[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2327 Introduced in House (IH)]






109th CONGRESS
  1st Session
                                H. R. 2327

    To impose a 6-month moratorium on terminations of certain plans 
    instituted under section 4042 of the Employee Retirement Income 
 Security Act of 1974 in cases in which reorganization of contributing 
      sponsors is sought in bankruptcy or insolvency proceedings.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 12, 2005

   Mr. George Miller of California (for himself and Ms. Schakowsky) 
 introduced the following bill; which was referred to the Committee on 
                      Education and the Workforce

_______________________________________________________________________

                                 A BILL


 
    To impose a 6-month moratorium on terminations of certain plans 
    instituted under section 4042 of the Employee Retirement Income 
 Security Act of 1974 in cases in which reorganization of contributing 
      sponsors is sought in bankruptcy or insolvency proceedings.

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

SECTION 1. 6-MONTH MORATORIUM ON CERTAIN PLAN TERMINATIONS COMMENCED BY 
              THE PENSION BENEFIT GUARANTY CORPORATION.

    (a) In General.--In any case in which any person who is the 
contributing sponsor of a single-employer plan has filed or has had 
filed against such person a petition in a case under title 11, United 
States Code, or under any similar law of a State or political 
subdivision of a State seeking reorganization (or in such a case in 
which liquidation is sought which has been converted to a case in which 
reorganization is sought), if this section applies to such plan, during 
the 6-month period beginning on May 1, 2005, the Pension Benefit 
Guaranty Corporation may not commence proceedings under section 4042 of 
the Employee Retirement Income Security Act of 1974 to terminate such 
plan or execute termination or trustee agreements with respect to such 
plan under such section, and any trustee appointed under such section 
may not terminate the plan.
    (b) Application to Plans.--This section applies to a single-
employer plan referred to in subsection (a) if the amount of unfunded 
benefit liabilities (as defined in section 4001(a)(18) of such Act) 
under the plan (determined as of the proposed termination date) is at 
least $1 billion.
    (c) Restoration.--In any case in which, during the period described 
in subsection (a) and before the date of the enactment of this Act, the 
Pension Benefit Guaranty Corporation has commenced termination 
proceedings or executed a termination or trustee agreement subject to 
the moratorium provided under subsection (a) with respect to any 
single-employer plan, or a trustee appointed under section 4042 of the 
Employee Retirement Income Security Act of 1974 subject to such 
moratorium with respect to such a plan has terminated such plan, the 
Corporation or trustee shall cease any activities undertaken to 
terminate the plan and shall take whatever action is necessary and 
within the power thereof to restore the plan to its status prior to the 
commencement of such proceedings.
                                 <all>