legislation: 108-hr-5292

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
108-hr-5292 108 hr 5292 Pension Fairness Act of 2004 Labor and Employment 2004-10-08 2004-10-11 Sponsor introductory remarks on measure. (CR E1892-1893) House Rep. Miller, George [D-CA-7] CA D M000725 20 Pension Fairness Act of 2004 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to limit the availability of benefits for corporate directors and executives under an employer's nonqualified deferred compensation plans in the event that any of such employer's defined pension plans are subjected to a distress termination, or to a termination where the Pension Benefit Guaranty Corporation (PBGC) takes over plan liabilities, in connection with bankruptcy reorganization or a conversion to a cash balance plan. Sets forth a termination fairness standard for nonqualified deferred compensation plans in cases where the corporation which is plan sponsor of a defined benefit plan adopts a plan amendment which: (1) terminates an underfunded workers' pension plan; or (2) converts a workers' pension plan into a cash balance plan that cuts benefits for workers with ten or more years of service under the plan, or takes away their choice to stay in their original plan. Disqualifies any director or executive officer of the corporation, for a five-year period after adoption of such an amendment, from: (1) accruing any amount under a nonqualified deferred compensation plan; and (2) receiving any distribution of accrued deferred compensation, if a nonqualified deferred compensation plan or amendment is established or adopted during or after the one-year period preceding the notice date of the defined benefit plan termination or conversion. 2023-01-14T22:48:40Z  

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