Pension Benefits Protection Act of 2003

Summary

Pension Benefits Protection Act of 2003 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code of 1986 (the Code) to protect pension benefits of employees in defined benefit (DB) plans, and to ensure that age discrimination laws are applied to conversions to cash balance plans and other such plans that are hybrids of DB's and defined contribution plans. Requires ERISA, the Code, and the Age Discrimination Act of 1967 to be applied and administered without regard to certain proposed regulations of the Secretary of the Treasury that relate to reductions of accruals and allocations because of the attainment of any age, and to application of nondiscrimination cross-testing rules to cash balance plans. Amends ERISA and the Code to protect certain DB plan participants from forced conversions to hybrid DB plans by plan amendments which change the way the accrued benefit to participants or beneficiaries are expressed and which reduce the rate of future benefit accrual of one or more participants. Requires employers, at the time such amendment takes effect, to provide employees who have attained 40 years of age or 10 years of service with certain notices and an election upon retirement to receive benefits as determined either under the plan in effect at time of retirement or under the plan in effect immediately before the plan amendment. Sets forth a formula to determine when a plan amendment adopted by a large (100 or more participants) DB plan shall be treated as wearing away accrued benefits.

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Timeline

1. 8 April 2003

   Introduced

   Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

   Source: IntroReferral

2. 8 April 2003

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 8 April 2003

   Introduced

   Sponsor introductory remarks on measure. (CR S4973-4974)

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 8 April 2003 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 8 April 2003

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 8 April 2003

  ViewDownloadOpen at official source

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  Vertaal document

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• Introduced in Senate

  summary · EN · 8 April 2003

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Harkin, Tom [D-IA] · D · Sponsor
• Sen. Durbin, Richard J. [D-IL] · D · Sponsor
• Sen. Feingold, Russell D. [D-WI] · D · Sponsor
• Sen. Kennedy, Edward M. [D-MA] · D · Sponsor
• Sen. Boxer, Barbara [D-CA] · D · Sponsor
• Sen. Dodd, Christopher J. [D-CT] · D · Cosponsor
• Sen. Dayton, Mark [D-MN] · D · Cosponsor
• · sshr00 · Standing

Related records

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