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Pension Reform bill

Pension Reform bill

Act Details

Pension Reform Act was, as a bill, a proposal (now, a piece of legislation) introduced on 2001-03-14 in the House of Commons and Senate respectively of the 107 United States Congress by Robert Jones (rob) Portman in relation with: Accidents, Accounting, Actions and defenses, Administrative procedure, Annuities, Auditing, Business income tax, Churches, Civil service pensions, Clergy, Commerce, Conferences, Congress, Congressional reporting requirements, Cost of living adjustments, Deficit reduction, Defined benefit pension plans, Defined contribution plans, Department of Labor, Department of the Treasury, Disasters, Dismissal of employees, Dividends, Divorce, Divorcees, Economics and public finance, Electronic data interchange, Emergency management, Employee benefit plans, Employee ownership, Excise tax, Executive compensation, Executives, Families, Federal budgets, Federal employees, Finance and financial sector, Financial planning, Financial services, Financial statements, Fines (Penalties), Fringe benefits, Gifts, Government operations and politics, Government paperwork, Government trust funds, Governmental investigations, Health, Household workers, Income tax, Indexing (Economic policy), Individual retirement accounts, Injunctions, Insurance premiums, Interest, Internet, Investment of public funds, Labor and employment, Labor contracts, Law, Life expectancy, Limitation of actions, Loans, Local employees, Losses, Married people, Old age, survivors and disability insurance, Partnerships, Pension funds, Pension portability, Pension trust guaranty insurance, Personal income tax, Presidential appointments, Profit sharing, Railroad employees, Railroad retirement plans, Religion, Retirement age, Saving and investment, Science, technology, communications, Self-employed, Small business, Social welfare, State employees, Stocks, Surety and fidelity, Survivors' benefits, Tax cuts, Tax deductions, Tax exclusion, Tax penalties, Tax rates, Tax returns, Tax-deferred compensation plans, Tax-exempt organizations, Taxation, Transportation and public works, Trusts and trustees, User charges, Valuation, White House conferences, Widowers, Widows, Withholding tax, Women, Women's retirement.

Pension Reform Act became law (1) in the United States on 2001-12-21. It was referred to the following Committee(s): (2)

House Ways and Means (HSWM)
House Education and the Workforce (HSED)
sub Subcommittee on Employer-Employee Relations (sub 02)

Sponsor

Robert Jones (rob) Portman, Republican, Senator from Ohio, district 2

The proposal had the following cosponsors:

