Pension Fairness Act of 2004

Summary

Pension Fairness Act of 2004 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to limit the availability of benefits for corporate directors and executives under an employer's nonqualified deferred compensation plans in the event that any of such employer's defined pension plans are subjected to a distress termination, or to a termination where the Pension Benefit Guaranty Corporation (PBGC) takes over plan liabilities, in connection with bankruptcy reorganization or a conversion to a cash balance plan. Sets forth a termination fairness standard for nonqualified deferred compensation plans in cases where the corporation which is plan sponsor of a defined benefit plan adopts a plan amendment which: (1) terminates an underfunded workers' pension plan; or (2) converts a workers' pension plan into a cash balance plan that cuts benefits for workers with ten or more years of service under the plan, or takes away their choice to stay in their original plan. Disqualifies any director or executive officer of the corporation, for a five-year period after adoption of such an amendment, from: (1) accruing any amount under a nonqualified deferred compensation plan; and (2) receiving any distribution of accrued deferred compensation, if a nonqualified deferred compensation plan or amendment is established or adopted during or after the one-year period preceding the notice date of the defined benefit plan termination or conversion.

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

Timeline

1. 8 October 2004

   Introduced

   Introduced in House

   Source: IntroReferral

2. 8 October 2004

   Introduced

   Introduced in House

   Source: IntroReferral

3. 8 October 2004

   Introduced

   Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

4. 8 October 2004

   Introduced

   Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

   Source: IntroReferral

5. 11 October 2004

   Introduced

   Sponsor introductory remarks on measure. (CR E1892-1893)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 8 October 2004 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 8 October 2004

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 8 October 2004

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 8 October 2004

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Miller, George [D-CA-11] · D · Sponsor
• Rep. Hoeffel, Joseph M. [D-PA-13] · D · Sponsor
• Rep. Payne, Donald M. [D-NJ-10] · D · Sponsor
• Rep. Grijalva, Raúl M. [D-AZ-7] · D · Sponsor
• Rep. Owens, Major R. [D-NY-11] · D · Sponsor
• Rep. McCarthy, Carolyn [D-NY-4] · D · Sponsor
• Rep. Doggett, Lloyd [D-TX-37] · D · Sponsor
• Rep. Bishop, Timothy H. [D-NY-1] · D · Sponsor
• Rep. Davis, Danny K. [D-IL-7] · D · Sponsor
• Sen. Van Hollen, Chris [D-MD] · D · Sponsor
• Rep. Andrews, Robert E. [D-NJ-1] · D · Sponsor
• Rep. Kucinich, Dennis J. [D-OH-10] · D · Sponsor
• Rep. Tierney, John F. [D-MA-6] · D · Sponsor
• Rep. Schakowsky, Janice D. [D-IL-9] · D · Cosponsor
• Sen. Sanders, Bernard [I-VT] · I · Cosponsor
• Rep. Lee, Barbara [D-CA-12] · D · Cosponsor
• Rep. Gutierrez, Luis V. [D-IL-4] · D · Cosponsor
• Rep. Frank, Barney [D-MA-4] · D · Cosponsor
• Rep. Lantos, Tom [D-CA-12] · D · Cosponsor
• Rep. Sabo, Martin Olav [D-MN-5] · D · Cosponsor
• Rep. Evans, Lane [D-IL-17] · D · Cosponsor
• · hswm00 · Standing
• · hsed00 · Standing

Related records

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