United States · Bill · S
S. 1953 (109th)
National Employee Savings and Trust Equity Guarantee Act of 2005
Introduced
2 November 2005
Last action
2 November 2005 · Introduced
Status
Placed on Senate Legislative Calendar under General Orders. Calendar No. 276.
Sponsors
Sen. Grassley, Chuck [R-IA]
Subjects
Taxation
Source updated
7 April 2025
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
26 July 2005
Reported
Committee on Finance ordered to be reported an original measure.
Source: Committee
2 November 2005
Calendars
Placed on Senate Legislative Calendar under General Orders. Calendar No. 276.
Source: Calendars
2 November 2005
Reported
Committee on Finance. Original measure reported to Senate by Senator Grassley. With written report No. 109-174.
Source: Committee
2 November 2005
Reported
Committee on Finance. Original measure reported to Senate by Senator Grassley. With written report No. 109-174.
Source: Committee
2 November 2005
Introduced
Introduced in Senate
Source: IntroReferral
Votes
No vote records are attached yet.
Versions
- Placed on Calendar Senate · 2 November 2005 · Download file
Documents
4 official files
Placed on Calendar Senate (text)
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Placed on Calendar Senate (text)
Placed on Calendar Senate · EN · 2 November 2005
Placed on Calendar Senate (PDF)
Placed on Calendar Senate · EN · 2 November 2005
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Reported to Senate without amendment
summary · EN · 2 November 2005
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Introduced in Senate
summary · EN · 2 November 2005
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.
Sponsors
- Sen. Grassley, Chuck [R-IA] · R · Sponsor
- · ssfi00 · Standing
Related records
- related to → Pension Security and Transparency Act of 2005
- related to → Pension Security and Transparency Act of 2005
Sources
PoliticalRepo is an index and interpretation layer, not the authoritative legal source.
- Official source: https://www.congress.gov/bill/109th-congress/senate-bill/1953
- Open data entity: https://api.congress.gov/v3/bill/109/s/1953
- us · 109-s-1953 · source updated 7 April 2025