A bill to provide an 18-month moratorium on employer revisions upon termination of single-employer defined benefit pension plans.

Summary

Provides for an 18-month moratorium on employer reversions upon termination of single-employer defined benefit pension plans under the Employee Retirement Income Security Act of 1974. Requires that any pension plan surplus at the time of such a termination be: (1) paid to the employees; (2) placed in a new plan with higher benefits; or (3) placed in a trust for the exclusive benefit of the employees. Makes such trust continue to the end of the moratorium. Provides that distribution of plan assets would occur in accordance with applicable law then.

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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 · 5 February 1990

  Open at official source

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