2005
On December 15, 2005, the House passed comprehensive pension reform legislation (294-132), HR 2830, “The Pension Protection Act of 2005,” dealing with funding, PBGC premium, hybrid plan, defined contribution plan, health plan and nonqualified deferred compensation matters. [HR 2830]
On November 16, 2005, the Senate passed comprehensive pension reform (97-2), S 1783, “The Pension Security and Transparency Act of 2005” (S 1783). It incorporates provisions of S 219, “The National Employee Savings and Trust Equity Guarantee Act,” and “The Defined Benefit Security Act.” The bill covers provisions of funding, multiemployer plans, hybrid plans, DB(k), investment advice, automatic enrollment, among others. [S 1783]
On September 27, 2005, Reps. Andrews (D-NJ) and Nussle (R-IA) introduced HR 3899, the Small Employer Defined Benefit Expansion Act to provide for the creation of the DB(k)a hybrid combination of a traditional DB plan and 401(k) DC plan. [HR 3899]
On September 23, 2005, President Bush signed the legislation providing short-term tax incentives to help those directly affected by Hurricane Katrina [PL 109-73]
On September 15, 2005 the House (HR 3768) and Senate (S 1696) approved legislation providing short-term tax incentives to help those directly affected by Hurricane Katrina. [HR 3768] [S 1696]
On June 30, 2005, the Retirement Savings and Security Act of 2005, was introduced, by Senators Smith (R-OR) and Conrad (D-ND) to increase retirement savings and security, to facilitate the provision of guaranteed retirement income for life, and to make the retirement plan rules simpler and more equitable. [S. 1359]
On June 23, 2005, the Pension Benefits Protection Act of 2005 was introduced, by Senators Harkin (D-IA), Kennedy (D-MA), Durbin (D-IL), Feingold (D-WI), Boxer (D-CA), and Dayton (D-MN) to protect pension benefits of employees in defined benefit plans and to direct the Secretary of the Treasury to enforce the age discrimination requirements. [S. 1304]
On June 9, 2005, Rep. Boehner (R-OH) introduced HR 2830, the Pension Protection Act, a bill which provides comprehensive pension reform for single employer and multiemployer defined benefits plans, along with a professional investment advice provision. [HR 2830]
On June 16, 2005, the Lifetime Pension Annuity for You Act of 2005 was introduced, by Congressman Pomeroy (D-ND), to encourage guaranteed lifetime income payments by excluding from income a portion of such payments. [H. R. 2951]
On June 9, 2005, Rep. Boehner (R-OH) introduced HR 2831, the Pension Preservation and Portability Act, which provides an age discrimination standard for cash balance defined benefit pension plans. [HR 2831]
On May 12, 2005, the Pension Security Disclosure Act of 2005 was introduced by Congressman Doggett (D-TX) to improve disclosure of the funding status of pension plans. [H.R. 2321]
On May 10, 2005, the Pension Fairness and Full Disclosure Act of 2005 was introduced by Congressman Miller (D-CA) to limit the availability of benefits under an employer's nonqualified deferred compensation plans in the event that any of the employer's defined pension plans are subjected to a distress or PBGC termination. [H.R. 2233]
On May 10, 2005, the Pension Fairness and Full Disclosure Act of 2005 was introduced by Senator Kennedy (D-MA) to limit the availability of benefits under an employer's nonqualified deferred compensation plans in the event that any of the employer's defined pension plans are subjected to a distress or PBGC termination. [S. 991]
On April 21, 2005, Senator Bingaman (D-NM) introduced S. 875, the “Save More for Retirement Act of 2005.” A bill that aims to increase participation in 401(k) plans through automatic enrollment. [more information]
On April 20, 2005, President Bush signed into law S. 256 (Public Law No: 109-8), the bankruptcy reform legislation that provides broad protections for benefits under tax-exempt retirement funds. [more information]
On March 8, 2005, Sen. Craig Thomas (R-WY) announced three new kinds of savings accounts focused on private savings as a means to retirement security. Thomas and cosponsor Sen. Jon Kyl (R-AZ) introduced three separate bills to create lifetime savings accounts (S. 545), retirement savings accounts (S. 546), and employer retirement savings accounts (S. 547). The three bills together comprise what Thomas called the Savings Account Vehicle Enhancement (SAVE) initiative. And on the House side, Rep. Johnson (R-TX) introduced HR 1161, provide for employer retirement savings accounts; HR 1162, the Retirement Savings Account Act; and HR 1163, the Lifetime Savings Account Act of 2005.
On January 31, 2005, Senators Grassley and Baucus re-introduced the NESTEG Pension Bill and announced plans to look at more reforms. [more information]