S. 825 · 108th Congress
Pension Benefits Protection Act of 2003
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
HarkinSponsor6 cosponsors · 6 D
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
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…
What it does: CRS summary · Introduced in Senate · Apr 8, 2003
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Pension Benefits Protection Act of 2003
Latest action (Apr 8, 2003): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Labor and Employment · Origin: Senate · Introduced: Apr 8, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.