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.

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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Sponsor

• Rep. Peter Visclosky [D, IN-1]

Committees

• House Judiciary
• 2 more
  • House Judiciary
  • House Education and Labor
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Amendments

This bill has no amendments.

Amendments to H.R.5754

Number	Status	Purpose

Bill Status

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Introduced		Voted on by House		Voted on by Senate		Considered By President		Bill Becomes Law
April 09, 2008

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All Bill Actions

• Apr 28, 2008: Referred to the Subcommittee on Commercial and Administrative Law.
• Apr 09, 2008: Referred to House Judiciary
• Apr 09, 2008: Referred to House Education and Labor
• Apr 09, 2008: 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.
• Introduced on Apr 09, 2008.

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Related Issue Areas:

• Trusts and trustees
• Reinsurance
• Pension trust guaranty insurance
• Pension funds
• 22 more
• Pension Benefit Guaranty Corporation
• Parties to actions
• Law
• Labor contracts
• Labor
• Investments
• Injunctions
• Information disclosure (Securities law)
• Government paperwork
• Government information
• Government corporations
• Fines (Penalties)
• Finance
• Executive departments
• Collective bargaining
• Collection of accounts
• Bankruptcy courts
• Bankruptcy
• Annuities
• Administrative remedies
• Actions and defenses
• Pensions

Data from the Congressional Research Service

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Blog Coverage

May 01, 2008 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.

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Source: Washington Labor & Employment Wire

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April 28, 2008 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 ...

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Source: benefitslink.com

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April 11, 2008 WashingtonWatch.com - H.R. 5754, The Employees' Pension Security ...

US Congress: HR 5754, The Employees' Pension Security Act of 2008.

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Source: WashingtonWatch.com - Subject Group: Welfare

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