[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 744 Introduced in Senate (IS)]







108th CONGRESS
  1st Session
                                 S. 744

To amend the Employee Retirement Income Security Act of 1974 to require 
 the Pension Benefit Guaranty Corporation to notify plan participants 
and beneficiaries of the commencement of proceedings to terminate such 
                                 plan.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 31, 2003

   Mr. Bayh introduced the following bill; which was read twice and 
  referred to the Committee on Health, Education, Labor, and Pensions

_______________________________________________________________________

                                 A BILL


 
To amend the Employee Retirement Income Security Act of 1974 to require 
 the Pension Benefit Guaranty Corporation to notify plan participants 
and beneficiaries of the commencement of proceedings to terminate such 
                                 plan.

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

SECTION 1. REQUIRED NOTIFICATION OF PARTICIPANTS AND BENEFICIARIES OF 
              PLAN TERMINATIONS BY PENSION BENEFIT GUARANTY 
              CORPORATION.

    (a) In General.--Section 4042(b) of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1342(b)) is amended by adding at the 
end the following:
    ``(4)(A) Not later than 30 days after the corporation notifies a 
plan administrator under this subsection regarding proceedings 
commenced to terminate a plan under this section, the corporation shall 
provide notice of such proceedings to affected parties as provided in 
this paragraph. The notice shall state that such termination is 
intended, the proposed termination date, and the procedure for such 
termination under this section.
    ``(B) Upon notice to the plan of the commencement of proceedings, 
the plan administrator shall provide the corporation with a list of the 
names and addresses of all participants and beneficiaries of the plan.
    ``(C) The corporation shall provide--
            ``(i) written notice to each affected party of the plan; 
        and
            ``(ii) notice in the 2 newspapers with the largest 
        circulation in the area of the majority of the affected 
        parties.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to proceedings commenced after the date of enactment of this Act.
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