HR 2233 109th Congress House Labor and Employment Administrative procedure Administrative remedies Bankruptcy Commerce Corporate reorganizations Defined benefit pension plans Department of Labor Department of the Treasury Employee rights Excise tax Executive compensation Finance and Financial Sector Fines (Penalties) Government Operations and Politics Government paperwork Law Pension funds Pension trust guaranty insurance Standards

Pension Fairness and Full Disclosure Act of 2005

Introduced: May 10, 2005 See on congress.gov

Everywhere this bill has been 4 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Jun 22, 2005

Referred to the Subcommittee on Employer-Employee Relations.

May 10, 2005

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.

May 10, 2005

Sponsor introductory remarks on measure. (CR E923-924)

May 10, 2005

Introduced in House

Plain-English summary Congressional Research Service

Pension Fairness and Full Disclosure Act of 2005 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to establish a termination fairness standard that limits availability of benefits under an employer's nonqualified deferred compensation plans if such employer's defined benefit pension plan is subjected to: (1) a termination based on bankruptcy reorganization; or (2) a conversion to a cash balance plan.

Prohibits funding nonqualified deferred compensation plans while maintaining underfunded defined benefit plans.

Amends the Internal Revenue Code to impose excise taxes on funding nonqualified deferred compensation plans: (1) in the event of a pension plan termination based on bankruptcy reorganization or of a conversion to a cash balance plan; or (2) while maintaining underfunded defined benefit plans.

Requires disclosure with respect to nonqualified deferred compensation plans.

What's happening now June 22, 2005

Referred to the Subcommittee on Employer-Employee Relations.

Committees of jurisdiction 3