Neil Abercrombie, Democrat, Representative, from Hawaii, district 1
Robert Aderholt, Republican, Representative, from Alabama, district 4
W. Todd Akin, Republican, Representative, from Missouri, district 2
Robert Ernest Andrews, Democrat, Representative, from New Jersey, district 1
Richard Keith Armey, Republican, Representative, from Texas, district 26
Joe Baca, Representative, from California, district 42
Spencer T. Bachus, Republican, Representative, from Alabama, district 6
Brian Baird, Representative, from Washington, district 3
Richard Hugh Baker, Republican, Representative, from Louisiana, district 6
John Elias Baldacci, Democrat, Representative, from Maine, district 2
Tammy Baldwin, Senator, from Wisconsin, district 2
Cass Ballenger, Republican, Representative, from North Carolina, district 10
James A. Barcia, Democrat, Representative, from Michigan, district 5
Bob Barr, Republican, Representative, from Georgia, district 7
Thomas M. Barrett, Democrat, Representative, from Wisconsin, district 5
Roscoe Gardner Bartlett, Republican, Representative, from Maryland, district 6
Charles Foster Bass, Republican, Representative, from New Hampshire, district 2
Kenneth E. Bentsen, Democrat, Representative, from Texas, district 25
Douglas Kent Bereuter, Republican, Representative, from Nebraska, district 1
Shelley Berkley, Representative, from Nevada, district 1
Judy Biggert, Representative, from Illinois, district 13
Rod R. Blagojevich, Democrat, Representative, from Illinois, district 5
Earl Blumenauer, Democrat, Representative, from Oregon, district 3
Roy Blunt, Republican, Senator, from Missouri, district 7
John Andrew Boehner, Republican, Representative, from Ohio, district 8
Mack Bono, Representative, from California, district 44
Robert Anthony Borski, Democrat, Representative, from Pennsylvania, district 3
Leonard L. Boswell, Democrat, Representative, from Iowa, district 3
Frederick C. Boucher, Democrat, Representative, from Virginia, district 9
Kevin Patrick Brady, Republican, Representative, from Texas, district 8
Robert Brady, Representative, from Pennsylvania, district 1
Henry Brown, Representative, from South Carolina, district 1
Sherrod Brown, Democrat, Senator, from Ohio, district 13
Ed Bryant, Republican, Representative, from Tennessee, district 7
Richard Burr, Senator, from North Carolina, district 5
Dan Burton, Representative, from Indiana, district 6
Steve Buyer, Representative, from Indiana, district 5
Ken Calvert, Republican, Representative, from California, district 43
Dave Camp, Representative, from Michigan, district 4
Eric Cantor, Republican, Representative, from Virginia, district 7
Shelley Moore Capito, Republican, Representative, from West Virginia, district 2
Lois Capps, Democrat, Representative, from California, district 22
Michael Everett Capuano, Democrat, Representative, from Massachusetts, district 8
Benjamin Louis Cardin, Democrat, Senator, from Maryland, district 3
Julia May Carson, Democrat, Representative, from Indiana, district 10
Steve Chabot, Republican, Representative, from Ohio, district 1
Wm Clay, Representative, from Missouri, district 1
Eva M. Clayton, Democrat, Representative, from North Carolina, district 1
Bob Clement, Representative, from Tennessee, district 5
Howard Coble, Republican, Representative, from North Carolina, district 6
Michael Allen (mac) Collins, Republican, Representative, from Georgia, district 3
Gary Adrian Condit, Democrat, Representative, from California, district 18
John Cooksey, Republican, Representative, from Louisiana, district 5
Jerry Francis Costello, Democrat, Representative, from Illinois, district 12
Charles Christopher Cox, Republican, Representative, from California, district 47
William Joseph Coyne, Democrat, Representative, from Pennsylvania, district 14
Philip Miller Crane, Republican, Representative, from Illinois, district 8
Ander Crenshaw, Republican, Representative, from Florida, district 4
Joseph Crowley, Democrat, Representative, from New York, district 7
Barbara L. Cubin, Republican, Representative
John Culberson, Republican, Representative, from Texas, district 7
Randy Cunningham, Representative, from California, district 51
Danny K. Davis, Democrat, Representative, from Illinois, district 7
Jo Ann Davis, Republican, Representative, from Virginia, district 1
Tom Davis, Representative, from Virginia, district 11
John Nathan Deal, Republican, Representative, from Georgia, district 9
Bill Delahunt, Democrat, Representative, from Massachusetts, district 10
Rosa L. Delauro, Democrat, Representative, from Connecticut, district 3
Tom DeLay, Representative, from Texas, district 22
Jim DeMint, Senator, from South Carolina, district 4
Peter R. Deutsch, Democrat, Representative, from Florida, district 20
Lincoln Diaz-balart, Republican, Representative, from Florida, district 21
Calvin M. Dooley, Democrat, Representative, from California, district 20
John Taylor Doolittle, Republican, Representative, from California, district 4
Michael F. Doyle, Democrat, Representative, from Pennsylvania, district 18
David Timothy Dreier, Republican, Representative, from California, district 28
Jennifer Blackburn Dunn, Republican, Representative, from Washington, district 8
Robert L. Ehrlich, Republican, Representative, from Maryland, district 2
Jo Ann Emerson, Republican, Representative, from Missouri, district 8
Eliot Lance Engel, Democrat, Representative, from New York, district 17
Philip Sheridan English, Republican, Representative, from Pennsylvania, district 21
Anna Georges Eshoo, Democrat, Representative, from California, district 14
Bobby R. Etheridge, Democrat, Representative, from North Carolina, district 2
Lane Allen Evans, Democrat, Representative, from Illinois, district 17
Eni F. H. Faleomavaega, Democrat, Delegate
Sam Farr, Democrat, Representative, from California, district 17
Chaka Fattah, Democrat, Representative, from Pennsylvania, district 2
Mike Ferguson, Representative, from New Jersey, district 7
Bob Filner, Democrat, Representative, from California, district 50
Jeff Flake, Republican, Senator, from Arizona, district 1
Ernie Fletcher, Representative, from Kentucky, district 6
Mark A. Foley, Republican, Representative, from Florida, district 16
Harold Eugene Ford, Democrat, Representative, from Tennessee, district 9
Vito John Fossella, Republican, Representative, from New York, district 13
Rodney P. Frelinghuysen, Republican, Representative, from New Jersey, district 11
Jonas Martin Frost, Democrat, Representative, from Texas, district 24
Elton W. Gallegly, Republican, Representative, from California, district 23
Greg Ganske, Republican, Representative, from Iowa, district 4
George William Gekas, Republican, Representative, from Pennsylvania, district 17
Jim Gibbons, Representative, from Nevada, district 2
Wayne Thomas Gilchrest, Republican, Representative, from Maryland, district 1
Paul Eugene Gillmor, Republican, Representative, from Ohio, district 5
Benjamin Arthur Gilman, Republican, Representative, from New York, district 20
Charles A. Gonzalez, Democrat, Representative, from Texas, district 20
Virgil H. Goode, Republican, Representative, from Virginia, district 5
Bob Goodlatte, Representative, from Virginia, district 6
Barton Jennings Gordon, Democrat, Representative, from Tennessee, district 6
Porter J. Goss, Republican, Representative, from Florida, district 14
Kay Granger, Republican, Representative, from Texas, district 12
Samuel Graves, Republican, Representative, from Missouri, district 6
Raymond Eugene (gene) Green, Democrat, Representative, from Texas, district 29
Mark Green, Republican, Representative, from Wisconsin, district 8
James Charles Greenwood, Republican, Representative, from Pennsylvania, district 8
Felix Grucci, Representative, from New York, district 1
Luis Gutierrez, Representative, from Illinois, district 4
Ralph Moody Hall, Republican, Representative, from Texas, district 4
Tony Patrick Hall, Democrat, Representative, from Ohio, district 3
James Vear Hansen, Republican, Representative, from Utah, district 1
Jane L. Harman, Democrat, Representative, from California, district 36
Melissa A. Hart, Republican, Representative, from Pennsylvania, district 4
Doc Hastings, Republican, Representative, from Washington, district 4
Robert (robin) Hayes, Republican, Representative, from North Carolina, district 8
John D. Hayworth, Republican, Representative, from Arizona, district 6
Joel M. Hefley, Republican, Representative, from Colorado, district 5
Walter William (wally) Herger, Republican, Representative, from California, district 2
Baron P. Hill, Democrat, Representative, from Indiana, district 9
Van Hilleary, Republican, Representative, from Tennessee, district 4
David Lee Hobson, Republican, Representative, from Ohio, district 7
Thomas Timothy (tim) Holden, Democrat, Representative, from Pennsylvania, district 6
Rush Holt, Democrat, Representative, from New Jersey, district 12
Darlene Hooley, Democrat, Representative, from Oregon, district 5
John Stephen (steve) Horn, Republican, Representative, from California, district 38
John Nathan Hostettler, Republican, Representative, from Indiana, district 8
Amory Houghton, Republican, Representative, from New York, district 31
Steny Hamilton Hoyer, Democrat, Representative, from Maryland, district 5
Kenny Hulshof, Republican, Representative, from Missouri, district 9
Asa Hutchinson, Republican, Representative, from Arkansas, district 3
Henry John Hyde, Republican, Representative, from Illinois, district 6
Jay Robert Inslee, Democrat, Representative, from Washington, district 1
Johnny Isakson, Republican, Senator, from Georgia, district 6
Steve Israel, Democrat, Representative, from New York, district 2
Ernest James Istook, Republican, Representative, from Oklahoma, district 5
William Jennings Jefferson, Democrat, Representative, from Louisiana, district 2
William Lewis Jenkins, Republican, Representative, from Tennessee, district 1
Nancy Lee Johnson, Republican, Representative, from Connecticut, district 6
Sam Johnson, Republican, Representative, from Texas, district 3
Timothy Johnson, Representative, from Illinois, district 15
Stephanie Tubbs Jones, Democrat, Representative, from Ohio, district 11
Walter Beaman Jones, Democrat, Representative, from North Carolina, district 3
Paul Kanjorski, Representative, from Pennsylvania, district 11
Sue W. Kelly, Republican, Representative, from New York, district 19
Patrick Kennedy, Representative, from Rhode Island, district 1
Brian D. Kerns, Republican, Representative, from Indiana, district 7
Dale Kildee, Representative, from Michigan, district 9
