To amend the Employee Retirement Income Security Act of 1974 to modify the requirement that the Pension Benefit Guaranty Corporation institute proceedings to terminate certain pension plans, and for other purposes.
Pension Benefit Protection Act - Amends the Employee Retirement Income Security Act of 1974 to direct the Pension Benefit Guaranty Corporation (PBGC) to institute proceedings to terminate any single-employer pension plan when it determines that payments by contributing sponsors and controlled corporations will not provide funds to pay current benefit payments.
Requires contributing sponsors and their controlled groups to pay into a plan amounts necessary to pay benefits and administrative expenses for as long as plan assets are not sufficient. Makes the sponsors and all members of the controlled group jointly and severally liable for the payments.
Grants to the district courts jurisdiction over all PBGC actions to terminate a plan, regardless of the amount in controversy.
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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