A bill to provide participants in private pension plans which were terminated before September 1, 1974, the nonforfeitable pension benefits which were lost by reason of the termination, and for other purposes.
Pension Restoration Act of 1990 - Establishes a Federal annuity program, administered by the Pension Benefit Guaranty Corporation, to compensate participants in plans which terminated before September 1, 1974, for nonforfeitable pension benefits lost by reason of the termination.
Sets forth provisions for such annuity program relating to: (1) entitlement; (2) computation; (3) applications; (4) administrative appeals; (5) judicial review; (6) payment; (7) interagency coordination and cooperation; and (8) regulations.
Provides for use of certain funds under the Employee Retirement Income Security Act of 1974 to pay such annuities and the administrative costs of such program.
Introduced in Senate
Read twice and referred to the Committee on Labor and Human Resources.
Referred to Subcommittee on Labor.
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