3.0.0 2656 2023-01-11T13:22:42Z 2023-01-11T13:22:42Z House H HR 2011-07-26 112 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. KIND:H.R. 2656.Congress has the power to enact this legislation pursuantto the following:Article I Section 8.[Page H5580]]]> hsed00 Education and the Workforce Committee House Standing hsed02 Health, Employment, Labor, and Pensions Subcommittee Referred to 2011-09-08T17:01:13Z Referred to 2011-07-26T14:03:10Z hswm00 Ways and Means Committee House Standing Referred to 2011-07-26T14:03:15Z 2011-09-08 hsed02 Health, Employment, Labor, and Pensions Subcommittee 1 House committee actions Referred to the Subcommittee on Health, Employment, Labor, and Pensions. Committee 2011-07-26 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2011-07-26 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2011-07-26 Introduced in House IntroReferral Intro-H 9 Library of Congress 2011-07-26 Introduced in House IntroReferral 1000 9 Library of Congress K000188 Rep. Kind, Ron [D-WI-3] RON KIND D WI 3 N P000265 Rep. Petri, Thomas E. [R-WI-6] TOM PETRI R WI 6 2011-07-26 True M000404 Rep. McDermott, Jim [D-WA-7] JIM MCDERMOTT D WA 7 2011-07-26 True Labor and Employment Employee benefits and pensions Labor and Employment 00 2011-07-26 Introduced in House 2011-11-21T20:07:29Z Pension Technical Modifications Act - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code with respect to the formula for the target normal plan cost element in the larger formula for determining the minimum required employer contribution for a plan year of a single-employer defined benefit pension plan. Revises the formula for the target normal cost to allow a plan sponsor to elect to exclude plan investment expenses from the amount of plan-related expenses expected to be paid from plan assets during the plan year.

Makes technical amendments to ERISA and the Internal Revenue Code, as amended by the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PACMBPRA), regarding the election to apply specified requirements in an eligible plan year with respect to the shortfall amortization base in minimum funding standards for such plans.

Treats a plan as eligible for such an election only if: (1) the plan sponsor is not a debtor in a case under bankruptcy law or similar federal or state law, (2) there are no unpaid minimum required contributions with respect to the plan for purposes of the excise tax when minimum required contributions are not paid when due, (3) there are no outstanding liens in favor of the plan for a person's failure to make required contributions, and (4) the plan sponsor has not initiated a distress termination of the plan.

Amends the Pension Protection Act of 2006 (PPA), as amended by PACMBPRA, to allow plan sponsors to elect to treat a certain kind of plan as an eligible charity plan instead of requiring them to, as under current law. Permits such an election to be revoked, however, only with the consent of the Secretary of the Treasury. Postpones to plan years beginning after December 31, 2010, the authorization for such an election.

Amends the Worker, Retiree, and Employer Recovery Act of 2008 to extend through plan years beginning during the period October 1, 2008-December 31, 2011, certain funding-based limits on benefit accruals for single-employer plans with severe funding shortfalls. Revises the adjusted funding target attainment percentage factor in such limits for that period.

Amends ERISA and the Internal Revenue Code with respect to the allowance of a one-time prohibited payment by a single-employer plan. Declares that payments under a Social Security leveling option shall be treated as not in excess of the monthly amount paid under a single life annuity (plus an amount not in excess of a Social Security supplement).

Extends from September 1, 2011, through December 31, 2011, the special rule and ratio for certain years of eligible charity plans which excludes such plans from the authority of a plan sponsor to elect to credit against the minimum required contribution for the current plan year all or a portion of the prefunding balance or the funding standard carryover balance for the year.

]]> Pension Technical Modifications Act Display Title Pension Technical Modifications Act Official Title as Introduced To amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to make technical modifications relating to the Worker, Retiree, and Employer Recovery Act of 2008 and the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010. Introduced in House IH Short Titles as Introduced Pension Technical Modifications Act Introduced in House 2011-07-26T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-112hr2656ih/xml/BILLS-112hr2656ih.xml 2011-09-08 Referred to the Subcommittee on Health, Employment, Labor, and Pensions. 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.