Pension Fairness and Full Disclosure Act of 2005

Summary

Pension Fairness and Full Disclosure Act of 2005 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to establish a termination fairness standard that limits availability of benefits under an employer's nonqualified deferred compensation plans if such employer's defined benefit pension plan is subjected to: (1) a termination based on bankruptcy reorganization; or (2) a conversion to a cash balance plan. Prohibits funding nonqualified deferred compensation plans while maintaining underfunded defined benefit plans. Imposes penalties on funding nonqualified deferred compensation plans: (1) in the event of a pension plan termination based on bankruptcy reorganization or of a conversion to a cash balance plan; or (2) while maintaining underfunded defined benefit plans. Requires disclosure with respect to nonqualified deferred compensation plans.

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Timeline

1. 10 May 2005

   Introduced

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

   Source: IntroReferral

2. 10 May 2005

   Introduced

   Sponsor introductory remarks on measure. (CR S4876)

   Source: IntroReferral

3. 10 May 2005

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 10 May 2005 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 10 May 2005

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 10 May 2005

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 10 May 2005

  Open at official source

Sponsors

• Sen. Kennedy, Edward M. [D-MA] · D · Sponsor
• Richard Durbin · D · Sponsor
• Rep. Harkin, Tom [D-IA-5] · D · Sponsor
• Rep. Akaka, Daniel K. [D-HI-2] · D · Sponsor
• Sen. Lautenberg, Frank R. [D-NJ] · D · Cosponsor
• Patty Murray · D · Cosponsor
• Maria Cantwell · D · Cosponsor
• Sen. Obama, Barack [D-IL] · D · Cosponsor
• · sshr00 · Standing

Related records

• related to → Pension Fairness and Full Disclosure Act of 2005