Pension Fairness and Full Disclosure Act of 2005

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.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 10 May 2005

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• Introduced in House (PDF)

  Introduced in House · EN · 10 May 2005

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• Introduced in House

  summary · EN · 10 May 2005

  Open at official source

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