A bill to amend the internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to clarify that federally recognized Indian tribal governments are to be regulated under the same government employer rules and procedures that apply to Federal, State, and other local government employers with regard to the establishment and maintenance of employee benefit plans.
Governmental Pension Plan Equalization Act of 2005 - Amends the Internal Revenue Code (IRC) and the Employee Retirement Income Security Act of 1974 (ERISA) to specify that rules for governmental plans also apply to plans established for their employees by Indian tribal governments or their subdivisions, agencies, instrumentalities, or entities which they wholly own or control.
Amends the IRC and the Taxpayer Relief Act of 1997 to extend to all governmental plans the prohibition against (moratorium on) application to State and local plans of certain nondiscrimination rules (requiring that the plan satisfy minimum participation standards and not discriminate in favor of highly compensated employees).
Subjects tribal governments to the same defined benefit plan rules and regulations applied to State and other local governments, their police and firefighters.
Introduced in Senate
Read twice and referred to the Committee on Finance.
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