H.R.1661 - Employee Pension Protection Act of 1989101st Congress (1989-1990)
|Sponsor:||Rep. Clay, William (Bill) [D-MO-1] (Introduced 04/04/1989)|
|Committees:||House - Education and Labor|
|Committee Reports:||H.Rept 101-169|
|Latest Action:||House - 07/24/1989 Placed on the Union Calendar, Calendar No. 111. (All Actions)|
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Summary: H.R.1661 — 101st Congress (1989-1990)All Information (Except Text)
Reported to House with amendment(s) (07/24/1989)
Employee Pension Protection Act of 1989 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to revise fiduciary standards applicable to pension plan assets to account for duties with respect to assets of terminated plans. Establishes fiduciary standards to apply to employer reversions upon plan termination, requiring an employer to establish and maintain a complete replacement plan or a substantial replacement plan in connection with the termination. Prescribes requirements to govern both types of plans.
Links the establishment of either of these new plans to the amount of any employer reversion, requiring the new plans to have assets sufficient to pay all liabilities to participants and their beneficiaries. Considers any plan fiduciary or sponsor to be jointly and severally liable for violation of ERISA if requirements regarding complete replacement or substantial replacement plans upon plan termination are not met at any time during the five-year period beginning on the date of final distribution of assets from the terminated plan.
Describes fiduciary duties to govern the distribution of plan assets to participants and beneficiaries upon plan termination in cases when the employer does not set up a replacement or substantial replacement plan.
Institutes fiduciary duties with respect to distributions of plan assets upon termination in direct trustee-to-trustee transfers to individual retirement plans. Directs the Secretary of Labor to prescribe reporting requirements in connection with these transfers.