Pension Reform Act of 1987

Summary

Pension Reform Act of 1987 - Amends the Tax Reform Act of 1986 to extend to all accrued benefits existing in plan year 1989 and thereafter the amendments made with regard to the nondiscriminatory coordination of defined contribution plans with Old Age, Survivors and Disability Insurance (OASDI). Amends the Internal Revenue Code (IRC) to repeal provisions that permit a certain disparity in simplified employee pension plan contributions with respect to nondiscriminatory coordination with OASDI. Provides for the repeal, effective for plan year 2000 and thereafter, of IRC rules with respect to: (1) the nondiscriminatory coordination of defined contribution plans with OASDI; and (2) pension integration exceptions. Amends the IRC to establish distinct minimum employee coverage requirements applicable in cases when an employer with respect to a plan is treated as operating a single line of business. Requires such a plan to benefit all the employer's employees. Limits the exception to minimum coverage requirements available to employers treated as operating separate lines of business for a year. Amends the IRC and the Employee Retirement Income Security Act of 1974 to eliminate the special vesting requirements governing multiemployer plans. Directs the Comptroller General of the United States, as soon as possible after this Act's enactment, to undertake thorough studies with respect to: (1) possible methods of requiring employee pension plans to provide cost of living and other adjustments to plan benefits; and (2) potential pension portability mechanisms, including ways to preserve and enhance the real value of deferred vested pension benefits. Lists specific items to be addressed in each study. Requires submission of the studies to specified congressional committees within two years of this Act's enactment.

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Documents

1 official file

• Introduced in House

  summary · EN · 4 June 1987

  Open at official source

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