Plan Termination and Reversion Control Act of 1984

Plan Termination and Reversion Control Act of 1984 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to delineate the eligibility and sufficiency criteria which single-employer pension plans must meet in order to terminate under the protection of the Pension Benefit Guaranty Corporation (the Corporation).

Includes among the termination eligibility requirements for such single-employer pension plan: (1) business necessity; (2) pay-status participants not in excess of 80 percent (pay-status participants are those whose retirement benefits have become payable); (3) absence for a specified period of a different employer-maintained plan; and (4) the plan to be terminated did not participate in an asset or liabilities transfer between plans during such period.

Delineates the criteria under which plan termination is considered a business necessity for purposes of this Act. States that plan termination will not be considered a business necessity if the termination's primary purpose is to make funds available to contributing sponsors or to a sponsor's controlled group in order to prevent or promote entry of other persons into the controlled group.

Treats fiduciaries who have permitted single-employer plan terminations to take place without meeting the eligibility criteria as having breached a fiduciary duty.

Sets guidelines under which residual assets of terminated plans shall be distributed among: (1) employee contributors; (2) participants and beneficiaries; and (3) employers.

Amends the Internal Revenue Code to impose a tax upon the distribution of residual assets to an employer if a single-employer benefit plan is terminated, except under the business necessity criteria of this Act. Makes the employer liable to pay such tax.

Requires a plan administrator to file a plan termination notice with the Corporation after giving plan participants and beneficiaries advanced written notice of such proposed termination. Requires the Corporation to hold a hearing on the record regarding: (1) plan termination; and (2) distribution of residual assets.

Amends the limitations set upon plan acquisition of qualifying employer securities and real property.

Directs the Joint Board for the Enrollment of Actuaries (the Board) to report to specified congressional committees regarding the results of a study concerning reasonable actuarial assumptions and methods for determining the actuarial status and funding requirements of various pension plans.

Requires the Board to publish in the Federal Register the actuarial assumptions and methods it prescribes for various types of pension plans. Authorizes the Board to terminate enrolled actuaries upon finding that they have not used the methods and assumptions prescribed.

Makes conforming amendments to the Internal Revenue Code. Sets guidelines for qualified trust treatment where assets of a terminated plan are transferred to an employee stock ownership plan.

Amends ERISA to prohibit fiduciaries from permitting the transfer of terminated plan assets to an employee-stock-ownership plan unless specified conditions are met.

Amends the Internal Revenue Code to disqualify from trust status any comparable pension plan formed by an employer within five years of such employer's receipt of the residual assets of a pension plan terminated without business necessity.

Provides that where employers have accepted payments of the residual assets of certain terminated pension plans, certain comparable pension plans formed by such employers will be denied: (1) minimum funding standard waivers; (2) extension of amortization periods; and (3) alternative minimum funding standards.

Directs the President to establish the Plan Termination and Reversion Control Commission as an independent agency within the executive branch of the Government.

Establishes the position of special liaison officer to the Commission within the office of: (1) the Secretary of Labor; (2) Secretary of the Treasury; and (3) the Pension Benefit Guaranty Corporation. Provides for an Executive Director as the principal administrative officer under the Commission.

Provides that if the Corporation finds that residual assets exceed a specified amount upon the termination of certain single-employer plans, then the Commission shall assume all functions of the Secretary of Labor, the Secretary of the Treasury and of the Corporation, insofar as such functions concern residual assets requirements in their respective areas. Authorizes the Commission to prescribe rules and regulations, policies and procedures.

Authorizes appropriations.