Retirement Annuity Protection Act of 1991 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to establish standards for insurers from which irrevocable commitments may be purchased in order to terminate single-employer pension plans in standard terminations. Provides for review of such insurers by the Pension Benefit Guaranty Corporation (PBGC). Provides for: (1) notice to the PBGC regarding the insurer; (2) notice to participants and beneficiaries regarding the insurer; (3) disapproval of the insurer by the PBGC as a basis for a notice of noncompliance; and (4) prior certification of insurers.
Directs the PBGC to exercise its continuing authority to cease the standard termination of a single-employer plan under specified ERISA provisions, or to restore a plan which is so terminated, in any case in which the final distribution of assets is being, or was, carried out in whole or in part by means of the purchase of irrevocable commitments from any insurer, if the PBGC determines that such distribution by such means is not, or was not, in the best interests of plan participants and beneficiaries.
Introduced in House
Introduced in House
Referred to the House Committee on Education and Labor.
Referred to the Subcommittee on Labor-Management Relations.
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