A bill to provide for a moratorium on certain retirement plan reversions, and for other purposes.
Pension Plan Reversion Moratorium Act of 1985 - Provides for a 270-day moratorium, beginning on June 12, 1985, on: (1) the Secretary of the Treasury's issuance of determinations of continuing qualification of certain retirement plans, under specified Internal Revenue Code provisions, upon actual or proposed plan terminations; and (2) the Pension Benefit Guaranty Corporation's issuance of notices of sufficiency of assets with respect to certain plans under specified provisions of the Employee Retirement Income Security Act of 1974. Makes such moratorium effective only in cases where plan termination has resulted or would result in an aggregate amount of reversions to employers in excess of $1,000,000.
Sets forth the effects of such moratorium on declaratory judgments relating to qualification and on the period of issuance of a notice of sufficiency.
Sets forth procedures under which the Secretary of Treasury may waive such moratorium in cases of substantial business hardship.
Declares that such moratorium shall not apply to multiemployer plans.
Referred to Subcommittee on Labor-Management Relations.
Introduced in Senate
Read twice and referred to the Committee on Labor and Human Resources.
Referred to Subcommittee on Labor.
Committee on Labor and Human Resources requested executive comment from Treasury Department, Labor Department.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line