Pension Protection Act ERISA Amendments of 2008
Latest action · May 23, 2008 Sponsor introductory remarks on measure. (CR E1097-1098)
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMay 22, 2008
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Pension Protection Act ERISA Amendments of 2008 - Makes technical corrections to the Pension Protection Act of 2006 and the Employee Retirement Income Security Act (ERISA) of 1974.
Repeals certain requirements governing the termination date of a defined benefit pension plan of an employee in cases of an employer filing for bankruptcy.
Requires the Pension Benefit Guaranty Corporation (PBGC), with regard to single-employer plan guaranteed benefits in the case of commercial airline pilots required by Federal Aviation Administration (FAA) regulation to retire before age 65, to compute the actuarial value of monthly benefits in the form of a life annuity commencing at the required retirement age.
Revises requirements to: (1) limit the amount a fiduciary may recover in actions against third parties (Pro-Rata Recovery) to enforce the terms of defined benefit plans on behalf of plan participants or beneficiaries; (2) prohibit the post-retirement reduction of retiree health benefits by group health plans; and (3) establish the Emergency Retiree Health Loan Guarantee Program.
Modifies requirements with respect to: (1) crediting and termination of surcharges in connection with multiemployer pension plans in critical status upon adoption of rehabilitation plan; and (2) funding rules for multiemployer pension plans.
Requires certain adjustments to determinations of the value of single-employer pension plan assets that are based on the averaging of fair market values (asset smoothing).
Prohibits certain payments of benefits from single-employer pension plans that have an adjusted funding target attainment percentage of less than 80% for the year.
Applies certain age discrimination safe harbor rules under ERISA and the Age Discrimination in Employment Act of 1967 to civil actions brought on or after April 25, 2007, alleging any age discrimination violation occurring before June 29, 2005, with respect to any benefit provided under the Young Women's Christian Association Pension Plan.
Exempts transactions involving the sale of employer securities held in a pension plan account from certain fiduciary requirements under specified conditions.
Revises requirements with respect to: (1) special funding rules for at-risk pension plans for employees offered early retirement in 2007; and (2) pension plan funding target determinations.
Treats employees of certain cooperatives as affiliated service group employees for purposes of single employer pension plans.
Revises requirements regarding: (1) parties in interest affected by the prohibited transaction exemption for block trading; and (2) the scope of the prohibited transaction exemption for electronic communication.
Increases bonding requirements for fiduciaries of pension plans primarily invested in employer securities.
Cosponsors 7
Members who signed on, in the order they did. Signatures ran from May 22, 2008 to Sep 23, 2008, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-CA | George Miller | Original | May 22, 2008 |
| D-MA | Barney Frank | Jun 25, 2008 | |
| D-OR | David Wu | Jul 14, 2008 | |
| D-MA | John F. Tierney | Jul 14, 2008 | |
| D-HI | Mazie K. Hirono | Jul 15, 2008 | |
| D-NY | Timothy H. Bishop | Sep 9, 2008 | |
| D-ME | Thomas H. Allen | Sep 23, 2008 |
Actions 3
Everything that happened, newest first.
- May 23, 2008Sponsor introductory remarks on measure. (CR E1097-1098)
- May 22, 2008Introduced in House
- May 22, 2008Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Subjects
Assigned by the Library of Congress. Policy area: Labor and Employment.
- Age discrimination
- Aircraft pilots
- Airline employees
- Annuities
- Associations, institutions, etc.
- Bankruptcy
- Civil actions and liability
- Civil Rights and Liberties, Minority Issues
- Collection of accounts
- Cooperative societies
- Defined benefit pension plans
- Early retirement
- Economics and Public Finance
- Employee health benefits
- Employee ownership
- Federally-guaranteed loans
- Finance and Financial Sector
- Health
- Labor and Employment
- Law
- Pension funds
- Pension trust guaranty insurance
- Retiree health benefits
- Securities regulation
- Social Welfare
- Surety and fidelity
- Transportation and Public Works
- Trusts and trustees
- Valuation
Text 1
Each version as it was printed, newest first.
- May 22, 2008Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.