Employer Reversion Moratorium Act of 1988

Summary

Employer Reversion Moratorium Act of 1988 - Amends the Employee Retirement Income Security Act of 1974 to prohibit distributions to an employer, before October 1, 1989, of plan assets in connection with any single-employer defined benefit plan termination announced on or after March 9, 1988. Makes plan fiduciaries jointly and severally liable for breach of fiduciary duty unless assets distributed upon plan termination are either distributed to plan participants and beneficiaries or paid into a trust whose terms provide for final disposition in accordance with applicable law in effect on October 1, 1989. Requires the dissolution of such a trust and the distribution of its assets during the month of October 1989.

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Timeline

1. 14 April 1988

   Introduced

   Read twice and referred to the Committee on Labor and Human Resources.

   Source: IntroReferral

2. 14 April 1988

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 25 April 1988

   Referred

   Referred to Subcommittee on Labor.

   Source: Committee

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

• Introduced in Senate

  summary · EN · 14 April 1988

  Open at official source

Sponsors

• Sen. Metzenbaum, Howard M. [D-OH] · D · Sponsor
• Sen. Simon, Paul [D-IL] · D · Sponsor
• Sen. DeConcini, Dennis [D-AZ] · D · Sponsor
• Sen. Melcher, John [D-MT] · D · Sponsor
• Sen. Cranston, Alan [D-CA] · D · Sponsor
• Sen. Gore, Albert, Jr. [D-TN] · D · Sponsor
• Sen. Mikulski, Barbara A. [D-MD] · D · Sponsor
• Sen. Kennedy, Edward M. [D-MA] · D · Cosponsor
• · sshr00 · Standing

Related records

• related to → Employer Reversion Moratorium Act of 1988