H.R. 2233 · 109th Congress
Pension Fairness and Full Disclosure Act of 2005
- Stage
- In committee
- Sponsor
- George Miller
- Introduced
- 2005-05-10
- Latest action
- 2005-06-22 · Referred to the Subcommittee on Employer-Employee Relations.
Summary
Pension Fairness and Full Disclosure Act of 2005 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to establish a termination fairness standard that limits availability of benefits under an employer's nonqualified deferred compensation plans if such employer's defined benefit pension plan is subjected to: (1) a termination based on bankruptcy reorganization; or (2) a conversion to a cash balance plan.
Prohibits funding nonqualified deferred compensation plans while maintaining underfunded defined benefit plans.
Amends the Internal Revenue Code to impose excise taxes on funding nonqualified deferred compensation plans: (1) in the event of a pension plan termination based on bankruptcy reorganization or of a conversion to a cash balance plan; or (2) while maintaining underfunded defined benefit plans.
Requires disclosure with respect to nonqualified deferred compensation plans.