A bill to amend the Internal Revenue Code of 1986 to provide that, where there is a distress termination of a pension plan, the tax on the failure to meet minimum funding standards shall be waived in certain cases.

Summary

Amends the Internal Revenue Code to provide that, where there is a distress termination of a pension plan, the tax on the failure to meet minimum funding standards shall be waived if there is a revocation of one or more business hardship waivers. Requires an increase in the unfunded benefit liabilities of the plan by the amount of the tax which would have been imposed as an initial tax.

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Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 8 October 1991

  Open at official source

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