To protect the retirement security of Americans.
TABLE OF CONTENTS:
Title I: Amendments to ERISA to Reporting and Disclosure
Provisions
Title II: Public Employee Pension Plans
Title III: Women's Pension Equity
Title IV: Employer Reversions
Retirement Protection Act of 1996 - Title I: Amendments to ERISA Reporting and Disclosure Provisions - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to revise provisions for annual reports and disclosures by employee benefit plan administrators to participants.
Title II: Public Employee Pension Plans - Sets forth annual reporting and disclosure requirements for public employee pension plans.
(Sec. 202) Permits a participant or beneficiary under a public employee pension plan to bring a civil action against the plan to: (1) recover benefits due under the plan's terms, to enforce his or her rights, or to clarify rights to future benefits; (2) enjoin any act or practice which violates the plan's terms; or (3) obtain other appropriate equitable relief to enforce such terms or redress violations of them.
Allows a plaintiff, in most instances, to prevail in such an action by proving the case by a preponderance of the evidence. Requires proof by clear and convincing evidence, however, if the action involves a plan under which changes in employer contributions are subject to review by a qualified review board.
Prescribes the general requirements for a qualified review board to review changes in employer contributions to a public employee pension plan.
States that in general this Act applies to any public employee pension plan, with specified exceptions.
Title III: Women's Pension Equity - Amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to provide for the development of a model: (1) spousal consent form for electing to waive a qualified joint and survivor annuity or a qualified preretirement survivor annuity; and (2) qualified domestic relations order.
(Sec. 302) Amends the Railroad Retirement Act of 1974 to extend the payment of any portion of Tier II Railroad Retirement benefits to surviving former spouses pursuant to divorce agreements.
(Sec. 303) Amends Federal law to provide for a survivor annuity to widows, widowers, and certain former spouses of Federal employees who die after having separated from the service with title to a deferred annuity, but before attaining the age for such an annuity under the Civil Service Retirement System (CSRS), on the same basis as is currently provided to certain survivors of former Members of the Congress.
(Sec. 304) Revises provisions concerning Federal retirement benefits subject to a court order.
Title IV: Employer Reversions - Amends the Internal Revenue Code to increase the excise tax on the reversion of qualified plan assets to an employer.
(Sec. 402) Amends ERISA to direct the Secretary of Labor to report to the President and the Congress on plans from which residual assets were distributed to employers (reversions).
Introduced in House
Introduced in House
Referred to the Committee on Economic and Educational Opportunities, and in addition to the Committees on Ways and Means, Government Reform and Oversight, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Economic and Educational Opportunities, and in addition to the Committees on Ways and Means, Government Reform and Oversight, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Economic and Educational Opportunities, and in addition to the Committees on Ways and Means, Government Reform and Oversight, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Economic and Educational Opportunities, and in addition to the Committees on Ways and Means, Government Reform and Oversight, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Economic and Educational Opportunities, and in addition to the Committees on Ways and Means, Government Reform and Oversight, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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Referred to the Subcommittee on Civil Service.
Referred to the Subcommittee on Railroads.
Referred to the Subcommittee on Employer-Employee Relations.