Pension Benefit Guaranty Corporation Reform Amendments Act of 1987

Summary

Pension Benefit Guaranty Corporation Reform Amendments Act of 1987 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to require an employer maintaining a single-employer defined benefit plan to provide to the Secretary of the Treasury, as a condition for the granting of a waiver of the minimum funding standards or an extension of an amortization period, evidence assuring the adequate future funding of such a plan. (No such requirement exists under current law, although the Secretary is authorized to request that security be provided.) Requires that such evidence be incorporated in the materials provided by the Secretary to the Pension Benefit Guaranty Corporation (PBGC) as part of their mandatory consultation process. Decreases from five to three the number of allowable waivers of the minimum funding standard for employee pension benefit plans. Amends ERISA to: (1) increase from $8.50 to $23.00 per plan participant the annual premium rate to be paid to the PBGC in the case of a single-employer plan; (2) institute a procedure for an annual determination to provide for possible reductions in such premium amount; (3) direct the PBGC to permit, to the maximum extent practicable, quarterly installment payments of annual premiums with respect to single-employer plans; (4) require the administrator of a single-employer plan to furnish quarterly reports to plan participants and beneficiaries on the plan's actuarial status; (5) authorize the PBGC to borrow from the general fund of the Treasury amounts to be transferred into the revolving fund for basic benefits under a single-employer plan when it determines that such action is necessary to ensure the solvency of the revolving fund; and (6) establish civil and criminal penalties for violations of fiduciary duties with respect to certain employee benefit plans.

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1 official file

• Introduced in House

  summary · EN · 4 May 1987

  Open at official source

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