HR 1677 108th Congress House Labor and Employment Administrative procedure Age discrimination Civil Rights and Liberties, Minority Issues Defined benefit pension plans Department of the Treasury Early retirement Employee rights Government Operations and Politics Government paperwork Law Retirement age Social Welfare Tax administration Taxation

Pension Benefits Protection Act of 2003

Introduced: April 8, 2003 Introduced by: Sanders, Bernard Independent · Vermont See on congress.gov

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 2, 2003

Referred to the Subcommittee on Employer-Employee Relations.

Apr 8, 2003

Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Apr 8, 2003

Sponsor introductory remarks on measure. (CR E708-709)

Apr 8, 2003

Introduced in House

Plain-English summary Congressional Research Service

Pension Benefits Protection Act of 2003 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code of 1986 (the Code) to protect pension benefits of employees in defined benefit (DB) plans, and to ensure that age discrimination laws are applied to conversions to cash balance plans and other such plans that are hybrids of DB's and defined contribution plans.

Requires ERISA, the Code, and the Age Discrimination Act of 1967 to be applied and administered without regard to certain proposed regulations of the Secretary of the Treasury that relate to reductions of accruals and allocations because of the attainment of any age, and to application of nondiscrimination cross-testing rules to cash balance plans.

Amends ERISA and the Code to protect certain DB plan participants from forced conversions to hybrid DB plans by plan amendments which change the way the accrued benefit to participants or beneficiaries are expressed and which reduce the rate of future benefit accrual of one or more participants. Requires employers, at the time such amendment takes effect, to provide employees who have attained 40 years of age or 10 years of service with certain notices and an election upon retirement to receive benefits as determined either under the plan in effect at time of retirement or under the plan in effect immediately before the plan amendment.

Sets forth a formula to determine when a plan amendment adopted by a large (100 or more participants) DB plan shall be treated as wearing away accrued benefits.

What's happening now May 2, 2003

Referred to the Subcommittee on Employer-Employee Relations.

Committees of jurisdiction 3