Emergency Retiree Health Benefits Protection Act of 2005 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to provide emergency protections for retiree health benefits.
Prohibits group health plans from making post-retirement reductions of retiree health benefits.
Requires group health plans to adopt provisions barring post-retirement reductions in retiree health benefits.
Requires group health plans to restore benefits reduced after retirement. Authorizes the Secretary of Labor to waive or vary such requirements, if a plan sponsor applies for such exemption, upon finding that compliance would: (1) be adverse to the interests of plan participants in the aggregate; (2) not be administratively feasible; and (3) cause substantial business hardship to the sponsor.
Establishes the Emergency Retiree Health Loan Guarantee Program and its Board. Authorizes the Program, through its Board, to guarantee loans provided by private banking and investment institutions to eligible plan sponsors to assist them in meeting obligations under this Act to restore benefits reduced after retirement.
Authorizes the Secretary to assess civil penalties for violations of this Act.