Restoring Pension Promises to Workers Act

A bill to amend the Employee Retirement Income Security Act of 1974, the Internal Revenue Code of 1986, and title 5, United States Code, to improve the protection of pension benefits, and for other purposes.

6/28/2007--Introduced.
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.


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Sponsor

• Sen. Thomas Harkin [D, IA]
• and 1 Co-Sponsors
  • Sen. Bernard Sanders [I, VT]
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Committees

• Senate Health, Education, Labor, and Pensions

Amendments

This bill has no amendments.

Amendments to S.1725

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
June 28, 2007

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All Bill Actions

• Jun 28, 2007: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
• Introduced on Jun 28, 2007.

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Related Issue Areas:

• Pensions
• Actions and defenses
• Annuities
• Business
• 18 more
• Civil service retirement
• Collection of accounts
• Corporate mergers
• Department of Labor
• Divorce
• Executive compensation
• Executive departments
• Executive reorganization
• Families
• Federal employees
• Government employees
• Income tax
• Limitation of actions
• Pension funds
• Survivors' benefits
• Tax exclusion
• Tax-deferred compensation plans
• Taxation

Data from the Congressional Research Service

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In the News

July 11, 2007 Harkin introduces legislation to ensure retirement security for US ...

The Restoring Pension Promises to Workers Act of 2007 (S.1725) would restore basic fairness to America's pension system by forcing corporations that provide ...

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March 12, 2008 Das Bundesverfassungsgericht

November 1973 (BGBl I S. 1725) wurde die Vorschrift des § 173 StGB umfassend überarbeitet und unter dem Titel „Beischlaf zwischen Verwandten“ den Straftaten gegen den Personenstand, die Ehe und die Familie zugeordnet. ...

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August 02, 2007 Watson Wyatt - Insider

In a separate development, Senator Tom Harkin (D-Iowa) introduced the Restoring Pension Promises to Workers Act (S.1725), which would require companies that sponsor NQDC arrangements to also sponsor a defined benefit plan for ...

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July 25, 2007 Bill Would Require DB Plans for Certain Employers

July 23, 2007 – Sen. Tom Harkin (D-Iowa) has introduced the Restoring Pension Promises to Workers Act (S. 1725). This legislation would require employers that provide a nonqualified ...

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Source: BISYS Retirement Services - Latest News

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