[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1158 Introduced in Senate (IS)]







109th CONGRESS
  1st Session
                                S. 1158

    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 SENATE OF THE UNITED STATES

                              May 26, 2005

Mr. Kennedy (for himself, Mr. Akaka, and Mr. Lautenberg) introduced the 
 following bill; which was read twice and referred to the Committee on 
                 Health, Education, Labor, and Pensions

_______________________________________________________________________

                                 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. SHORT TITLE.

    This Act may be cited as the ``Stop Terminating Our Pensions Act''.

SEC. 2. 6-MONTH MORATORIUM ON CERTAIN PLAN TERMINATIONS COMMENCED BY 
              THE PENSION BENEFIT GUARANTY CORPORATION.

    (a) In General.--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 a plan to which this section applies 
or execute termination or trustee agreements with respect to such plan 
under such section 4042, and any trustee appointed under such section 
may not terminate such plan.
    (b) Application to Plans.--This section applies to a single-
employer plan if--
            (1) the unfunded benefit liabilities (as defined in section 
        4001(a)(18) of such Act) of the plan (determined as of the 
        proposed termination date) are at least $1,000,000,000; and
            (2) a contributing sponsor of such plan has filed, or has 
        had filed against such sponsor, 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, including such a case in which liquidation was 
        sought but which has been converted to a case in which 
        reorganization is sought.
    (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), 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>