Ron Kind, Democrat, Representative, from Wisconsin, district 3
Peter T. King, Republican, Representative, from New York, district 3
Jack Kingston, Republican, Representative, from Georgia, district 1
Mark Steven Kirk, Republican, Senator, from Illinois, district 10
Gerald Daniel Kleczka, Democrat, Representative, from Wisconsin, district 4
Joe Knollenberg, Representative, from Michigan, district 11
Jim Kolbe, Representative, from Arizona, district 5
Dennis Kucinich, Representative, from Ohio, district 10
Ray H. Lahood, Republican, Representative, from Illinois, district 18
Nick Lampson, Representative, from Texas, district 9
James Langevin, Democrat, Representative, from Rhode Island, district 2
Tom Lantos, Representative, from California, district 12
Steve Largent, Republican, Representative, from Oklahoma, district 1
Richard Ray (rick) Larsen, Democrat, Representative, from Washington, district 2
John B. Larson, Democrat, Representative, from Connecticut, district 1
Tom Latham, Representative, from Iowa, district 5
Steven LaTourette, Representative, from Ohio, district 19
James Albert Smith Leach, Republican, Representative, from Iowa, district 1
Ron Lewis, Republican, Representative, from Kentucky, district 2
Frank A. Lobiondo, Republican, Representative, from New Jersey, district 2
Zoe Lofgren, Democrat, Representative, from California, district 16
Nita M. Lowey, Democrat, Representative, from New York, district 18
Frank D. Lucas, Republican, Representative, from Oklahoma, district 6
Ken Lucas, Democrat, Representative, from Kentucky, district 4
Carolyn Bosher Maloney, Democrat, Representative, from New York, district 14
James H. Maloney, Democrat, Representative, from Connecticut, district 5
Donald Manzullo, Representative, from Illinois, district 16
Frank R. Mascara, Democrat, Representative, from Pennsylvania, district 20
James David (jim) Matheson, Democrat, Representative, from Utah, district 2
Carolyn Mccarthy, Democrat, Representative, from New York, district 4
Karen Mccarthy, Democrat, Representative, from Missouri, district 5
Betty Mccollum, Democrat, Representative, from Minnesota, district 4
Jim McCrery, Representative, from Louisiana, district 4
James P. Mcgovern, Democrat, Representative, from Massachusetts, district 3
John McHugh, Representative, from New York, district 24
Scott Mcinnis, Republican, Representative, from Colorado, district 3
Mike Mcintyre, Democrat, Representative, from North Carolina, district 7
Howard P. (buck) Mckeon, Republican, Representative, from California, district 25
Cynthia Ann Mckinney, Democrat, Representative, from Georgia, district 4
Michael Robert Mcnulty, Democrat, Representative, from New York, district 21
Martin Thomas Meehan, Democrat, Representative, from Massachusetts, district 5
Robert Menendez, Democrat, Senator, from New Jersey, district 13
Juanita Millender-mcdonald, Democrat, Representative, from California, district 37
Gary G. Miller, Republican, Representative, from California, district 41
Patsy Takemoto Mink, Democrat, Representative, from Hawaii, district 2
Dennis Moore, Representative, from Kansas, district 3
James P. Moran, Democrat, Representative, from Virginia, district 8
Jerry Moran, Republican, Senator, from Kansas, district 1
Constance A. Morella, Republican, Representative, from Maryland, district 8
Sue Myrick, Representative, from North Carolina, district 9
Jerrold Lewis Nadler, Democrat, Representative, from New York, district 8
Grace Flores Napolitano, Democrat, Representative, from California, district 34
George R. Nethercutt, Republican, Representative, from Washington, district 5
Robert William Ney, Republican, Representative, from Ohio, district 18
Anne Meagher Northup, Republican, Representative, from Kentucky, district 3
Charles W. Norwood, Republican, Representative, from Georgia, district 10
Jim Nussle, Representative, from Iowa, district 2
Tom Osborne, Representative, from Nebraska, district 3
C. L. (butch) Otter, Republican, Representative, from Idaho, district 1
Michael Garver Oxley, Republican, Representative, from Ohio, district 4
Frank Pallone, Democrat, Representative, from New Jersey, district 6
Bill Pascrell, Representative, from New Jersey, district 8
Ed Pastor, Democrat, Representative, from Arizona, district 2
Ron Paul, Representative, from Texas, district 14
Donald Payne, Representative, from New Jersey, district 10
Mike Pence, Representative, from Indiana, district 2
Collin Clark Peterson, Democrat, Representative, from Minnesota, district 7
John Peterson, Republican, Representative, from Pennsylvania, district 5
Thomas Evert Petri, Republican, Representative, from Wisconsin, district 6
Joseph R. Pitts, Republican, Representative, from Pennsylvania, district 16
Todd Platts, Representative, from Pennsylvania, district 19
Earl Pomeroy, Representative, from North Dakota
Deborah D. Pryce, Republican, Representative, from Ohio, district 15
Adam Putnam, Representative, from Florida, district 12
John Francis (jack) Quinn, Republican, Representative, from New York, district 30
Nick Joe Rahall, Democrat, Representative, from West Virginia, district 3
James (jim) Ramstad, Republican, Representative, from Minnesota, district 3
Ralph Straus Regula, Republican, Representative, from Ohio, district 16
Denny Rehberg, Representative, from Montana
Silvestre Reyes, Representative, from Texas, district 16
Thomas M. Reynolds, Republican, Representative, from New York, district 27
Bob Riley, Representative, from Alabama, district 3
Timothy John Roemer, Democrat, Representative, from Indiana, district 3
Harold Dallas (hal) Rogers, Republican, Representative, from Kentucky, district 5
Mike Rogers, Republican, Representative, from Michigan, district 8
Ileana Ros-lehtinen, Republican, Representative, from Florida, district 18
Steven Rothman, Representative, from New Jersey, district 9
Marge Roukema, Representative, from New Jersey, district 5
Edward Randall Royce, Republican, Representative, from California, district 39
Bobby L. Rush, Democrat, Representative, from Illinois, district 1
Paul Ryan, Republican, Representative, from Wisconsin, district 1
Jim Ryun, Republican, Representative, from Kansas, district 2
Loretta Sanchez, Democrat, Representative, from California, district 46
Max A. Sandlin, Democrat, Representative, from Texas, district 1
Tom Sawyer, Representative, from Ohio, district 14
Jim Saxton, Representative, from New Jersey, district 3
Joe Scarborough, Representative, from Florida, district 1
Bob Schaffer, Representative, from Colorado, district 4
Janice D. Schakowsky, Democrat, Representative, from Illinois, district 9
Adam Schiff, Democrat, Representative, from California, district 27
Edward Schrock, Republican, Representative, from Virginia, district 2
Pete Sessions, Republican, Representative, from Texas, district 5
John Shadegg, Representative, from Arizona, district 4
Eugene Clay Shaw, Republican, Representative, from Florida, district 22
Christopher H. Shays, Republican, Representative, from Connecticut, district 4
Brad Sherman, Democrat, Representative, from California, district 24
Don Sherwood, Republican, Representative, from Pennsylvania, district 10
John M. Shimkus, Republican, Representative, from Illinois, district 20
Ronnie Shows, Representative, from Mississippi, district 4
Robert (rob) Simmons, Republican, Representative, from Connecticut, district 2
Michael K. Simpson, Republican, Representative, from Idaho, district 2
Joe Skeen, Representative, from New Mexico, district 2
Ike Skelton, Representative, from Missouri, district 4
Adam Smith, Democrat, Representative, from Washington, district 9
Christopher Henry Smith, Republican, Representative, from New Jersey, district 4
Lamar Seeligson Smith, Republican, Representative, from Texas, district 21
Vic Snyder, Representative, from Arkansas, district 2
Mark Souder, Representative, from Indiana, district 4
John Spratt, Representative, from South Carolina, district 5
Cliff Stearns, Representative, from Florida, district 6
Ted Strickland, Democrat, Representative, from Ohio, district 6
Bart Stupak, Representative, from Michigan, district 1
John E. Sununu, Republican, Senator, from New Hampshire, district 1
John E. Sweeney, Republican, Representative, from New York, district 22
Thomas G. Tancredo, Republican, Representative, from Colorado, district 6
John Tanner, Representative, from Tennessee, district 8
Ellen Tauscher, Representative, from California, district 10
Charles Hart Taylor, Republican, Representative, from North Carolina, district 11
Lee Raymond Terry, Republican, Representative, from Nebraska, district 2
William Marshall Thomas, Republican, Representative, from California, district 21
Bennie Thompson, Democrat, Representative, from Mississippi, district 2
Mike Thompson, Representative, from California, district 1
John Thune, Republican, Senator, from South Dakota
Karen L. Thurman, Democrat, Representative, from Florida, district 5
Todd Tiahrt, Representative, from Kansas, district 4
Patrick (pat) Tiberi, Republican, Representative, from Ohio, district 12
John F. Tierney, Democrat, Representative, from Massachusetts, district 6
Patrick Joseph Toomey, Republican, Senator, from Pennsylvania, district 15
James A. Traficant, Democrat, Representative, from Ohio, district 17
Jim Turner, Democrat, Representative, from Texas, district 2
Mark Udall, Senator, from Colorado, district 2
Tom Udall, Senator, from New Mexico, district 3
Fred Upton, Representative, from Michigan, district 6
David Vitter, Republican, Senator, from Louisiana, district 1
Greg Walden, Republican, Representative, from Oregon, district 2
James Joseph Walsh, Democrat, Representative, from New York, district 25
Zach Wamp, Representative, from Tennessee, district 3
Wesley Wade Watkins, Republican, Representative, from Oklahoma, district 3
Julius Caesar Watts, Republican, Representative, from Oklahoma, district 4
Anthony Weiner, Representative, from New York, district 9
Wayne Curtis (curt) Weldon, Republican, Representative, from Pennsylvania, district 7
Dave Weldon, Representative, from Florida, district 15
Gerald C. (jerry) Weller, Republican, Representative, from Illinois, district 11
Wayne Edward (ed) Whitfield, Republican, Representative, from Kentucky, district 1
Roger F. Wicker, Republican, Senator, from Mississippi, district 1
Frank Rudolph Wolf, Republican, Representative, from Virginia, district 10
Lynn Woolsey, Representative, from California, district 6
David Wu, Representative, from Oregon, district 1
Albert Russell Wynn, Democrat, Representative, from Maryland, district 4
Don Young, Representative, from Alaska

