A bill to amend title I of the Employee Retirement Income Security Act of 1974 to provide for a moratorium on reversions to employers of assets of terminated pension plans and to establish as a fiduciary duty that assets of such plans which would otherwise revert to the employer but for the moratorium must be maintained in trust until the end of the moratorium.
Employer Reversion Moratorium Act of 1988 - Amends the Employee Retirement Income Security Act of 1974 to prohibit distributions to an employer, before October 1, 1989, of plan assets in connection with any single-employer defined benefit plan termination announced on or after March 9, 1988.
Makes plan fiduciaries jointly and severally liable for breach of fiduciary duty unless assets distributed upon plan termination are either distributed to plan participants and beneficiaries or paid into a trust whose terms provide for final disposition in accordance with applicable law in effect on October 1, 1989. Requires the dissolution of such a trust and the distribution of its assets during the month of October 1989.
Referred to Subcommittee on Labor-Management Relations.
Introduced in Senate
Read twice and referred to the Committee on Labor and Human Resources.
Referred to Subcommittee on Labor.
Committee on Labor and Human Resources requested executive comment from Labor Department.
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