A bill to amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 with respect to the interest rate range for additional funding requirements, and for other purposes.

Fact Sheet API

Bill Number

S 2563

Introduced

May 23, 2002

Latest Action

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4853)

Sponsor

Cosponsors

Topics

Bus drivers Finance and Financial Sector Insurance premiums Interest rates Labor and Employment Motor bus lines Pension funds Pension trust guaranty insurance Tax-deferred compensation plans Taxation Transportation and Public Works

Full Text

View Full Bill Text

Votes

Summary

Amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to apply to 2001 the 2002 and 2003 special interest rate range for additional funding requirements for pension plans by the Pension Benefit Guaranty Corporation (PBGC).

Amends ERISA to revise the formula for determining such range.

Amends the Retirement Protection Act of 1994 to establish special rules relating to funding liability percentages and the mortality table to be used for purposes of determining unfunded vested benefits.

Actions

May 23, 2002

Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4853)
May 23, 2002

Sponsor introductory remarks on measure. (CR S4852-4853)
May 23, 2002

Introduced in Senate

Amendments

Related Bills