Act Overview

• Number: 10 (3)
• Official Title as Introduced: An Act to modernize the financing of the railroad retirement system and to provide enhanced benefits to employees and beneficiaries (4)
• Short Title: Railroad Retirement and Survivors' Improvement Act of 2001
• Popular Title: Pension Reform bill
• Date First Introduced: 2001-03-14
• Sponsor Name: Don Young
• Assignment Process: See Committe Assignments (5)
• Latest Major Activity/Action: Enacted
• Date Enacted (signed, in general (6), by President): 2001-12-21
• Type: hr (7)
• Main Topic: Labor and employment
• Related Bills: (8)

  hres127-107, Reason: rule, Type: bill
  hr1140-107, Reason: related, Type: bill
  hr1836-107, Reason: related, Type: bill
  s631-107, Reason: identical, Type: bill

• Summary of Pension Reform bill: Govtrack. Authored by the Congressional Research Service (CRS) of the Library of Congress.
• Primary Source: Congress Website

Text of the Pension Reform bill

Railroad Retirement and Survivors' Improvement Act of 2001 – Title I: Amendments to Railroad Retirement Act of 1974 – Amends the Railroad Retirement Act of 1974 to increase benefits to railroad employees and their beneficiaries and to revise financing of the railroad retirement system.(Sec. 101) Provides for a guaranteed initial minimum amount for surviving spouses of deceased railroad employees. Bases such amount on the tier 1 and tier 2 benefit that would have been payable to the employee at the time of the award of the surviving spouse's annuity.(Sec. 102) Repeals the reduction in tier 1 annuity components for employees and spouses prior to age 62 thus providing for full tier 1 annuities to employees at age 60 with 30 years of service and to spouses of employees with 30 years of service at age 60.(Sec. 103) Reduces from ten to five years of service (after 1995) the vesting requirement for railroad retirement benefits for employees and survivors. Sets forth computation formulae for individual annuities through railroad retirement and Social Security benefit systems.(Sec. 104) Repeals a maximum limit on annuity benefits payable to an employee and spouse under the railroad retirement system.(Sec. 105) Establishes a Railroad Retirement Trust Fund (the Fund) and a National Railroad Retirement Investment Trust (the Trust) to manage and invest Fund assets.(Sec. 106) Abolishes the Railroad Retirement Supplemental Annuity Account and provides for transfer of its funds to the Fund. Provides for transfer to the Fund of certain portions of the Railroad Retirement Account and of Social Security Equivalent Benefit account funds.(Sec. 107) Transfers to the disbursing agent from the Dual Benefits Payments Account the amount necessary to make dual benefit payments.(Sec. 108) Requires the Railroad Retirement Board (RRB) to calculate the ratio of assets to benefits to determine annual tier II tax rates for employers employee representatives and employees.Title II: Amendments to the Internal Revenue Code of 1986 – Amends the Internal Revenue Code to exempt the Trust from taxation.(Sec. 203) Repeals a supplemental annuity tax that railroad employers pay to finance a benefit for long-time rail employees.(Sec. 204) Provides for adjustments to tier II tax rates for railroad employers employee representatives and employees.

Bill Notes

• [Note 1] An Act (like Pension Reform bill) 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 a bill 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 Reform bill 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 Reform bill)
• [Note 4] An Act to modernize the financing of the railroad retirement system and to provide enhanced benefits to employees and beneficiaries. The current official title of a bill is always present, assigned at introduction (for example, in this case, on 2001-03-14) 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. An Act 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 Reform bill, go to THOMAS.

Analysis

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

Accidents
Accounting
Actions and defenses
Administrative procedure
Annuities
Auditing
Business income tax
Churches
Civil service pensions
Clergy
Commerce
Conferences
Congress
Congressional reporting requirements
Cost of living adjustments
Deficit reduction
Defined benefit pension plans
Defined contribution plans
Department of Labor
Department of the Treasury
Disasters
Dismissal of employees
Dividends
Divorce
Divorcees
Economics and public finance
Electronic data interchange
Emergency management
Employee benefit plans
Employee ownership
Excise tax
Executive compensation
Executives
Families
Federal budgets
Federal employees
Finance and financial sector
Financial planning
Financial services
Financial statements
Fines (Penalties)
Fringe benefits
Gifts
Government operations and politics
Government paperwork
Government trust funds
Governmental investigations
Health
Household workers
Income tax
Indexing (Economic policy)
Individual retirement accounts
Injunctions
Insurance premiums
Interest
Internet
Investment of public funds
Labor and employment
Labor contracts
Law
Life expectancy
Limitation of actions
Loans
Local employees
Losses
Married people
Old age, survivors and disability insurance
Partnerships
Pension funds
Pension portability
Pension trust guaranty insurance
Personal income tax
Presidential appointments
Profit sharing
Railroad employees
Railroad retirement plans
Religion
Retirement age
Saving and investment
Science, technology, communications
Self-employed
Small business
Social welfare
State employees
Stocks
Surety and fidelity
Survivors' benefits
Tax cuts
Tax deductions
Tax exclusion
Tax penalties
Tax rates
Tax returns
Tax-deferred compensation plans
Tax-exempt organizations
Taxation
Transportation and public works
Trusts and trustees
User charges
Valuation
White House conferences
Widowers
Widows
Withholding tax
Women
Women's retirement

Further Reading

• “How our laws are made”, Edward F Willett; Jack Brooks, Washington, U.S. G.P.O.
• “To make all laws : the Congress of the United States, 1789-1989”, James H Hutson- Washington, Library of Congress.
• “Bills introduced and laws enacted: selected legislative statistics, 1947-1990”, Rozanne M Barry; Library of Congress. Congressional Research Service.

