A bill to amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to require plans which adopt amendments that significantly reduce future benefit accruals to provide participants with adequate notice of the changes made by such amendments.
Requires additional information to be provided in such notice by large pension plans with 100 or more active participants.
Imposes an excise tax upon failure of pension plans to provide such notice.
Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, 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.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S12235-12236)
Read twice and referred to the Committee on Finance.
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