Pension Requirements Simplification Act

Summary

Pension Requirements Simplification Act - Amends the Employee Retirement Income Security Act to transfer regulatory authority relative to pension participation, vesting, and funding requirements from the Department of Labor to the Department of the Treasury. Revises enforcement authority relative to breaches of fiduciary responsibilities in connection with employee benefit plans. Repeals provisions detailing procedures for interdepartmental cooperation in administering the Employee Retirement Income Security Act. Repeals provisions detailing requirements for annual employee benefit plan reports and eliminates the requirement that administrators of employee benefit plans furnish the Secretary of Labor copies of summary plan descriptions and certain plan modifications. Directs the Secretary of the Treasury and the Secretary of Labor to jointly prescribe a single filing form and a single filing date for employee benefit plans which will satisfy the annual reporting requirements of both departments.

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1 official file

• Introduced in Senate

  summary · EN · 15 December 1977

  Open at official source

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