Pension Funding Improvement Act of 1992

Summary

Pension Funding Improvement Act of 1992 - Title I: Amendments to Pension Plan Funding Requirements - Amends the Internal Revenue Code (IRC) and the Employee Retirement Income Security Act of 1974 (ERISA) to revise minimum funding standards for pension plans. Revises the additional funding requirements for pension plans that are not multiemployer plans to provide for an underfunding reduction requirement and solvency maintenance requirement. Title II: Required Security for Certain Plan Amendments - Amends IRC and ERISA to increase required funding percentages and required security under provisions for pension plan termination insurance. Applies such required funding and security provisions to multiemployer plans, as well as to other pension plans. Applies specified criminal penalties to violations of such requirements. Title III: Miscellaneous Provisions - Requires the Pension Benefit Guaranty Corporation (PBGC) and the Congressional Budget Office (CBO) to submit separate reports to the Congress setting forth alternative increases in premiums that would be required for the assets of the single-employer program (established under ERISA provisions for pension plan termination insurance) to equal or exceed such program's current and expected liabilities by 2002. Amends ERISA to require inclusion in annual PBGC reports of actuarial evaluations of pension benefit guaranty funds for the next five, ten, twenty, and thirty years. (Currently, inclusion of such evaluations for the next five years only is required.) Requires such evaluations to set forth alternative premium schedules to assure that PBGC assets equal or exceed its liabilities during such periods. Authorizes the CBO to transmit a separate report analyzing and commenting upon the actuarial evaluation (and premium schedules) prepared by the PBGC, for any fiscal year the CBO deems appropriate. Authorizes the PBGC to require certain plan sponsors or members of a sponsor's controlled group to provide it with records, documents, or other information necessary to determine liabilities and assets of plans covered by ERISA plan termination insurance provisions, or the financial condition of sponsors or members of sponsors' controlled groups maintaining such plans. Applies such information requirements to a plan if: (1) its underfunding exceeds $10,000,000; (2) it has more than 2,000 participants; or (3) it has been granted minimum funding waivers in excess of $1,000,000. Treats all plans maintained by the same sponsor (or any member of such sponsor's controlled group) as one plan for purposes of such information requirements.

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Timeline

1. 10 August 1992

   Introduced

   Introduced in Senate

   Source: IntroReferral

2. 10 August 1992

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

3. 25 September 1992

   Committee

   Subcommittee on Private Retirement Plans and IRS. Hearings held. Hearings printed: S.Hrg. 102-1069.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · — · Download file

Documents

2 official files

• Introduced in Senate (text)

  Introduced in Senate · EN

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 10 August 1992

  Open at official source

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Sponsors

• Sen. Jeffords, James M. [I-VT] · R · Sponsor
• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → Pension Funding Improvement Act of 1992