Act Details

Pension Reform Act was, as a bill, a proposal (now, a piece of legislation) introduced on 2006-07-28 in the House of Commons and Senate respectively of the 109 United States Congress by John Andrew Boehner in relation with: Administrative procedure, Administrative remedies, Advice and consent of the Senate, Agricultural cooperatives, Agriculture and food, Agriculture in foreign trade, Airline employees, Airlines, Alaska, Alien labor, Annuities, Appellate procedure, Armed forces and national security, Armed forces reserves, Arts, culture, religion, Authorization, Bank records, Bankruptcy, Black lung, Blood banks, Books, Central America, Charitable contributions, Charities, Chemicals, Churches, Civil rights and liberties, minority issues, Civil service retirement, Clergy, Clothing, Collection of accounts, College costs, Commerce, Conflict of interests, Congress, Congressional reporting requirements, Consumer credit, Contracts, Cooperative societies, Corporate divestiture, Corporate mergers, Cost of living adjustments, Costa Rica, Counseling, Crime and law enforcement, Customs administration, Defined benefit pension plans, Defined contribution plans, Department of Transportation, Department of the Treasury, Dividends, Divorce, Dominican Republic, Due process of law, Dyes and dyeing, Early retirement, Economics and public finance, Education, Education savings accounts, El Salvador, Electric batteries, Electronic data interchange, Electronic government information, Electronics, Elementary and secondary education, Emergency management, Employee health benefits, Employee ownership, Employee rights, Energy, Environmental protection, Estate tax, Excise tax, Executive compensation, Families, Farm lands, Federal employees, Federal officials, Fees, Finance and financial sector, Financial disclosure, Financial services, Financial statements, Fines (Penalties), Fire fighters, Food relief, Foreign trade and international finance, Foundations, Fraud, Free trade, Futures trading, Gift tax, Government contractors, Government corporations, Government operations and politics, Government paperwork, Government publicity, Government trust funds, Governmental investigations, Guatemala, Health, Higher education, Highway finance, Honduras, Hydroelectric power, Immigration, Income tax, Indexing (Economic policy), Individual retirement accounts, Infrastructure, Insurance premiums, Interest rates, International affairs, Intranets, Inventories, Investment advisers, Investments, Judges, Judicial compensation, Jurisdiction, Labor and employment, Latin America, Law, Law enforcement officers, Legal fees, Legislative resolutions, Life insurance, Local employees, Long-term care insurance, Machinery, Medical economics, Mine safety, Miners, Minorities, Montana, National parks, Native Americans, Nature conservation, Nicaragua, Older workers, Paramedical personnel, Pension Benefit Guaranty Corporation, Pension funds, Pension trust guaranty insurance, Pesticides, Police, Presidential appointments, Public lands and natural resources, Railroad retirement plans, Real estate appraisal, Religion, Rescission of appropriated funds, Retiree health benefits, Right of property, Road construction, School districts, Science, technology, communications, Securities, Severance pay, Shipbuilding, Small business, Social welfare, Standards, State employees, Stocks, Sunset legislation, Surety and fidelity, Survivors' benefits, Tariff, Tax courts, Tax credits, Tax deductions, Tax exclusion, Tax exemption, Tax penalties, Tax refunds, Tax returns, Tax-deferred compensation plans, Tax-exempt securities, Taxation, Teachers, Textile fabrics, Trade agreements, Trade negotiations, Transportation and public works, Transportation workers, Trusts and trustees, Unemployment insurance, Unrelated business income tax, User charges, Valuation, Web sites, Wool.

Pension Reform Act became law (1) in the United States on 2006-08-17. It was referred to the following Committee(s): (2)

House Ways and Means (HSWM)
House Education and the Workforce (HSED)

Sponsor

John Andrew Boehner, Republican, Representative from Ohio, district 8

The proposal had the following cosponsors:

Dave Camp, Representative, from Michigan, district 4
John Kline, Republican, Representative, from Minnesota, district 2
Howard P. (buck) Mckeon, Republican, Representative, from California, district 25
William Marshall Thomas, Republican, Representative, from California, district 21

Act Overview

• Number: 4 (3)
• Official Title as Introduced: To provide economic security for all Americans, and for other purposes (4)
• Short Title: Pension Protection Act of 2006
• Popular Title: Pension Reform Act
• Date First Introduced: 2006-07-28
• Sponsor Name: William Marshall Thomas
• Assignment Process: See Committe Assignments (5)
• Latest Major Activity/Action: Enacted
• Date Enacted (signed, in general (6), by President): 2006-08-17
• Type: hr (7)
• Main Topic: Economics and public finance
• Related Bills: (8)

  hres966-109, Reason: rule, Type: bill
  hr2830-109, Reason: related, Type: bill
  hr4944-109, Reason: related, Type: bill

• Summary of Pension Reform Act : Govtrack. Authored by the Congressional Research Service (CRS) of the Library of Congress.
• Primary Source: Congress Website

Text of the Pension Reform Act

Pension Protection Act of 2006 – Title I: Reform of Funding Rules for Single-Employer Defined Benefit Pension Plans: Subtitle A: Amendments to Employee Retirement Income Security Act of 1974 – (Sec 101) Amends the Employee Retirement Income Security Act (ERISA) to repeal existing funding rules for defined benefit pension plans for plan years beginning after 2007 Establishes new minimum funding standards for single-employer defined benefit pension plans single-employer money purchase plans and multiemployer plans Requires employers to pay certain minimum required contributions Allows the Secretary of the Treasury to: (1) waive minimum funding standards in the event of a temporary substantial business hardship for single-employer plans or a substantial business hardship in the case of a multiemployer plan if application of the standard would be adverse to the interests of plan participants in the aggregate; (2) require a single-employer maintaining such a plan to provide security to such plan as a condition for granting or modifying a waiver Limits the number of waivers that may be granted Prohibits any amendment which increases the liability of a plan from being adopted if a waiver is in effect

(Sec 102) Amends ERISA to set forth funding rules for single-employer defined benefit pension plans Makes the minimum required contribution for single-employer plans the sum of the target normal cost of the plan for the plan year the shortfall amortization charge and the waiver amortization charge Allows funding shortfalls to be amortized over seven years Allows waiver charges to be amortized over five years

Sets forth rules governing the valuation of plan assets and liabilities Allows a plan to determine the value of plan assets using fair market value if certain requirements are met Requires a determination of present value to be based on actuarial assumptions and methods which: (1) are reasonable taking into account the experience of the plan and reasonable expectations; and (2) offer the actuary's best estimate of anticipated experience under the plan

Establishes a segmented interest rate for determining the present value of plan benefits Bases the interest rate on the corporate bond yield curve for bonds which mature at three different times: in less than 5 years; between 5 and 20 years; and after 20 years Defines “corporate bond yield curve” as a yield curve prescribed by the Secretary of the Treasury which reflects the two-year average of monthly yields on investment grade corporate bonds with varying maturities and that are in the top three quality levels available Sets forth transition rules for plans to implement the segmented interest rates

Requires the Secretary of the Treasury to prescribe mortality tables to be used for determining any present value based on the actual experience of pension plans and projected trends in such experience Requires such tables to be revised at least every 10 years to reflect the actual experience of pension plans and projected trends in such experience

Sets forth special rules for at-risk plans based on whether they are underfunded Requires such plans to make different actuarial assumptions which include assuming that participants will retire at the earliest possible date

(Sec 103) Sets forth limitations on distributions and benefit accruals under single-employer plans

Prohibits the payment of benefits due to plant shutdowns and other unpredictable contingent events if the adjusted funding target attainment percentage for a plan year: (1) is less than 60%; or (2) would be less than 60% taking into account such occurrence

Prohibits underfunded plans with funding targets less than 80% as of their valuation dates from: (1) adopting amendments that increase plan liabilities; and (2) providing lump sum distributions or other accelerated forms of benefits Prohibits underfunded plans with funding targets less than 60% as of their valuation dates from all future benefit accruals Sets forth exceptions to such prohibitions as well as special timing rules provisions for restoration of benefits and notice requirements

