Employee Pension Preservation Act of 2005

Summary

Employee Pension Preservation Act of 2005 - Amends the Internal Revenue Code and the Employee Retirement Income Security Act (ERISA) to permit commercial passenger airline pension plans to elect to restructure their unfunded plan liabilities over a 25-year period. Prohibits plans that elect restructuring to accrue future unfunded pension plan liabilities. Authorizes the Secretary of the Treasury to deny tax-exempt status to a successor of a plan restructured under this Act unless all benefit obligations of the restructured plan have been satisfied. Amends ERISA to exempt the Pension Benefit Guaranty Corporation (PBGC) from liability for any unfunded pension plan liabilities incurred by commercial passenger airline pension plans after an election to restructure is made.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 20 April 2005

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 20 April 2005

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• Introduced in Senate

  summary · EN · 20 April 2005

  Open at official source

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