H.R.2321 - Pension Security Disclosure Act of 2005109th Congress (2005-2006)
|Sponsor:||Rep. Doggett, Lloyd [D-TX-25] (Introduced 05/12/2005)|
|Committees:||House - Education and the Workforce|
|Latest Action:||05/31/2005 Referred to the Subcommittee on Employer-Employee Relations. (All Actions)|
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Subject — Policy Area:
- Labor and Employment
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Summary: H.R.2321 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in House (05/12/2005)
Pension Security Disclosure Act of 2005 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to require the Pension Benefit Guaranty Corporation (PBGC) to disclose publicly certain information on the funding status of pension plans, through making it available: (1) for inspection at PBGC headquarters; (2) in written form upon request of a plan participant or beneficiary; and (3) on a PBGC website. Requires pension plan administrators to provide to each plan participant and beneficiary a written summary of material provided to the PBGC, and notification that such material is on the PBGC website.
Authorizes, only in cases of hardship, the Secretary of Labor to extend the deadline for a pension plan to file an annual report past 275 days after the close of the plan year. Requires actuarial valuations in an annual report to be determined as of the last date of the plan year. Directs the Secretary to display annual report information on a Department of Labor website. Requires such information also to be displayed on any website maintained by the plan sponsor or administrator on the sponsor's behalf.
Requires issuance of summary annual reports within 15 days after annual report filing. Requires such summaries to include disclosure of plan assets and liabilities and notification that certain annual report information is on the Department of Labor website and on a plan sponsor or administrator website. Authorizes the Secretary to prescribe simplified requirements for summary annual reports of pension plans covering less than 100 participants.