(Sec 104) Delays the effective date of the funding rules under this Act for eligible cooperative plans until: (1) the first plan year for which the plan ceases to be an eligible cooperative plan; or (2) January 1 2017 Revises the interest rate used to determine the current liability and required contribution of an eligible cooperative plan sponsored by multiple employers to use the third segment rate which is the rate of interest based on the corporate bond yield curve for such month taking into account only bonds maturing after 20 years Makes such rate effective after 2007 and before new funding rules apply

(Sec 105) Delays application of the funding rules for a PBGC settlement plan until January 1 2014 Applies the third segment rate after 2007 and before 2014 to determine such a plan's current liability and required contribution

(Sec 106) Delays application of the funding rules for an eligible government contractor cooperative plan until at the latest January 1 2011 Applies the third segment rate after 2007 and before the funding rules become effective

(Sec 107) Makes technical and conforming amendments

Subtitle B: Amendments to Internal Revenue Code of 1986 – (Sec 111) Amends the Internal Revenue Code (IRC) to establish minimum funding standards for single-employer defined benefit pension plans

(Sec 112) Sets forth funding rules for single-employer defined benefit pension plans

(Sec 113) Sets forth limitations on distributions and benefit accruals under single-employer plans

(Sec 114) Makes technical and conforming amendments

(Sec 115) Sets forth a special funding rule for any underfunded plan sponsored by an employer engaged primarily in the interurban or interstate passenger bus service

(Sec 116) Sets forth the treatment including tax treatment of deferred compensation to certain executives or highly compensated employees under nonqualified deferred compensation plans during any period when an employer's defined benefit plan is in or within six months of at-risk status or bankruptcy

Title II: Funding Rules for Multiemployer Defined Benefit Plans and Related Provisions – Subtitle A: Amendments to Employee Retirement Income Security Act of 1974 – (Sec 201) Amends ERISA to establish new funding rules for multiemployer defined benefit plans

Requires amounts attributable to unfunded past service liability plan amendments investment gains and losses actuarial changes and waived funding deficiency to be amortized over 15 years Directs the Secretary of the Treasury to extend the amortization period for up to 5 years upon a determination that: (1) without the extension the plan would have an accumulated funding deficiency in any of the next 10 plan years; (2) the plan sponsor has adopted a plan to improve the plan's funded status; and (3) the plan is projected to have sufficient assets to pay expected benefit liabilities and other anticipated expenses in a timely manner Authorizes the Secretary to grant an additional 5-year extension if not permitting it would result in substantial risk to voluntary continuation of the plan or substantial curtailment of pension benefit levels or employee compensation and be adverse to plan participants' aggregate interests

(Sec 202) Establishes additional funding rules for multiemployer plans in endangered or critical status including certification and notice requirements

Deems a plan to be in endangered status if it is not in critical status for the plan year and either: (1) its funded percentage for the plan year is less than 80%; or (2) it has an accumulated funding deficiency for the plan year or is projected to have such a deficiency for any of the six succeeding plan years taking into account any extension of certain amortization periods Deems plans to be in critical status if their funded percentage is less than 65% and certain other conditions are present and in specified alternative circumstances

Requires for endangered plans (in various degrees of endangered status): (1) funding improvement plans; (2) sponsor actions maintenance of contributions and benefit restrictions pending such funding improvement plans' approval; (3) certain restrictions upon such approval; (4) default (critical status) if an improvement plan is not adopted; (5) standard funding improvement periods; (6) special rules for seriously underfunded plans; and (7) sponsor recommendation of alternative proposals to bargaining parties and making relevant information available

Requires for plans in critical status: (1) rehabilitation plans; (2) 10-year rehabilitation periods; (3) plan development proposals that include at least one for the reduction of future benefit accruals (at a limited rate) and one for an increase in contributions; (4) default schedules with allocation rules for those containing reductions in future benefit accruals; (5) automatic employer surcharges; and (6) benefit adjustments Allows plan sponsors discretion to treat a failure of a contributing employer to make required contributions under the rehabilitation plan as a withdrawal from the plan

(Sec 203) Amends ERISA to require a sponsor of a plan in reorganization who determines that the plan will be insolvent in the next five years (by comparing the value of plan assets with the total amount of benefit payments made under the plan) to make such comparison at least annually until the sponsor determines that the plan will not be insolvent in any of the next five plan years

(Sec 204) Revises the table used to determine an employer's withdrawal liability upon the employer's sale of assets

(Sec 205) Prohibits a sponsor of a multiemployer plan or any other person from discriminating against any contributing employer for: (1) exercising rights under this Act; or (2) testifying before Congress in any proceeding relating to this Act

(Sec 206) Exempts a multiemployer plan that is a party to an agreement approved by PBGC that increases benefits and provides for special withdrawal liability rules from the funding rules and withdrawal liability rules under this Act

Subtitle B: Amendments to Internal Revenue Code of 1986 – (Sec 211) Amends the IRC to establish funding rules for multiemployer defined benefit plans

(Sec 212) Establishes additional funding rules for multiemployer plans in endangered or critical status

(Sec 213) Amends the IRC to require a sponsor of a plan in reorganization who determines that the plan will be insolvent in the next five years to evaluate the plan at least annually until the sponsor determines that the plan will not be insolvent in any of the next five plan years

(Sec 214) Prohibits a tax from being imposed for any accumulated funding deficiency of a multiemployer pension plan meeting certain requirements including having contributing employers that participate in a federal fishery capacity reduction program and the Northeast Fisheries Assistance Program

Subtitle C: Sunset of Additional Funding Rules – (Sec 221) Directs the Secretaries of Labor and the Treasury and the PBGC Executive Director to report to Congress on the effect of this Act on the operation and status of multiemployer plans

Provides for the sunset of multiemployer funding rules under this subtitle Provides that such rules shall cease to apply to plan years beginning after December 31 2014 and that ERISA and IRC rules in effect before the amendments made by this Act shall be applicable again except with respect to any plan operating under a funding improvement or rehabilitation plan for its last year beginning before January 1 2015

Title III: Interest Rate Assumptions – (Sec 301) Extends through 2007 interest rate rules that require the use of a rate based on long-term investment grade corporate bonds rather than 30-year Treasury securities to calculate a defined benefit plan's liability and required contributions current liability and the premium to be paid to PBGC

(Sec 302) Sets forth the interest rate calculation and mortality tables for determining the present value of a qualified joint and survivor annuity or a qualified preretirement survivor annuity that will be immediately distributed Phases in use of a yield curve method involving interest rates on corporate bonds to determine the amount of such payments

(Sec 303) Revises the interest rate assumptions for adjusting a benefit for lump sum distributions

Title IV: PBGC Guarantee and Related Provisions – (Sec 401) Replaces the interest rate based on 30-year Treasury securities used for the valuation of vested benefits with segmented interest rates based on investment grade corporate bonds with varying maturities

Makes permanent provisions establishing additional premiums to be paid to PBGC upon termination of a single-employer plan

(Sec 402) Allows commercial passenger airline plan sponsors to elect to: (1) apply an alternative funding schedule and special rules including amortization of unfunded liability over 17 years; or (2) use applicable funding rules but amortize the shortfall amortization base over a period of 10 years (rather than 7)

(Sec 403) Makes PBGC responsible in the event of an unpredictable contingent event for benefits as of the date of the event

(Sec 404) Sets the terminating date of a pension plan for PBGC purposes as the date the plan sponsor files for bankruptcy

(Sec 405) Sets forth maximum premiums to be paid to PBGC by small employers

(Sec 406) Authorizes PBGC to pay interest on the amount of any premium overpayment refunded to a designated payor

