H.R.2233 - Pension Fairness and Full Disclosure Act of 2005109th Congress (2005-2006)
|Sponsor:||Rep. Miller, George [D-CA-7] (Introduced 05/10/2005)|
|Committees:||House - Education and the Workforce; Ways and Means|
|Latest Action:||06/22/2005 Referred to the Subcommittee on Employer-Employee Relations. (All Actions)|
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Summary: H.R.2233 — 109th Congress (2005-2006)All Information (Except Text)
Introduced in House (05/10/2005)
Pension Fairness and Full Disclosure Act of 2005 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to establish a termination fairness standard that limits availability of benefits under an employer's nonqualified deferred compensation plans if such employer's defined benefit pension plan is subjected to: (1) a termination based on bankruptcy reorganization; or (2) a conversion to a cash balance plan.
Prohibits funding nonqualified deferred compensation plans while maintaining underfunded defined benefit plans.
Amends the Internal Revenue Code to impose excise taxes on funding nonqualified deferred compensation plans: (1) in the event of a pension plan termination based on bankruptcy reorganization or of a conversion to a cash balance plan; or (2) while maintaining underfunded defined benefit plans.
Requires disclosure with respect to nonqualified deferred compensation plans.