This is a Non Profit Project. We don't collect personal data and we don't use cookies.

Contents

Pension Policy Commission Act

29 U.S.C. § 1001 : US Code – Section 1001: Congressional findings and declaration of policy

This description of the Pension Policy Commission Act tracks the language of the U.S. Code, except that, sometimes, we use plain English and that we may refer to the “Act” (meaning Pension Policy Commission Act) rather than to the “subchapter” or the “title” of the United States Code.

U.S. Code Citation

29 U.S.C. § 1001

U.S. Code Section and Head

United States Code – Section 1001
Head of the Section:
Congressional findings and declaration of policy

Text of the Section

(a) Benefit plans as affecting interstate commerce and the Federal taxing power The Congress finds that the growth in size, scope, and numbers of employee benefit plans in recent years has been rapid and substantial; that the operational scope and economic impact of such plans is increasingly interstate; that the continued well-being and security of millions of employees and their dependents are directly affected by these plans; that they are affected with a national public interest; that they have become an important factor affecting the stability of employment and the successful development of industrial relations; that they have become an important factor in commerce because of the interstate character of their activities, and of the activities of their participants, and the employers, employee organizations, and other entities by which they are established or maintained; that a large volume of the activities of such plans are carried on by means of the mails and instrumentalities of interstate commerce; that owing to the lack of employee information and adequate safeguards concerning their operation, it is desirable in the interests of employees and their beneficiaries, and to provide for the general welfare and the free flow of commerce, that disclosure be made and safeguards be provided with respect to the establishment, operation, and administration of such plans; that they substantially affect the revenues of the United States because they are afforded preferential Federal tax treatment; that despite the enormous growth in such plans many employees with long years of employment are losing anticipated retirement benefits owing to the lack of vesting provisions in such plans; that owing to the inadequacy of current minimum standards, the soundness and stability of plans with respect to adequate funds to pay promised benefits may be endangered; that owing to the termination of plans before requisite funds have been accumulated, employees and their beneficiaries have been deprived of anticipated benefits; and that it is therefore desirable in the interests of employees and their beneficiaries, for the protection of the revenue of the United States, and to provide for the free flow of commerce, that minimum standards be provided assuring the equitable character of such plans and their financial soundness. (b) Protection of interstate commerce and beneficiaries by requiring disclosure and reporting, setting standards of conduct, etc., for fiduciaries It is hereby declared to be the policy of this chapter to protect interstate commerce and the interests of participants in employee benefit plans and their beneficiaries, by requiring the disclosure and reporting to participants and beneficiaries of financial and other information with respect thereto, by establishing standards of conduct, responsibility, and obligation for fiduciaries of employee benefit plans, and by providing for appropriate remedies, sanctions, and ready access to the Federal courts. (c) Protection of interstate commerce, the Federal taxing power, and beneficiaries by vesting of accrued benefits, setting minimum standards of funding, requiring termination insurance It is hereby further declared to be the policy of this chapter to protect interstate commerce, the Federal taxing power, and the interests of participants in private pension plans and their beneficiaries by improving the equitable character and the soundness of such plans by requiring them to vest the accrued benefits of employees with significant periods of service, to meet minimum standards of funding, and by requiring plan termination insurance.

Act Details

Pension Policy Commission Act was, as a bill, a proposal (now, a piece of legislation) introduced on 1979-03-05 in the House of Commons and Senate respectively of the 96 United States Congress by David Hampton Pryor in relation with: Advisory bodies, Employee benefit plans, Federal advisory bodies, Labor and employment, Old age pensions, Older workers, Planning, Retirement, Retirement income, Social welfare.

Pension Policy Commission Act became law (1) in the United States on 1979-05-24. It was referred to the following Committee(s): (2)

Senate Governmental Affairs (SSGA)

Sponsor

David Hampton Pryor, Democrat, Senator from Arkansas

The proposal had the following cosponsors:

Theodore Fulton (ted) Stevens, Republican, Senator, from Alaska

Act Overview

Number: 532 (3)
Official Title as Introduced: A bill to continue the work of the President's Commission on Pension Policy to develop a national retirement income policy in the United States, and for other purposes (4)
Short Title: Pension Policy Commission Act
Date First Introduced: 1979-03-05
Sponsor Name: Theodore Fulton (ted) Stevens
Assignment Process: See Committe Assignments (5)
Latest Major Activity/Action: Enacted
Date Enacted (signed, in general (6), by President): 1979-05-24
Type: s (7)
Main Topic: Labor and employment
Related Bills: (8)
Summary of Pension Policy Commission Act: Govtrack. Authored by the Congressional Research Service (CRS) of the Library of Congress.
Primary Source: Congress Website

Text of the Pension Policy Commission Act

(Reported to Senate from the Committee on Governmental Affairs with amendment S. Rept. 96-70) Pension Policy Commission Act – Authorizes the continued operation of the President's Commission on Pension Policy for two years following the enactment of this Act. Directs the Commission to: (1) identify problems facing the Nation's retirement system; (2) formulate recommendations for a national retirement income policy; (3) consult on a regular basis with Congressional committees having jurisdiction over the Commission's work; and (4) report its findings to Congress and the President. Requires the Commission to ensure that it maintains its independence from other officers and employees of the Government and any other person with special interest in its actions. Terminates the Commission 90 days after submission of its final report.

Act Notes

[Note 1] An Act (like Pension Policy Commission Act) or a resolution cannot become a law in the United States until it has been approved (passed) in identical form by both the House of Representatives and the Senate, as well as signed by the President (but see (5)). If the two bodys of the Congress versions of an Act are not identical, one of the bodies might decide to take a further vote to adopt the bill (see more about the Congress process here). An Act may be pass in identical form with or without amendments and with or without conference. (see more about Enrollment).
[Note 2] Proposals are referred to committees for preliminary consideration, then debated, amended, and passed (or rejected) by the full House or Senate. To prevent endless shuttling of bills between the House and Senate, bills like Pension Policy Commission Act are referred to joint committees made up of members of both houses.
[Note 3] For more information regarding this legislative proposal, go to THOMAS, select “Bill Number,” search on (Pension Policy Commission Act)
[Note 4] A bill to continue the work of the President's Commission on Pension Policy to develop a national retirement income policy in the United States, and for other purposes. The current official title of a bill is always present, assigned at introduction (for example, in this case, on 1979-03-05) and can be revised any time. This type of titles are sentences.
[Note 5] The Act is referred to the appropriate committee by the Speaker of any of the two Houses. Bills are placed on the calendar of the committee to which they have been assigned. See Assignment Process.
[Note 6] Regarding exceptions to President´s approval, a bill that is not signed (returned unsigned) by the President can still become law if at lest two thirds of each of the two bodys of the Congress votes to pass it, which is an infrequent case. See also Presidential Veto.
[Note 7] Legislative Proposal types can be: hr, hres, hjres, hconres, s, sres, sjres, sconres. A bill originating in the Senate is designated by the letter “S”, and a bill originating from the House of Representatives begins with “H.R.”, followed, in both cases, by its individual number which it retains throughout all its parliamentary process.
[Note 8] For information regarding related bill/s to Pension Policy Commission Act, go to THOMAS.

Analysis

No analysis (criticism, advocacy, etc.) about Pension Policy Commission Act submitted yet.

Advisory bodies
Employee benefit plans
Federal advisory bodies
Labor and employment
Old age pensions
Older workers
Planning
Retirement
Retirement income
Social welfare

Pension Policy Commission Act