act of 1998 - Title I: Public Employee Pension Plans - Sets forth annual reporting and disclosure requirements for public employee pension plans.

(Sec. 102) Permits a participant or beneficiary under a public employee pension plan to bring a civil action against the plan to: (1) recover benefits due under the plan's terms, to enforce his or her rights, or to clarify rights to future benefits; (2) enjoin any act or practice which violates the plan's terms; or (3) obtain other appropriate equitable relief to enforce such terms or redress violations of them.

Allows a plaintiff, in most instances, to prevail in such an action by proving the case by a preponderance of the evidence. Requires proof by clear and convincing evidence, however, if the action involves a plan under which changes in employer contributions are subject to review by a qualified review board.

(Sec. 103) Prescribes the general requirements for a qualified review board to review changes in employer contributions to a public employee pension plan.

(Sec. 104) Provides that this Act applies to any public employee pension plan, with specified exceptions.

Title II: Women's Pension Equity - Amends the Internal Revenue Code (IRC) and the Employee Retirement Income Security Act of 1974 (ERISA) to provide for the development of a model: (1) spousal consent form for electing to waive a qualified joint and survivor annuity or a qualified preretirement survivor annuity; and (2) qualified domestic relations order.

(Sec. 202) Amends the Railroad Retirement Act of 1974 to extend beyond the pensioner's death the payment of any portion of Tier II Railroad Retirement benefits to surviving former spouses pursuant to divorce, annulment, separation, or property settlement agreements, unless payment termination is otherwise required by the terms of the pertinent court decree.

(Sec. 203) Amends Federal law to provide for a survivor annuity to widows, widowers, and certain former spouses of Federal employees who die after having separated from the service with title to a deferred annuity, but before attaining the age for such an annuity under the Civil Service Retirement System (CSRS), on the same basis as is currently provided to certain survivors of former Members of the Congress.

(Sec. 204) Revises requirements concerning Federal retirement benefits subject to a court order.

Title III: Employer Reversions - Amends the IRC to increase the excise tax on the reversion of qualified plan assets to an employer.

(Sec. 302) Amends ERISA to direct the Secretary of Labor to report to the President and the Congress on plans from which residual assets were distributed to employers (reversions).

Title IV: Alternative Dispute Resolution - Amends ERISA to permit alternative dispute resolution of pension benefit claims, through arbitration, upon the request of an employee pension benefit plan participant or beneficiary.

Title V: Allowable Relief - Amends ERISA to include pre-judgment interest on unpaid pension plan benefits as part of the appropriate relief for which the Secretary, or plan participant, beneficiary, or fiduciary may bring a civil action.

(Sec. 501) Entitles plan participants or beneficiaries to attorney's fees and other costs of action when they prevail or substantially prevail in an action or settlement with respect to an employee pension benefit plan.

(Sec. 502) Authorizes a court to award consequential damages in any case in which the plan sponsor, the plan administrator, or any other fiduciary of a pension plan acts or fails to act so as to deprive a participant or beneficiary of the full and timely payment of a benefit under the plan in violation of the terms of the plan or ERISA requirements.

Title VI: Annual Reports - Amends ERISA to revise requirements for annual reports and disclosures by employee benefit plan administrators to participants. Requires such information to be written and calculated to be understood by the average plan participant, and to be sufficiently accurate and comprehensive to reasonably apprise such participants and beneficiaries of their rights and obligations under the plan.