An original bill to amend the Internal Revenue Code of 1954 and the Employee Retirement Income Security Act of 1974 to make compliance with Federal employee benefit plan requirements easier by eliminating dual Treasury Department and Labor Department jurisdiction over certain requirements and reducing the number of reports and other paperwork required.
Pension Requirements Simplification Act - Amends the Employee Retirement Income Security Act to transfer regulatory authority relative to pension participation, vesting, and funding requirements from the Department of Labor to the Department of the Treasury.
Revises enforcement authority relative to breaches of fiduciary responsibilities in connection with employee benefit plans.
Repeals provisions detailing procedures for interdepartmental cooperation in administering the Employee Retirement Income Security Act.
Repeals provisions detailing requirements for annual employee benefit plan reports and eliminates the requirement that administrators of employee benefit plans furnish the Secretary of Labor copies of summary plan descriptions and certain plan modifications.
Directs the Secretary of the Treasury and the Secretary of Labor to jointly prescribe a single filing form and a single filing date for employee benefit plans which will satisfy the annual reporting requirements of both departments.
Introduced in Senate
Reported to Senate from the Committee on Finance, S. Rept. 95-613.
Reported to Senate from the Committee on Finance, S. Rept. 95-613.
Placed on calendar in Senate.
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