[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 2919 Introduced in Senate (IS)]








109th CONGRESS
  2d Session
                                S. 2919

  To amend title IV of the Employee Retirement Income Security Act of 
     1974 to establish a Director of the Pension Benefit Guaranty 
 Corporation and the Internal Revenue Code of 1986 to increase certain 
                   penalties, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 22, 2006

  Mr. Baucus (for himself and Mr. Grassley) introduced the following 
  bill; which was read twice and referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
  To amend title IV of the Employee Retirement Income Security Act of 
     1974 to establish a Director of the Pension Benefit Guaranty 
 Corporation and the Internal Revenue Code of 1986 to increase certain 
                   penalties, and for other purposes.

    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 ``PBGC Confirmation Act of 2006''.

SEC. 2. DIRECTOR OF THE PENSION BENEFIT GUARANTY CORPORATION.

    (a) In General.--Title IV of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1301 et seq.) is amended--
            (1) by striking the second sentence of section 4002(a) and 
        inserting the following: ``In carrying out its functions under 
        this title, the corporation shall be administered by a 
        Director, who shall be appointed by and with the advice and 
        consent of the Senate and who shall act in accordance with the 
        policies established by the board.''; and
            (2) in section 4003(b), by--
                    (A) striking ``under this title, any member'' and 
                inserting ``under this title, the Director, any 
                member''; and
                    (B) striking ``designated by the chairman'' and 
                inserting ``designated by the Director or chairman''.
    (b) Compensation of Director.--Section 5315 of title 5, United 
States Code, is amended by adding at the end the following new item:
        ``Director, Pension Benefit Guaranty Corporation.''.
    (c) Jurisdiction of Nomination.--
            (1) In general.--The Committee on Finance of the Senate and 
        the Committee on Health, Education, Labor, and Pensions of the 
        Senate shall have joint jurisdiction over the nomination of a 
        person nominated by the President to fill the position of 
        Director of the Pension Benefit Guaranty Corporation under 
        section 4002 of the Employee Retirement Income Security Act of 
        1974 (29 U.S.C. 1302) (as amended by this Act), and if one 
        committee votes to order reported such a nomination, the other 
        shall report within 30 calendar days, or be automatically 
        discharged.
            (2) Rulemaking of the senate.--This subsection is enacted 
        by Congress--
                    (A) as an exercise of rulemaking power of the 
                Senate, and as such it is deemed a part of the rules of 
                the Senate, but applicable only with respect to the 
                procedure to be followed in the Senate in the case of a 
                nomination described in such sentence, and it 
                supersedes other rules only to the extent that it is 
                inconsistent with such rules; and
                    (B) with full recognition of the constitutional 
                right of the Senate to change the rules (so far as 
                relating the procedure of the Senate) at any time, in 
                the same manner and to the same extent as in the case 
                of any other rule of the Senate.
    (d) Transition.--The term of the individual serving as Executive 
Director of the Pension Benefit Guaranty Corporation on the date of 
enactment of this Act shall expire on such date of enactment. Such 
individual, or any other individual, may serve as interim Director of 
such Corporation until an individual is appointed as Director of such 
Corporation under section 4002 of the Employee Retirement Income 
Security Act of 1974 (29 U.S.C. 1302) (as amended by this Act).

SEC. 3. PENALTY FOR FAILURE TO FILE AN ACTUARIAL REPORT.

    Section 6692 of the Internal Revenue Code of 1986 is amended by 
adding at the end the following: ``Beginning with plan years beginning 
in 2005, in the case of a plan to which section 412(l) applied for a 
plan year, there shall be assessed, in lieu of the penalty in the 
preceding sentence, a tax equal to 0.1 percent of the plan's unfunded 
current liability under section 412(l)(8)(A) for the plan year to which 
the report relates, but in no case less than $1,000 or more than 
$5,000.''.
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