Pension Flexibility in Natural Disasters Act of 2005

Summary

Pension Flexibility in Natural Disasters Act of 2005 - Authorizes the Secretary of Labor to issue waivers, suspensions, or exemptions from requirements under the Employee Retirement Income Security Act of 1974 (ERISA) in the case of individual account pension plans, or persons or service providers involved with or dealing with such plans, that are affected by Hurricane Katrina or Rita. Directs the Secretaries of Labor and of the Treasury and the Executive Director of the Pension Benefit Guaranty Corporation (PBGC) to exercise authority under ERISA and the Internal Revenue Code to postpone certain deadlines, by reason of the presidentially declared disaster areas in Louisiana, Mississippi, Alabama, Texas, and elsewhere, due to the effect of Hurricane Katrina or Rita. Amends ERISA to extend to regulations issued under ERISA and plan provisions the Secretary's current authority to prescribe a one-year extension of ERISA deadlines, under such regulations or plan provisions, in the event of presidentially declared disasters or terrorist or military actions.

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3 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 30 September 2005

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• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 30 September 2005

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• Introduced in Senate

  summary · EN · 29 September 2005

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