HR 2719 108th Congress House Labor and Employment Accounting Airline employees Airline passenger traffic Airlines Collective bargaining Commerce Defined benefit pension plans Depreciation and amortization Finance and Financial Sector Government Operations and Politics Government corporations Government liability Interest rates Labor contracts Law Liability (Law) Pension Benefit Guaranty Corporation Pension funds Pension trust guaranty insurance

Air Line Pension Act of 2003

Introduced: July 14, 2003 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jul 28, 2003

Referred to the Subcommittee on Employer-Employee Relations.

Jul 14, 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.

Jul 14, 2003

Introduced in House

Plain-English summary Congressional Research Service

Air Line Pension Act of 2003 - Sets forth special funding requirements for certain pension plans maintained by commercial passenger air carriers (plans), notwithstanding any contrary provisions of the Internal Revenue Code or of the Employee Retirement Income Security Act of 1974 (ERISA).

Provides for such plans, if they have a funded percentage of less than 80 percent as of January 1, 2003, the following: (1) modifications of funding rules, including funded percentage, assumed interest rate for determining current liability, and estimation of current liability; (2) a moratorium on the deficit reduction contribution, under specified conditions; (3) a one-time amortization of 2008 unfunded current liability; and (4) recognition of a waiver in the deficit reduction contribution.

Provides for such plans, if they are maintained for benefit of the carrier's employees pursuant to a collective bargaining agreement and if they terminated during calendar year 2003, the following: (1) restoration by the Pension Benefit Guaranty Corporation (PBGC) to the plan's pre-termination status and transfer of control of plan assets and liabilities to the employer, unless the collective bargaining agreement provides that the plan should not be restored; (2) exclusion of any expected increase in current liability due to benefits accruing during each plan year; (3) amortization of unfunded amounts under the restoration payment schedule; (4) inapplicability of certain contribution requirements to a restored plan until a plan year beginning on the initial post-restoration valuation date, with modified required annual payments; and (5) resetting of funding standard account balances.

Limits PBGC liability with respect to certain plans under this Act.

What's happening now July 28, 2003

Referred to the Subcommittee on Employer-Employee Relations.

Committees of jurisdiction 3