A bill to amend the Employee Retirement Income Security Act of 1974 to require the Pension Benefit Guaranty Corporation to notify plan participants and beneficiaries of the commencement of proceedings to terminate such plan.

Summary

Amends the Employee Retirement Income Security Act of 1974 (ERISA) to direct the Pension Benefit Guaranty Corporation (PBGC) to notify affected parties of the commencement of PBGC proceedings to terminate a defined benefit plan, within 30 days after the PBGC notifies a plan administrator regarding such proceedings. Requires the plan administrator to provide the PBGC with a list of the names and addresses of all participants and beneficiaries of such a plan. Requires the PBGC to provide: (1) written notice to each affected party of the plan; (2) notice in the two newspapers with the largest circulation in the area of the majority of the affected parties; and (3) the proposed date and the procedure for such intended termination.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 31 March 2003

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 31 March 2003

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• Introduced in Senate

  summary · EN · 31 March 2003

  Open at official source

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