Browse Bills

There is one summary for this bill. Bill summaries are authored by CRS.

Employee Retirement Benefit Security Act - Declares it to be the policy of this Act to protect interstate commerce, and the equitable interests of participants in private pension plans and their beneficiaries, by improving the scope, administration, and operation of such plans; to prevent the loss of employees' earned credits resulting from change of or separation from employment; and to protect vested benefits of employees against loss due to plan termination.

Sets forth definitions of terms used in this Act.

Title I: Portability Program for Vested Pensions - Establishes a portability program for vested pensions to effect the transfer of vested credits between all employee plans. Requires employee plans to apply for membership in the portatiliby program. Authorizes the Secretary to issue a certificate of membership to approved plans.

Creates a Protability Program Fund. Requires a member plan to pay, upon request of the participant, to the fund a sum of money equal to the current discounted value of the participant's vested rights under the plan, when such participant is separated from employment covered by the plan before the time prescribed for payments to be made to him or to his beneficiaries under the plan.

Directs the Secretary of Labor to administer the fund and to report to the Congress not later than the first day of April of each year on the operation and the status of the fund during the preceding fiscal year and on its expected operation and status during the current fiscal year and the next two fiscal years. Requires the Secretary to review the general policies followed in managing the fund and to recommend changes in such policies, including the necessary changes in the provisions of law which govern the way in which the fund is to be managed.

Directs the Secretary to establish an account in the fund for each participant. Provides that the Secretary shall give technical assistance to employers, employee organizations, trustees, and administrators of pension and profit-sharing-retirement plans in their efforts to provide greater retirement protection for individuals who are separated from employment covered under such plans.

Title II: Plan Termination Insurance - Establishes the Private Pension Plan Termination Insurance Program to insure participants and beneficiaries of those plans registered under this Act against loss of benefits derived from vested rights which arise from the termination of such plans.

Enumerates conditions to insure the right to participants and beneficiaries of a registered pension plan. Authorizes the Secretary to prescribe a uniform assessment to cover the administrative costs of the insurance program and to establish an annual premium for insurance at uniform rates based upon the amount of unfunded vested liabilities subject to insurance.

Provides that no plan insured under this title shall terminate without the approval of the Secretary. Provides that where the employer or employers contributing to the terminating plan or who terminated the plan are not insolvent, such employer or employers shall be liable to reimburse the insurance program for any insurance benefits paid by the program to the beneficiaries of such terminated plan.

Creates within the Treasury a separate fund for pension benefit insurance to be known as the Pension Benefit Insurance Fund which shall be available to the Secretary without fiscal year limitation for the purposes of this title.

There is one summary for this bill. Bill summaries are authored by CRS.

Employee Retirement Benefit Security Act - Declares it to be the policy of this Act to protect interstate commerce, and the equitable interests of participants in private pension plans and their beneficiaries, by improving the scope, administration, and operation of such plans; to prevent the loss of employees' earned credits resulting from change of or separation from employment; and to protect vested benefits of employees against loss due to plan termination.

Sets forth definitions of terms used in this Act.

Title I: Portability Program for Vested Pensions - Establishes a portability program for vested pensions to effect the transfer of vested credits between all employee plans. Requires employee plans to apply for membership in the portatiliby program. Authorizes the Secretary to issue a certificate of membership to approved plans.

Creates a Protability Program Fund. Requires a member plan to pay, upon request of the participant, to the fund a sum of money equal to the current discounted value of the participant's vested rights under the plan, when such participant is separated from employment covered by the plan before the time prescribed for payments to be made to him or to his beneficiaries under the plan.

Directs the Secretary of Labor to administer the fund and to report to the Congress not later than the first day of April of each year on the operation and the status of the fund during the preceding fiscal year and on its expected operation and status during the current fiscal year and the next two fiscal years. Requires the Secretary to review the general policies followed in managing the fund and to recommend changes in such policies, including the necessary changes in the provisions of law which govern the way in which the fund is to be managed.

Directs the Secretary to establish an account in the fund for each participant. Provides that the Secretary shall give technical assistance to employers, employee organizations, trustees, and administrators of pension and profit-sharing-retirement plans in their efforts to provide greater retirement protection for individuals who are separated from employment covered under such plans.

Title II: Plan Termination Insurance - Establishes the Private Pension Plan Termination Insurance Program to insure participants and beneficiaries of those plans registered under this Act against loss of benefits derived from vested rights which arise from the termination of such plans.

Enumerates conditions to insure the right to participants and beneficiaries of a registered pension plan. Authorizes the Secretary to prescribe a uniform assessment to cover the administrative costs of the insurance program and to establish an annual premium for insurance at uniform rates based upon the amount of unfunded vested liabilities subject to insurance.

Provides that no plan insured under this title shall terminate without the approval of the Secretary. Provides that where the employer or employers contributing to the terminating plan or who terminated the plan are not insolvent, such employer or employers shall be liable to reimburse the insurance program for any insurance benefits paid by the program to the beneficiaries of such terminated plan.

Creates within the Treasury a separate fund for pension benefit insurance to be known as the Pension Benefit Insurance Fund which shall be available to the Secretary without fiscal year limitation for the purposes of this title.

