An original bill to temporarily replace the use by pension plans of the 30-year treasury bond rate with a composite corporate rate, and to establish a commission on defined benefit plans.
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Pension Stability Act - (Sec. 2) Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to temporarily replace (for plan years 2004 and 2005) the 30-year treasury bond interest rate with a rate based on conservatively invested long-term corporate bonds, for certain pension plan funding requirements.
(Sec. 3) Establishes the Commission on Defined Benefit Pension Plans to study and report to Congress on specified issues relating to such plan.
(Sec. 4) Requires Congress to act on any legislative proposal contained in the Commission's report within a certain period after receiving it.
Introduced in Senate
Committee on Health, Education, Labor, and Pensions. Original measure reported to Senate by Senator Gregg under authority of the order of the Senate of 12/9/2003. With written report No. 108-221.
Committee on Health, Education, Labor, and Pensions. Original measure reported to Senate by Senator Gregg under authority of the order of the Senate of 12/9/2003. With written report No. 108-221.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 425.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line