(Sec 407) Revises rules for substantial owner benefits in terminated plans with respect to: (1)the phase-in of guarantee; and (2) the allocation of assets

(Sec 408) Provides for accelerated computation of benefits payable to participants and beneficiaries by the PBGC from recoveries of employer liability Revises provisions relating to: (1) the average recovery percentage of the outstanding amount of such benefits; and (2) the valuation of recovery liability in determining such benefit amounts

(Sec 409) Establishes a special rule for treatment of certain plans where a member that maintained a single-employer defined benefit plan that is fully funded ceases to be a member of a controlled group

(Sec 410) Directs PBGC to issue missing participant rules for multiemployer plans Allows the transfer of missing participants' benefits to PBGC upon plan termination for certain plans not subject to the PBGC termination insurance program

(Sec 411) Replaces the chairman of the board of directors with a Director to head PBGC to be approved by the Senate

(Sec 412) Requires certain information to be included in the PBGC annual report including: (1) a summary of the Pension Insurance Modeling System microsimulation model; (2) a comparison of the average return on investments earned by PBGC compared to an average return on other specified investments; and (3) a statement regarding the deficit or surplus for such year that PBGC would have had if the corporation earned the same return as the specified investments

Title V: Disclosure – (Sec 501) Revises requirements for defined benefit plan funding notices and the types of information which multiemployer plans must provide Requires single-employer plans to provide such notices

(Sec 502) Requires an administrator of a multiemployer pension plan to furnish actuarial reports financial reports and any application for an amortization extension upon the request of any plan participant or beneficiary employee representative or any employer with an obligation to contribute to the plan Requires plan sponsors or administrators to furnish a notice of potential withdrawal liability upon the request of any employer Requires notice of any amendment providing for a significant reduction in the rate of future benefit accruals to be provided to each such employer

(Sec 503) Sets forth additional requirements for annual reports to the Secretary of Labor by defined benefit plans including the funded percentage of each plan and explanations of actuarial assumptions and methods used

(Sec 504) Requires identification basic plan information and actuarial information included in the annual report to be: (1) filed in an electronic format; and (2) displayed on a website maintained by the Secretary of Labor and on an intranet website maintained by the plan sponsor or administrator

(Sec 505) Requires a contributing sponsor to file a financial report with PBGC if the funding target attainment percentage of the plan is less than 80% (Currently the criteria for sponsor reporting is based on the aggregate unfunded vested benefits of the plan)

(Sec 506) Sets forth requirements for a single-employer plan to disclose termination information to affected parties

(Sec 507) Requires plan administrators to notify plan participants or beneficiaries of their right to divest employer securities at least 30 days before eligibility

(Sec 508) Requires an administrator of an individual account plan or a defined benefit plan to provide participants or beneficiaries with a pension benefit statement on a specified schedule

(Sec 509) Revises the definition of “one-participant retirement plan” Makes such change effective as if it were included in the Sarbanes-Oxley Act of 2002

Title VI: Investment Advice Prohibited Transactions and Fiduciary Rules – Subtitle A: Investment Advice – (Sec 601) Exempts from prohibited transaction rules the provision of investment advice (and certain transactions pursuant to such advice as well as certain fees for such advice) to a plan and its participants and beneficiaries regarding plan assets subject to such participants' and beneficiaries' direction if such advice is given by fiduciary advisors meeting specified requirements

Subtitle B: Prohibited Transactions – (Sec 611) Establishes exemptions from prohibited transaction rules for specified types of transactions involving: (1) block trading; (2) bonding relief; (3) providing services between a plan and a party in interest but only if adequate consideration is involved; (4) electronic communication and similar networks subject to governmental regulation where the identity of the parties is not taken into account; (5) foreign exchange; and (6) cross trading

(Sec 612) Establishes a prohibited transaction exemption for a transaction that would have been prohibited but is corrected within 14 days after the fiduciary or party in interest or other person discovers or reasonably should have discovered that the transaction would constitute a prohibited transaction

Subtitle C: Fiduciary and Other Rules – (Sec 621) Makes certain provisions for relief from fiduciary liability inapplicable during suspensions of the ability of participants or beneficiaries to direct investments

(Sec 622) Increases the maximum bond amount required for fiduciaries of an employee benefit plan who hold employer securities

(Sec 623) Increases penalties for coercive interference with the exercise of ERISA rights

(Sec 624) Treats a participant in an individual account plan as exercising control over assets where a plan designates default investments meeting certain requirements

(Sec 625) Directs the Secretary of Labor to issue regulations clarifying that the selection of an annuity contract as an optional form of distribution from an individual account plan to a participant or beneficiary is not subject to the safest available annuity standard

Title VII: Benefit Accrual Standards – (Sec 701) Revises ERISA rules relating to reductions in accrued benefits

Sets forth the requirements with which defined benefit pension plans including hybrid plans such as cash balance plans must comply to be deemed nondiscriminatory as to age in cases of a reduction in accrued benefits because of attainment of any age

(Sec 702) Directs the Secretary of the Treasury to prescribe regulations to apply such requirements to cases where conversions to applicable defined benefit plans are made with respect to groups who become employees due to mergers acquisitions or similar transactions

Title VIII: Pension Related Revenue Provisions – Subtitle A: Deduction Limitations – (Sec 801) Set forth rules establishing the deduction limit for single-employer defined benefit plans

(Sec 802) Sets the maximum deductible amount for multiemployer defined benefit plans as not less than the excess of 140% of the current liability of the plan over the value of the plan's assets

(Sec 803) Applies deduction limits for plan sponsors maintaining both defined benefit plans and defined contribution plans in the case of employer contributions to one or more defined contribution plans only to the extent that those contributions exceed 6% of the compensation otherwise paid or accrued to beneficiaries during the plan year

Subtitle B: Certain Pension Provisions Made Permanent – (Sec 811) Repeals the sunset of provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 related to individual retirement accounts and pensions

(Sec 812) Repeals the sunset of the tax credit for qualified retirement savings contributions

Subtitle C: Improvements in Portability Distribution and Contribution Rules – (Sec 821) Revises the definition of “permissive service credit” to include: (1) service credit for periods for which there is no performance of service; and (2) service credited in order to provide an increased benefit for service credit which a participant is recovering under the plan

(Sec 822) Allows rollover of after-tax amounts to an annuity contract

(Sec 823) Requires the Secretary of the Treasury to issue regulations under which a governmental plan shall be treated as having complied with trust distribution requirements if the plan complies with a reasonable good faith interpretation of those requirements

(Sec 824) Allows direct rollovers from eligible retirement plans to Roth IRAs

(Sec 825) Provides that an individual is not precluded from participating in an eligible deferred compensation plan by reason of having received a distribution from a governmental plan or a tax-exempt employer

(Sec 826) Requires the Secretary of the Treasury to modify rules for determining whether a participant has had a hardship or unforeseen financial emergency

(Sec 827) Exempts a distribution made to a reservist who is called to active duty for at least 179 days from the imposition of a tax for early distribution from qualified retirement plans Makes provision retroactive to September 11 2001

(Sec 828) Exempts a distribution made to a qualified public safety employee after separation of service after attainment of age 50 (currently 55) from the imposition of a tax for early distribution from qualified retirement plans Applies such exemption to police firefighters and emergency medical service personnel

(Sec 829) Permits a distribution from an eligible retirement plan of a deceased employee to an individual retirement plan of a designated beneficiary that is not the surviving spouse of the employee

