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United States · Bill · S

S. 685 (101st)

Employee Pension Protection Act of 1990

openUnited States· United States Congress· EN

Introduced

4 April 1989

Last action

16 May 1990 · Reported

Status

Placed on Senate Legislative Calendar under General Orders. Calendar No. 553.

Sponsors

Sen. Metzenbaum, Howard M. [D-OH], Sen. Simon, Paul [D-IL], Sen. Mikulski, Barbara A. [D-MD], Sen. Pell, Claiborne [D-RI], Sen. Kennedy, Edward M. [D-MA], Sen. Shelby, Richard C. [R-AL], Sen. Adams, Brock [D-WA], Sen. Dodd, Christopher J. [D-CT], Sen. Cranston, Alan [D-CA], Sen. Inouye, Daniel K. [D-HI], Sen. Sarbanes, Paul S. [D-MD], Sen. Gore, Albert, Jr. [D-TN], Sen. Lieberman, Joseph I. [ID-CT], Sen. Biden, Joseph R., Jr. [D-DE], Sen. Levin, Carl [D-MI], Sen. Wirth, Timothy [D-CO], Sen. Burdick, Quentin N. [D-ND], Sen. Sasser, Jim [D-TN], Sen. Kerry, John F. [D-MA], Sen. Akaka, Daniel K. [D-HI]

Subjects

Discovery layer

Source updated

21 April 2025

Official sourceDownload fileView documentsShare

Summary

Employee Pension Protection Act of 1989 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to revise fiduciary standards applicable to pension plan assets to account for duties with respect to assets of terminated plans. Establishes fiduciary standards to apply to employer reversions upon plan termination, requiring an employer to establish and maintain a complete replacement plan or a substantial replacement plan in connection with the termination. Prescribes requirements to govern both types of plans. Links the establishment of either of these new plans to the amount of any employer reversion, requiring the new plans to have assets sufficient to pay all liabilities to participants and their beneficiaries. Considers any plan fiduciary or sponsor to be jointly and severally liable for violation of ERISA if requirements regarding complete replacement or substantial replacement plans are not met at any time during the five-year period beginning on the date of final distribution of assets from the terminated plan. Describes fiduciary duties to govern the distribution of plan assets to participants and beneficiaries upon plan termination in cases when the employer does not set up a replacement or substantial replacement plan. Institutes fiduciary duties with respect to distributions of plan assets upon termination in direct trustee-to-trustee transfers to individual retirement plans. Directs the Secretary of Labor to prescribe reporting requirements in connection with these transfers.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 4 April 1989

    Introduced

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

    Source: IntroReferral

  2. 4 April 1989

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 11 April 1989

    Committee

    Subcommittee on Labor. Hearings held. Hearings printed: S.Hrg. 101-155.

    Source: Committee

  4. 28 February 1990

    Reported

    Committee on Labor and Human Resources. Ordered to be reported with an amendment in the nature of a substitute favorably.

    Source: Committee

  5. 7 May 1990

    Committee

    Committee on Labor and Human Resources received executive comment from Department of Labor. Unfavorable.

    Source: Committee

  6. 16 May 1990

    Calendars

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 553.

    Source: Calendars

  7. 16 May 1990

    Reported

    Committee on Labor and Human Resources. Reported to Senate by Senator Kennedy with an amendment in the nature of a substitute and an amendment to the title. With written report No. 101-294.

    Source: Committee

  8. 16 May 1990

    Reported

    Committee on Labor and Human Resources. Reported to Senate by Senator Kennedy with an amendment in the nature of a substitute and an amendment to the title. With written report No. 101-294.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

4 official files

Reported to Senate (text)

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  • Reported to Senate (text)

    Reported to Senate · EN

    ViewDownloadOpen at official source

  • Introduced in Senate (text)

    Introduced in Senate · EN

    ViewDownloadOpen at official source

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  • Reported to Senate with amendment(s)

    summary · EN · 16 May 1990

    Open at official source

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  • Introduced in Senate

    summary · EN · 4 April 1989

    Open at official source

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Sponsors

Related records

Sources

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