A bill to amend title IV of the Employee Retirement Income Security Act of 1974 to establish a Director of the Pension Benefit Guaranty Corporation and the Internal Revenue code of 1986 to increase certain penalties, and for other purposes.
PBGC Confirmation Act of 2006 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to replace the chairman of the board of directors with a Director to head the Pension Benefit Guaranty Corporation. Requires the Director to be approved by the Senate. Gives joint jurisdiction over the nomination to the Committee on Finance and the Committee on Health, Education, Labor, and Pensions.
Amends the Internal Revenue Code to revise the penalty for failure to file an actuarial report for defined benefit plans other than multi-employer plans.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S4893)
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S4893-4894)
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