Pension Simplification Act

Summary

Pension Simplification Act - Amends the Employee Retirement Income Security Act, including sections within the Internal Revenue Code, to terminate the Department of Labor's regulatory jurisdiction relative to pension participation, vesting, and funding standards and to substitute for the tax on prohibited transactions relative to qualified pension trusts and plans a civil penalty to be enforced by the Department of Labor. Directs the Secretary of the Treasury to notify the Attorney General and the Secretary of Labor of any such prohibited transaction. Repeals provisions detailing requirements for annual employee benefit plan reports and eliminates the requirement that administrators of employee benefit plans furnish the Secretary of Labor copies of summary plan descriptions and certain plan modifications. Directs the Secretary of the Treasury and the Secretary of Labor to jointly prescribe a single filing form and a single filing date for employee benefit plans which will satisfy the annual reporting requirements of both departments. Authorizes Federal courts to render declaratory judgments with respect to a failure by the Secretary of Labor, the Secretary of the Treasury, or the Pension Benefit Guaranty Corporation to issue or deny a determination or to take other action relative to an employee benefit plan within 180 days after requested to do so, if the controversy involves an issue arising under certain provisions of the Employee Retirement Income Security Act.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 3 March 1977

  Open at official source

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