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 1991 - Establishes a Federal annuity program administered by the Pension Benefit Guaranty Corporation, to compensate participants in certain terminated private pension plans 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 the use of certain funds under the Employee Retirement Income Security Act of 1974 (ERISA) to pay such annuities and the administrative costs of such program.
Referred to the Subcommittee on Labor-Management Relations.
Introduced in Senate
Read twice and referred to the Committee on Labor and Human Resources.
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