Pension ProSave Act

Summary

Pension ProSave Act - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to establish a system under which any employer may establish a Pension ProSave Plan: (1) for the exclusive benefit of its employees and their beneficiaries; and (2) the only contributions to which are contributions to Pension ProSave Accounts established on behalf of such employees. Specifies requirements for contributions, vesting, distributions and loans, and reporting. Provides that a Pension ProSave Plan shall be treated in the same manner as an employee pension benefit plan. Directs the Board of Directors of the Pension Portability Clearinghouse (established by this Act) to establish a system of Pension ProSave Accounts under which: (1) employers and employees may make contributions on behalf of employees under a Pension ProSave Plan; (2) individuals may make qualified rollover contributions to Pension ProSave Accounts; and (3) amounts in the Pension ProSave Accounts are invested, and loans and distributions of amounts in such Accounts are made, as provided in this Act. Establishes the Pension Portability Clearinghouse within the executive branch of the Government, and the Pension Portability Clearinghouse Advisory Council. Makes specified ERISA reporting and disclosure requirements applicable to the Clearinghouse, and not to the plan sponsor, with respect to any Pension ProSave Plan.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 28 June 1996

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 28 June 1996

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• Introduced in Senate

  summary · EN · 28 June 1996

  Open at official source

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