A bill to amend the Employee Retirement Income Security Act of 1974 to prohibit reversions to employers of residual assets upon termination of single-employer pension plans and to provide for the applicability of rules relating to fiduciary duties in relation to plan terminations.
Pension Plan Assets Protection Act of 1987 - Amends the Employee Retirement Income Security Act of 1974 to disallow reversions of residual assets to employers upon single-employer plan termination. Provides that, if any assets of the plan remain after all liabilities to participants and their beneficiaries have been satisfied, such assets shall be equitably distributed to such participants and beneficiaries in the same proportions as assets of the plan are allocated to the benefits of such participants and beneficiaries in satisfying such liabilities.
Provides for the applicability of rules with regard to fiduciary duties in relation to plan terminations.
Introduced in House
Introduced in House
Referred to House Committee on Education and Labor.
Referred to Subcommittee on Labor-Management Relations.
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