Miscellaneous ERISA Amendments Act of 1989

Summary

Miscellaneous ERISA Amendments Act of 1989 - Title I: Amendments Relating to the Tax Reform Act of 1986 - Makes technical amendments to pension-related provisions of the Tax Reform Act of 1986, the Internal Revenue Code (IRC) and the Employee Retirement Income Security Act of 1974 (ERISA). Includes amendments relating to: (1) minimum vesting requirements; (2) plan amendment deadlines (correspondingly amends the Retirement Equity Act of 1984); and (3) continuation coverage requirements of group health plans, including provisions authorizing the Secretary of Labor to assess a civil penalty of $100 per beneficiary per day of noncompliance for failure to satisfy these requirements. Directs the Comptroller General, as soon as practicable, to conduct a thorough study of the extent to which employers have lengthened the eligibility period for group health insurance coverage as a result of enactment of continuation coverage requirements contained in the Consolidated Omnibus Budget Reconciliation Act of 1985. Requires results to be submitted to specified congressional committees by August 31, 1990. Title II: Amendments Relating to the Omnibus Budget Reconciliation Act of 1986 - Makes technical amendments to the IRC and ERISA, including a repeal of the 133-1/3 percent rule relating to accrued benefit requirements applied to defined benefit pension plans. Title III: Amendments Relating to the Omnibus Budget Reconciliation Act of 1987 (Including the Pension Protection Act) - Makes a number of technical amendments to provisions of the IRC and of ERISA (including amendments of the Pension Protection Act) dealing with: (1) the full limitation for multiemployer pension plans; (2) modification of the minimum funding standard for pension plans, including a special transition rule with respect to steel employees; (3) the time for making plan contributions; (4) funding waivers; (5) the interest rate to be used in connection with various plan funding rules; (6) plan terminations; and (7) reporting requirements. Title IV: Amendments Relating to the Single-Employer Pension Plan Amendments Act of 1986 - Makes technical amendments to the Single-Employer Pension Plan Amendments Act of 1986 and related provisions of ERISA. Title V: Other Amendments and Provisions Relating to ERISA - Makes a number of technical amendments and corrections to ERISA. Directs the Secretary of the Treasury to: (1) undertake, as soon as possible, a thorough study of the feasibility of Federal Government issuance of index bonds for investment by private pension plans and individual retirement plans; and (2) report results to specified congressional committees by December 31, 1990. Lists required study topics. Amends ERISA to add special rules for top-heavy plans corresponding to those included in the IRC. Requires annual plan reports to include a statement of whether the plan has met qualification requirements. Authorizes a civil action for relief to parties aggrieved by violations of this requirement.

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2 official files

• Introduced in House (text)

  Introduced in House · EN

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• Introduced in House

  summary · EN · 29 June 1989

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