Pension Flexibility for Displaced Workers Act of 2005 - Authorizes the Secretary of Labor, for a one-year period, to provide appropriate waivers, suspensions, or exemptions from title I provisions of the Employee Retirement Income Security Act of 1974 (ERISA) with respect to individual account plans affected by Hurricane Katrina.
Exempts any person from liability for any violation of such title based upon acts or omissions covered by such waivers, suspensions, or exemptions and in compliance with their terms.
Amends ERISA to extend the Secretary's current authority to postpone certain deadlines for up to one year in cases of pension or employee benefit plans, or any sponsor or other persons with respect to such plans, that are affected by presidentially-declared disasters or terrorist or military actions. Applies such postponement authority to actions required under any regulation issued or any plan provision (as well as, currently, to any action required or permitted to be completed under ERISA).