Pension Security and Transparency Act of 2005

Summary

Pension Protection Act of 2005 - Amends the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code to establish new minimum funding standards for single-employer and multiemployer defined benefit pension plans. Prohibits shutdown benefits and other unpredictable contingent event benefits under single employer plans. Limits benefits under underfunded plans. Establishes additional funding rules for multiemployer plans in endangered or critical status. Requires measures to forestall insolvency. Repeals certain limitations on withdrawal liability. Sets forth interest rate assumptions for determining lump sum distributions and for applying benefit limitations to such distributions. Increases certain premiums to be paid to the Pension Benefit Guaranty Corporation. Provides for phasing-in increases of: (1) the annual flat-rate premium paid by all single-employer plans; and (2) the additional risk-based premium, which is to be paid by all underfunded plans. Revises requirements for defined benefit plan funding notices. Requires additional disclosures in annual reports and to plan participants and beneficiaries, including notice of bankruptcy filings. Allows plan sponsors and certain fiduciaries, other than fiduciary advisors, to provide certain investment advice. Increases deduction limits for single-employer and multiemployer plans, thus allowing plan sponsors to increase their contributions. Revises deduction rules for combinations of defined contribution plans and defined benefit plans.

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Documents

14 official files

• Engrossed Amendment Senate (text)

  Engrossed Amendment Senate · EN · 3 March 2006

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• Engrossed Amendment Senate (PDF)

  Engrossed Amendment Senate · EN · 3 March 2006

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• Passed Senate amended

  summary · EN · 3 March 2006

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• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 27 January 2006

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 27 January 2006

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• Engrossed in House (text)

  Engrossed in House · EN · 15 December 2005

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• Engrossed in House (PDF)

  Engrossed in House · EN · 15 December 2005

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• Passed House amended

  summary · EN · 15 December 2005

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• Reported in House (text)

  Reported in House · EN · 6 December 2005

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• Reported in House (PDF)

  Reported in House · EN · 6 December 2005

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• Reported to House amended, Part I

  summary · EN · 22 September 2005

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• Introduced in House (text)

  Introduced in House · EN · 9 June 2005

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• Introduced in House (PDF)

  Introduced in House · EN · 9 June 2005

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• Introduced in House

  summary · EN · 9 June 2005

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