Single-Employer Pension Plan Termination Insurance Improvements Act of 1983

Summary

Single-Employer Pension Plan Termination Insurance Improvement Act of 1983 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to add the following new terms and definitions: (1) contributing sponsor; (2) control groups; (3) single-employer plan; (4) composite single-employer plan; (5) amount of unfunded guaranteed benefits; and (6) amount of unfunded vested benefits. Increases from $2.60 to $6.00 the annual premium rate payable to the Pension Benefit Guaranty Corporation (the Corporation) by single-employer plans for plan years beginning after December 31, 1982. Revises the formula used to determine basic benefit plan rates for plans which were not multi-employer plans in specified years. Provides that waivers of minimum funding requirements granted to employers by the Secretary of the Treasury under the Internal Revenue Code shall include conditions set by the Corporation regarding payment and collection of the waived amounts, including security in favor of the pension plan. Imposes a lien in favor of the pension plan on the date such a waiver is granted. Establishes guidelines for the treatment of such liens under bankruptcy and tax laws. Directs the Secretary of the Treasury to furnish the Corporation with information or documents regarding pension plans for which a waiver has been requested. Imposes confidentiality and disclosure standards upon such information. Sets termination guidelines for pension plans with insufficient assets. Confers jurisdiction upon the district courts to review Corporation actions regarding pension plan terminations. Specifies conditions under which contingent liability is imposed upon persons whose obligations regarding benefits under single-employer plans are changed. Establishes formulae to determine such liability, and sets payment schedules. Sets standards of liability following certain corporate reorganizations. Requires the Corporation to: (1) report to the Congress within a specified time alternative methods of performing its functions in the private sector; (2) submit for congressional approval alternative premium schedules for basic benefits guaranteed under specified law; or (3) identify such alternative premium schedules and explain why they are not feasible.

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1 official file

• Introduced in Senate

  summary · EN · 5 May 1983

  Open at official source

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