Pension Security Act of 1995

Summary

TABLE OF CONTENTS: Title I: Amendments to Pension Plan Funding Requirements Title II: Amendments to Title IV of ERISA Title III: Employer Liability, Lien and Priority Pension Security Act of 1995 - Title I: Amendment to Pension Plan Fund - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to revise the additional funding requirements for pension plans that are not multiemployer plans to provide for an underfunding reduction requirement and a solvency maintenance requirement. Title II: Amendments to Title IV of ERISA - Amends title IV (Plan Termination Insurance) of ERISA to set forth limitations on the benefits guaranteed by the Pension Benefit Guaranty Corporation (PBGC). (Sec. 202) Revises provisions relating to: (1) enforcement of minimum funding requirements; (2) recovery ratio payable under PBGC guaranty; and (3) distress termination criteria for banking institutions. Eliminates a specified seventh revolving fund and transfers its assets and liabilities to the first revolving fund (i.e., the single-employer basic benefits guaranty fund). Title III: Employer Liability, Lien and Priority - Amends title IV of ERISA to revise limitations on employer liability liens and priority amounts. (Sec. 301) Provides that, in the case of plan terminations initiated on or after January 1, 1992, the lien of the PBGC for employer liability shall be determined according to a specified formula. Makes similar revisions relating to the amount of liability to the PBGC which is entitled to priority treatment in insolvency and bankruptcy cases. Provides that specified amendments under this Act shall be effective as if included under the Single-Employer Pension Plan Amendments of 1986 and the Pension Protection Act. Amends ERISA to provide for liability upon liquidation of a contributing sponsor of a single-employer plan. Makes such sponsor liable as though the plan had terminated in a distress termination, even if the sponsor's controlled group remains a contributing sponsor of the plan or is liable for payment of specified contributions or installments. Directs the PBGC to transfer such liability payments to the ongoing plans. (Sec. 302) Amends the Federal bankruptcy code to revise priority payment provisions with respect to: (1) unpaid contributions to pension plans under ERISA; and (2) certain liability arising from pension plan terminations under ERISA. (Classifies these priorities as expenses arising before, or administrative expenses arising after, the commencement of the case, depending on whether such unpaid contributions are attributable, or such plan termination occurs, before or after the filing of the petition for bankruptcy.) Amends the Bankruptcy Rules to require the bankruptcy court to give the PBGC notice of a bankruptcy petition filed (and all other notices required to be served on creditors and interested parties), in any case in which the debtor or an affiliate maintains a pension plan to which title IV of ERISA applies. (Sec. 303) Provides for determination of liability upon liquidation of contributing sponsor where the plan remains ongoing.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 4 January 1995

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• Introduced in House (PDF)

  Introduced in House · EN · 4 January 1995

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• Introduced in House

  summary · EN · 4 January 1995

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