A bill to amend the Employee Retirement Income Security Act of 1974 for the purpose of facilitating the investment by employee pension benefit plans in qualifying employer real property.

Summary

Amends the Employee Retirement Income Security Act to revise the circumstances under which a qualified pension plan may invest in employer real property. Redefines "eligible individual account plan" for purposes of the provision limiting the acquisition of employer real property by certain plans to include a money purchase plan which on the date of enactment of this Act invested in qualifying employer real property or invested primarily in qualifying employer securities (current law only provides for the latter). Redefines "qualifying employer real property" to include one parcel of employer real property. Stipulates that the current requirement that employer real property be dispersed geographically applies only to a holding of more than one parcel. Requires, when a pension plan holds only one parcel of employer real property, that: (1) the parcel be subject to a lease containing specified provisions; (2) the cost of the property or acquisition indebtedness not exceed a specified proportion of the value of plan assets; (3) the annual rate of return on the property be as favorable as if the property was leased to an unrelated party; (4) legal title be held by and the property be administered by an independent professional trustee; and (5) the lease be approved by an independent fiduciary.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 30 October 1979

  Open at official source

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