U.S. Congress - H.R.5754 Employees' Pension Security Act of 2008
H.R.5754 - Employees' Pension Security Act of 2008
To amend the Employee Retirement Income Security Act of 1974 and title 11, United State Code, to provide necessary reforms for employee pension benefit plans. view all titles (2)
All Bill Titles
- Short: Employees' Pension Security Act of 2008 as introduced.
- Official: To amend the Employee Retirement Income Security Act of 1974 and title 11, United State Code, to provide necessary reforms for employee pension benefit plans. as introduced.
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Official Summary
4/9/2008--Introduced.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 mOfficial Summary
4/9/2008--Introduced.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.
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Recent Blog Coverage
Employee Pension Security Act (HR 5754)
Status: HR5754 was introduced in the House by Rep. Peter J. Visclosky (D-Ind.) on April 9, 2008, and was referred immediately to the Committee on Education and Labor and the Committee on the Judiciary.
bill would require employee representatives on trust boards for ...
the employees' pension security act of 2008 (hr 5754) would also establish new requirements for plan terminations and require companies that have terminated plans to pay for the amounts not covered by the pension benefit guaranty ...
WashingtonWatch.com - H.R. 5754, The Employees' Pension Security ...
US Congress: HR 5754, The Employees' Pension Security Act of 2008.
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