There is one summary for this bill. Bill summaries are authored by CRS.

Employee Retirement Benefit Security Act - Declares it to be the policy of this Act to protect interstate commerce, and the equitable interests of participants in private pension plans and their beneficiaries, by improving the scope, administration, and operation of such plans; to prevent the loss of employees' earned credits resulting from change of or separation from employment; and to protect vested benefits of employees against loss due to plan termination.

Sets forth definitions of terms used in this Act.

Title I: Portability Program for Vested Pensions - Establishes a portability program for vested pensions to effect the transfer of vested credits between all employee plans. Requires employee plans to apply for membership in the portatiliby program. Authorizes the Secretary to issue a certificate of membership to approved plans.

Creates a Protability Program Fund. Requires a member plan to pay, upon request of the participant, to the fund a sum of money equal to the current discounted value of the participant's vested rights under the plan, when such participant is separated from employment covered by the plan before the time prescribed for payments to be made to him or to his beneficiaries under the plan.

Directs the Secretary of Labor to administer the fund and to report to the Congress not later than the first day of April of each year on the operation and the status of the fund during the preceding fiscal year and on its expected operation and status during the current fiscal year and the next two fiscal years. Requires the Secretary to review the general policies followed in managing the fund and to recommend changes in such policies, including the necessary changes in the provisions of law which govern the way in which the fund is to be managed.

Directs the Secretary to establish an account in the fund for each participant. Provides that the Secretary shall give technical assistance to employers, employee organizations, trustees, and administrators of pension and profit-sharing-retirement plans in their efforts to provide greater retirement protection for individuals who are separated from employment covered under such plans.

Title II: Plan Termination Insurance - Establishes the Private Pension Plan Termination Insurance Program to insure participants and beneficiaries of those plans registered under this Act against loss of benefits derived from vested rights which arise from the termination of such plans.

Enumerates conditions to insure the right to participants and beneficiaries of a registered pension plan. Authorizes the Secretary to prescribe a uniform assessment to cover the administrative costs of the insurance program and to establish an annual premium for insurance at uniform rates based upon the amount of unfunded vested liabilities subject to insurance.

Provides that no plan insured under this title shall terminate without the approval of the Secretary. Provides that where the employer or employers contributing to the terminating plan or who terminated the plan are not insolvent, such employer or employers shall be liable to reimburse the insurance program for any insurance benefits paid by the program to the beneficiaries of such terminated plan.

Creates within the Treasury a separate fund for pension benefit insurance to be known as the Pension Benefit Insurance Fund which shall be available to the Secretary without fiscal year limitation for the purposes of this title.

There is one summary for this bill. Bill summaries are authored by CRS.

Employee Retirement Benefit Security Act - Declares it to be the policy of this Act to protect interstate commerce, and the equitable interests of participants in private pension plans and their beneficiaries, by improving the scope, administration, and operation of such plans; to prevent the loss of employees' earned credits resulting from change of or separation from employment; and to protect vested benefits of employees against loss due to plan termination.

Sets forth definitions of terms used in this Act.

Title I: Portability Program for Vested Pensions - Establishes a portability program for vested pensions to effect the transfer of vested credits between all employee plans. Requires employee plans to apply for membership in the portatiliby program. Authorizes the Secretary to issue a certificate of membership to approved plans.

Creates a Protability Program Fund. Requires a member plan to pay, upon request of the participant, to the fund a sum of money equal to the current discounted value of the participant's vested rights under the plan, when such participant is separated from employment covered by the plan before the time prescribed for payments to be made to him or to his beneficiaries under the plan.

Directs the Secretary of Labor to administer the fund and to report to the Congress not later than the first day of April of each year on the operation and the status of the fund during the preceding fiscal year and on its expected operation and status during the current fiscal year and the next two fiscal years. Requires the Secretary to review the general policies followed in managing the fund and to recommend changes in such policies, including the necessary changes in the provisions of law which govern the way in which the fund is to be managed.

Directs the Secretary to establish an account in the fund for each participant. Provides that the Secretary shall give technical assistance to employers, employee organizations, trustees, and administrators of pension and profit-sharing-retirement plans in their efforts to provide greater retirement protection for individuals who are separated from employment covered under such plans.

Title II: Plan Termination Insurance - Establishes the Private Pension Plan Termination Insurance Program to insure participants and beneficiaries of those plans registered under this Act against loss of benefits derived from vested rights which arise from the termination of such plans.

Enumerates conditions to insure the right to participants and beneficiaries of a registered pension plan. Authorizes the Secretary to prescribe a uniform assessment to cover the administrative costs of the insurance program and to establish an annual premium for insurance at uniform rates based upon the amount of unfunded vested liabilities subject to insurance.

Provides that no plan insured under this title shall terminate without the approval of the Secretary. Provides that where the employer or employers contributing to the terminating plan or who terminated the plan are not insolvent, such employer or employers shall be liable to reimburse the insurance program for any insurance benefits paid by the program to the beneficiaries of such terminated plan.

Creates within the Treasury a separate fund for pension benefit insurance to be known as the Pension Benefit Insurance Fund which shall be available to the Secretary without fiscal year limitation for the purposes of this title.