Employee Stock Ownership Plan Improvements Act of 1985

Summary

Employee Stock Ownership Plan Improvements Act of 1985 - Amends the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code to set requirements relating to the establishment of employee stock ownership plans in cases of corporate consolidation. Disqualifies such plans unless they: (1) do not become effective until approved by the vote of an absolute majority of the employees; (2) provide that all accrued benefits are nonforfeitable; (3) provide that each participant has full voting power of all classes of stock allocated to the participant and that all unallocated stock is voted in the same proportion as the allocated stock is voted; and (4) do not supersede certain defined benefit plans during the period from one year before to one year after the termination of such plans.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 1 August 1985

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.