National Employee Savings and Trust Equity Guarantee Act of 2005

Summary

National Employee Savings and Trust Equity Guarantee Act of 2005 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to revise and establish requirements relating to pension plans, including plan funding, limitations on benefits which underfunded plans may provide, diversification of assets, and worker access to and information about their plans. Sets forth requirements relating to participants and their diversification rights under defined contribution plans. Revises requirements for informing participants, including investment advice and retirement planning assistance. Revises rules for single-employer pension plans, including requirements relating to funding, benefit limitations, deductions, and interest rate assumptions. Replaces the 30-year Treasury rate for calculating lump-sum distributions. Provides that defined benefit pension plans, including hybrid plans such as cash balance plans, may be deemed nondiscriminatory as to age if they comply with certain requirements, in cases of reduction in accrued benefits because of attainment of any age. Sets forth disclosure and benefit statement requirements for single-employer defined benefit plans. Revises funding rules for multiemployer defined benefit plans. Increases certain premiums to be paid by single-employer plans to the Pension Benefit Guaranty Corporation (PBGC). Limits PBGC guarantee of shutdown benefits and other unpredictable contingent event benefits under single employer plans. Revises requirements relating to spousal pension protection under ERISA and the Railroad Retirement Act of 1974. Revises pension portability and distribution rules. Revises requirements relating to: (1) employee plans compliance resolution systems; (2) governmental and tribal pension plans; (3) black lung disability trust funds; (4) treatment of death benefits from corporate-owned life insurance; and (5) compensation and pensions of Tax Court judges.

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

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

4 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 2 November 2005

  ViewDownloadOpen at official source

• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 2 November 2005

  ViewDownloadOpen at official source

• Reported to Senate without amendment

  summary · EN · 2 November 2005

  Open at official source

• Introduced in Senate

  summary · EN · 2 November 2005

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.