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H.R. 2233 · 109th Congress

Pension Fairness and Full Disclosure Act of 2005

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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

GMD MillerSponsor
42 cosponsors · 41 D, 1 I

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…

What it does: CRS summary · Introduced in House · May 10, 2005

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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Pension Fairness and Full Disclosure Act of 2005

Latest action (Jun 22, 2005): Referred to the Subcommittee on Employer-Employee Relations.

Policy area: Labor and Employment · Origin: House · Introduced: May 10, 2005

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.