[Congressional Bills 103th Congress]
[From the U.S. Government Publishing Office]
[S. 1312 Enrolled Bill (ENR)]

        S.1312

                       One Hundred Third Congress

                                 of the

                        United States of America


                          AT THE SECOND SESSION

          Begun and held at the City of Washington on Tuesday,
 the twenty-fifth day of January, one thousand nine hundred and ninety-
                                  four


                                 An Act

  
 
  To amend the Employee Retirement Income Security Act of 1974 in order 
to provide for the availability of remedies for certain former pension 
plan participants and beneficiaries.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Pension Annuitants Protection Act of 
1994''.

SEC. 2. CIVIL ENFORCEMENT OF ERISA.

    Section 502(a) of the Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1132(a)) is amended--
        (1) by striking the ``or'' after the semicolon at the end of 
    paragraph (7),
        (2) by striking the period at the end of paragraph (8) and 
    inserting ``; or'', and
        (3) by adding at the end the following new paragraph:
        ``(9) in the event that the purchase of an insurance contract 
    or insurance annuity in connection with termination of an 
    individual's status as a participant covered under a pension plan 
    with respect to all or any portion of the participant's pension 
    benefit under such plan constitutes a violation of part 4 of this 
    title or the terms of the plan, by the Secretary, by any individual 
    who was a participant or beneficiary at the time of the alleged 
    violation, or by a fiduciary, to obtain appropriate relief, 
    including the posting of security if necessary, to assure receipt 
    by the participant or beneficiary of the amounts provided or to be 
    provided by such insurance contract or annuity, plus reasonable 
    prejudgment interest on such amounts.''.

SEC. 3. WAIVER OR REDUCTION OF CIVIL PENALTY.

    Section 502(l)(3)(B) of the Employee Retirement Income Security Act 
of 1974 (29 U.S.C. 1132(l)(3)(B)) is amended by inserting ``(or to 
provide the relief ordered pursuant to subsection (a)(9))'' after ``to 
restore all losses to the plan''.

SEC. 4. EFFECT ON OTHER PROVISIONS.

    Nothing in this Act shall be construed to limit the legal standing 
of individuals to bring a civil action as participants or beneficiaries 
under section 502(a) of the Employee Retirement Income Security Act of 
1974 (29 U.S.C. 1132(a)), and nothing in this Act shall affect the 
responsibilities, obligations, or duties imposed upon fiduciaries by 
title I of the Employee Retirement Income Security Act of 1974.

SEC. 5. EFFECTIVE DATE.

    The amendments made by this Act shall apply to any legal proceeding 
pending, or brought, on or after May 31, 1993.







                               Speaker of the House of Representatives.







                            Vice President of the United States and    
                                               President of the Senate.