S. 1725 · 110th Congress
Restoring Pension Promises to Workers Act
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Never voted on. It didn't reach a floor vote before the 110th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
HarkinSponsor1 cosponsor · 1 I
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Restoring Pension Promises to Workers Act - Amends the Internal Revenue Code to require the inclusion in gross income of all income previously deferred under a nonqualified deferred compensation plan if an employer maintaining such a plan fails to meet certain participation, vesting, and minimum benefit requirements.
What it does: CRS summary · Introduced in Senate · Jun 28, 2007
Restoring Pension Promises to Workers Act - Amends the Internal Revenue Code to require the inclusion in gross income of all income previously deferred under a nonqualified deferred compensation plan if an employer maintaining such a plan fails to meet certain participation, vesting, and minimum benefit requirements.
Amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) deny ERISA pension plan administrators the right to recover overpayments made to plan participants and beneficiaries in cases of hardship or insignificant amounts; (2) impose a three-year limitation period for bringing any action to recover an overpayment; (3) prohibit the elimination of accrued pension plan benefits during corporate mergers and acquisitions; and (4) establish in the Department of Labor an Office of Pension Participant Advocacy to protect pension plan participants.
Amends federal employee personnel provisions to: (1) entitle former spouses of federal employees who die before establishing a valid claim for an annuity to 55% of such deferred annuity or a lump-sum payment; (2) permit divorced spouses of federal employees to collect court-awarded retirement benefits when such employees are first eligible to retire (currently, only available at the time the employee actually retires); (3) entitle certain former spouses of retired federal employees divorced prior to September 14, 1978, to a survivor annuity; and (4) give priority to a surviving spouse of a federal employee in the distribution of balances in a Thrift Savings account, unless such spouse consents to the designation of another beneficiary.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Restoring Pension Promises to Workers Act
Latest action (Jun 28, 2007): Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Policy area: Labor and Employment · Origin: Senate · Introduced: Jun 28, 2007
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.