Employee Pension Preservation and Taxpayer Protection Act of 2005

3.0.0 861 2019-11-15T21:52:42Z 2019-11-15T21:52:42Z Senate S S 2005-04-20 109 ssfi00 Finance Committee Senate Standing Referred to 2005-04-20T22:26:03Z Employee Pension Preservation and Taxpayer Protection Act of 2005 109 2106 HR 2005-06-23 Sponsor introductory remarks on measure. (CR H4990-4991) Related bill CRS 2005-04-20 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2005-04-20 Sponsor introductory remarks on measure. (CR S4033) IntroReferral B00100 9 Library of Congress 2005-04-20 Introduced in Senate IntroReferral 10000 9 Library of Congress I000055 Sen. Isakson, Johnny [R-GA] Johnny Isakson R GA N R000361 Sen. Rockefeller, John D., IV [D-WV] JAY ROCKEFELLER D WV 2005-04-20 True D000432 Sen. Dorgan, Byron L. [D-ND] BYRON DORGAN D ND LESLIE 2005-06-08 False C001057 Sen. Coleman, Norm [R-MN] Norm Coleman R MN 2005-06-08 False B001126 Sen. Burns, Conrad R. [R-MT] CONRAD BURNS R MT R. 2005-06-15 False C000174 Sen. Carper, Thomas R. [D-DE] Thomas Carper D DE R. 2005-06-29 False C000705 Sen. Conrad, Kent [D-ND] KENT CONRAD D ND 2005-07-14 False Labor and Employment Airline employees Commerce Finance and Financial Sector Government Operations and Politics Government corporations Government liability Law Pension Benefit Guaranty Corporation Pension funds Pension trust guaranty insurance Transportation and Public Works Labor and Employment

00 2005-04-20 Introduced in Senate 2005-06-04T15:47:42Z Employee Pension Preservation Act of 2005 - Amends the Internal Revenue Code and the Employee Retirement Income Security Act (ERISA) to permit commercial passenger airline pension plans to elect to restructure their unfunded plan liabilities over a 25-year period. Prohibits plans that elect restructuring to accrue future unfunded pension plan liabilities. Authorizes the Secretary of the Treasury to deny tax-exempt status to a successor of a plan restructured under this Act unless all benefit obligations of the restructured plan have been satisfied.

Amends ERISA to exempt the Pension Benefit Guaranty Corporation (PBGC) from liability for any unfunded pension plan liabilities incurred by commercial passenger airline pension plans after an election to restructure is made.

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Employee Pension Preservation Act of 2005 Short Titles as Introduced Employee Pension Preservation Act of 2005 Display Title Employee Pension Preservation Act of 2005 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to provide transition funding rules for certain plans electing to cease future benefit accruals, and for other purposes. Introduced in Senate 2005-04-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s861is/xml/BILLS-109s861is.xml 2005-04-20 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.