H.R.4111 - Employer Reversion Moratorium Act of 1988100th Congress (1987-1988)
|Sponsor:||Rep. Clay, William (Bill) [D-MO-1] (Introduced 03/09/1988)|
|Committees:||House - Education and Labor|
|Latest Action:||House - 03/22/1988 Referred to Subcommittee on Labor-Management Relations. (All Actions)|
This bill has the status Introduced
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Summary: H.R.4111 — 100th Congress (1987-1988)All Information (Except Text)
Introduced in House (03/09/1988)
Employer Reversion Moratorium Act of 1988 - Amends the Employee Retirement Income Security Act of 1974 to prohibit distributions to an employer, before October 1, 1989, of plan assets in connection with any single-employer defined benefit plan termination announced on or after March 9, 1988.
Makes plan fiduciaries jointly and severally liable for breach of fiduciary duty unless assets distributed upon plan termination are either distributed to plan participants and beneficiaries or paid into a trust whose terms provide for final disposition in accordance with applicable law in effect on October 1, 1989. Requires the dissolution of such a trust and the distribution of its assets during the month of October 1989.