S.1400 - ERISA Clarification Act of 1995104th Congress (1995-1996)
|Sponsor:||Sen. Kassebaum, Nancy Landon [R-KS] (Introduced 11/07/1995)|
|Committees:||Senate - Labor and Human Resources|
|Latest Action:||Senate - 06/26/1996 Committee on Labor and Human Resources. Ordered to be reported with an amendment in the nature of a substitute favorably. (All Actions)|
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Text: S.1400 — 104th Congress (1995-1996)All Information (Except Text)
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Introduced in Senate (11/07/1995)
[Congressional Bills 104th Congress] [From the U.S. Government Printing Office] [S. 1400 Introduced in Senate (IS)] 104th CONGRESS 1st Session S. 1400 To require the Secretary of Labor to issue guidance as to the application of the Employee Retirement Income Security Act of 1974 to insurance company general accounts. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES November 7, 1995 Mrs. Kassebaum (for herself, Mr. Dodd, and Mr. Jeffords) introduced the following bill; which was read twice and referred to the Committee on Labor and Human Resources _______________________________________________________________________ A BILL To require the Secretary of Labor to issue guidance as to the application of the Employee Retirement Income Security Act of 1974 to insurance company general accounts. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``ERISA Clarification Act of 1995''. SEC. 2. CLARIFICATION OF APPLICATION OF ERISA TO INSURANCE COMPANY GENERAL ACCOUNTS. (a) In General.--Section 401 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1101) is amended by adding at the end the following new subsection: ``(c)(1) Not later than December 31, 1996, the Secretary of Labor shall issue (by regulation, ruling, exemption, or otherwise) final guidance for the purposes of determining, in cases where an insurer issues 1 or more policies to or for the benefit of an employee benefit plan, which assets of the insurer (other than plan assets held in its separate accounts) constitute assets of the plan for purposes of this part and section 4975 of the Internal Revenue Code of 1986. ``(2) In issuing final guidance under paragraph (1), the Secretary of Labor-- ``(A) may exclude any assets of the insurer with respect to its operations, products, or services from treatment as plan assets, and ``(B) shall provide that assets not treated as plan assets under subsection (b)(2) shall not be treated as plan assets under paragraph (1). ``(3)(A) Subject to subparagraphs (B) and (C), any guidance issued under paragraph (1) shall not take effect before the date on which it becomes final. ``(B) Before the date which is 18 months following the date described in subparagraph (A), in the case of the issuance by an insurer of 1 or more policies to or for the benefit of an employee benefit plan assets of the insurer (other than plan assets held in its separate accounts) shall not, solely by reason of issuance of such policy or policies, constitute assets of the plan for purposes of this part and section 4975 of the Internal Revenue Code of 1986. ``(C) No person shall be subject to liability under this part or section 4975 of the Internal Revenue Code of 1986 on the basis of a claim that the assets described in subparagraph (B) are plan assets with respect to any act or omission which took place before the date referred to in subparagraph (B), regardless of whether any such act or omission may be deemed to be continuing following such date. ``(4) Policy.--For purposes of this subsection, the term `policy' includes a contract.'' (b) Effective Date.-- (1) In general.--Except as provided in paragraph (2), the amendment made by this section shall take effect on January 1, 1975. (2) Civil actions.--The amendment made by this section shall not apply to any civil action commenced before November 7, 1995. <all>