h 5 49927 1207713600 false 1209355200 5754 655 110 400417

4/9/2008--Introduced.<br/>Employees’ Pension Security Act of 2008 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to require assets of single-employer pension plans to be held in trust by joint boards of trustees. Requires plan sponsors and administrators to provide all material investment information in an accurate form to participants and beneficiaries. Authorizes the Secretary to assess civil penalties for violations of certain information requirements. Sets forth additional requirements for plan termination, to prevent abuse of the bankruptcy and termination process, including requirements relating to: (1) distress termination; (2) bankruptcy court decrees, and the right to intervene to challenge them; (3) consideration of alternatives by the Pension Benefit Guaranty Corporation (PBGC) and the plan sponsor; (4) PBGC efforts at consulting on alternatives with plan participants and their union representatives; and (5) notice of the right to challenge determinations relating to plan termination. Amends federal bankruptcy law to include, in a priority order for recovery of expenses and claims, allowed unsecured claims for benefit liabilities to participants and beneficiaries under a single-employer plan in connection with the plan termination, in excess of the benefits payable to them by the PBGC in connection with such termination.<br/>

1209355200 2008-04-28 Fri Nov 07 05:53:08 -0600 2008 introduced 49927 'act':4 '2008':6 'secur':3 'employe':1 'pension':2 59195 false short introduced 49927 '11':13 'act':8 '1974':10 'code':16 'plan':25 'titl':12 'unit':14 'amend':2 'incom':6 'retir':5 'secur':7 'state':15 'provid':18 'reform':20 'benefit':24 'employe':4,22 'pension':23 'necessari':19 58141 false official action 49927 1209355200 Mon Apr 28 00:00:00 -0500 2008 165049 Referred to the Subcommittee on Commercial and Administrative Law. V000108 1949-08-13 1908 2256 Rayburn House Office Building http://www.house.gov/writerep 1 202-225-2493 Peter 'd':4 '-1':6 'rep':1 'peter':2,7,9 'viscloski':3,8,10 M 400417 Visclosky Peter_J._Visclosky J. Rep. Peter Visclosky [D, IN-1] 715 N00003813 5403 Democrat 202-225-2461 Roman Catholic IN Pete Peter Visclosky 5.375 http://www.house.gov/visclosky/ action 49927 1209355200 Mon Apr 28 00:00:00 -0500 2008 165049 Referred to the Subcommittee on Commercial and Administrative Law. introduced 49927 1207713600 Wed Apr 09 00:00:00 -0500 2008 149262 action 49927 1207713600 Wed Apr 09 00:00:00 -0500 2008 149264 Referred to House Education and Labor action 49927 1207713600 Wed Apr 09 00:00:00 -0500 2008 149265 Referred to House Judiciary action 49927 1207713600 Wed Apr 09 00:00:00 -0500 2008 149263 Referred to the Committee on Education and Labor, and in addition to the Committee on the Judiciary, 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.