(Sec 830) Requires the Secretary of the Treasury to make available a form for individuals to direct that a portion of any tax refund be paid directly to an individual retirement plan

(Sec 831) Allows and gives credit for additional individual retirement account payments in certain bankruptcy cases

(Sec 832) Amends the calculation of the average compensation for the high three years when calculating the annual benefit limit under a defined benefit plan

(Sec 833) Adjusts for inflation the maximum income limits for the tax credit for qualified retirement savings contributions

Subtitle D: Health and Medical Benefits – (Sec 841) Permits an employer maintaining a defined benefit plan to transfer excess pension assets to cover current retirees future health liabilities

(Sec 842) Removes the exclusion that prevents multiemployer pension plans from transferring excess pension assets to health benefits accounts for retirees

(Sec 843) Allows qualified asset accounts to include a reserve for medical benefits provided through bona fide association health plans

(Sec 844) Excludes from gross income any charge against the cash value of an annuity contract or the cash surrender value of a life insurance contract made as payment for coverage under a qualified long-term care insurance contract which is part of or a rider on such annuity or life insurance contract if the investment in the contract is reduced (but not below zero) Requires an individual excluding such charges from gross income to file a return with the Secretary of the Treasury

(Sec 845) Excludes from gross income direct distributions from governmental retirement plans to pay for health and long-term care insurance premiums for retired public safety officers

Subtitle E: United States Tax Court Modernization – (Sec 851) Provides for cost-of-living increases to annuities for surviving spouses and dependents of Tax Court judges based on increases paid under the Civil Service Retirement System

(Sec 852) Authorizes the Tax Court to pay increases in the cost of Federal Employees' Group Life Insurance for judges age 65 and over

(Sec 853) Allows Tax Court judges to participate in the Thrift Savings Plan

(Sec 854) Provides for the payment of annuities to surviving spouses and dependents of magistrate judges

(Sec 855) Grants exclusive jurisdiction to the Tax Court for collection due process case appeals

(Sec 856) Authorizes the Chief Judge of the Tax Court to recall retired magistrate judges for service Limits the term of such service to 90 days in any calendar year

(Sec 857) Authorizes the assignment of employment tax cases involving $50000 or less to special trial judges

(Sec 858) Permits the Tax Court to apply the doctrine of equitable recoupment (a defendant's right to claim an offset against a debt in a creditor action) to the same extent that it is available in civil tax cases before the US District Court and the US Court of Federal Claims

(Sec 859) Authorizes the Tax Court to impose a fee of up to $60 for the filing of any petition

(Sec 860) Requires a portion of Tax Court practitioner fees to be used to provide services to pro se taxpayers (taxpayers representing themselves before the Tax Court)

Subtitle F: Other Provisions – (Sec 861) Extends to all governmental plans the exemption from application of minimum participation and nondiscrimination rules in favor of highly compensated employees applicable to state and local plans

(Sec 862) Eliminates the limit that prohibited payments from the Black Lung Disability Trust Fund to pay accident or health benefits for retired miners and their spouses and dependents from exceeding an amount based on aggregate limits from all taxable years Requires that such limits be based only on the prior taxable year

(Sec 863) Includes in gross income benefits paid to other employees directors and highly compensated employees under employer-owned life insurance contracts upon the death of an insured employee that exceed the sum of the premiums and other amounts paid for the contract

(Sec 864) Amends the Revenue Reconciliation Act of 1978 to deem to not be an employee any individual providing services as a test proctor or room supervisor by assisting in the administration of college entrance or placement examinations

(Sec 865) Provides that annuity payments from qualified church plans that otherwise meet specified distribution requirements for money purchase pension plans under the IRC shall not fail to satisfy qualified trust distribution requirements merely because the payments are not made under an annuity contract purchased from an insurance company

(Sec 866) Defines a “qualified organization” to include a church-maintained retirement income account for purposes of determining the tax on unrelated debt-financed income from real property interests

(Sec 867) Exempts participants in church plans who are not highly compensated employees from certain defined benefit plan limitations

(Sec 868) Requires that the amount of a qualified gratuitous transfer to an employee stock ownership plan allocated each year be determined on the basis of the fair market value of securities when allocated to participants

Title IX: Increase in Pension Plan Diversification and Participation and Other Pension Provisions – (Sec 901) Requires defined contribution plans holding publicly traded securities to provide employees with: (1) the opportunity to divest employer securities; and (2) at least three investment options other than employer securities

(Sec 902) Allows qualified automatic contribution arrangements where eligible employees are treated as having elected to have the employer make elective contributions in an amount equal to a qualified percentage of compensation until the employees otherwise make an affirmative election

(Sec 903) Sets forth benefit contribution and notice requirements for treatment of eligible combined defined benefit plans and qualified cash or deferred arrangements

(Sec 904) Provides for faster vesting of employer contributions in defined contribution plans

(Sec 905) Revises the definition of “employee pension benefit plan” to allow distributions prior to termination of covered employment that is made to an employee who has attained age 62 and who is not separated from employment at the time of the distribution

(Sec 906) Revises the definition of governmental plan to treat Indian tribal pension plans as tax-qualified governmental plans

Title X: Provisions Relating to Spousal Pension Protection – (Sec 1001) Directs the Secretary of Labor to issue regulations relating to the time and order of issuance of qualified domestic relations orders under ERISA and IRC provisions

(Sec 1002) Amends the Railroad Retirement Act of 1974 to eliminate the requirement that an individual be entitled to and receiving an annuity in order for a divorced spouse to receive an annuity

(Sec 1003) Extends the payment of any portion of Tier II railroad retirement benefits to surviving former spouses pursuant to court decrees upon the death of the individual who performed the service unless the termination of benefits is required by such court decree

(Sec 1004) Requires pension plans to offer participants the option of a qualified joint and 3/4 survivor annuity (as an alternative to the current qualified joint and survivor annuity)

Title XI: Administrative Provisions – (Sec 1101) Grants the Secretary of the Treasury full authority to establish implement update and improve the Employee Plans Compliance Resolution System and any other employee plans correction policies including the authority to waive income excise or other taxes to ensure that any tax penalty or sanction is not excessive and bears a reasonable relationship to the nature extent and severity of the failure

(Sec 1102) Increases the period during which: (1) a participant may elect to waive the qualified joint and survivor annuity form of benefit; and (2) a plan must provide notice to a participant Requires the notification to describe not only a participant's right (if any) to defer receipt of a distribution but also the consequences of failing to defer such receipt

(Sec 1103) Requires the Secretary of the Treasury to modify the requirements for filing annual returns to ensure that one-participant plans with assets of $250000 or less are not required to file an annual return Requires the Secretary of the Treasury and the Secretary of Labor to provide for the filing of a simplified annual return for any retirement plan which covers fewer than 25 participants

(Sec 1104) Amends the IRC and the Age Discrimination in Employment Act of 1967 to treat certain voluntary early retirement incentive and employment retention plans of local educational agencies and of educational associations as bona fide severance pay plans to the extent that payments as early retirement benefits could otherwise be made subject to specified conditions Amends ERISA to treat such plans as welfare plans (not pension plans) for purposes of such payments

(Sec 1105) Prohibits states from reducing unemployment compensation as a result of any pension retirement or retired pay annuity or similar payment which is not included in the gross income of the individual for the taxable year because it was part of a rollover distribution

(Sec 1106) Allows a plan to revoke its election to not be treated as a multiemployer plan under certain circumstances

(Sec 1107) Sets forth provisions relating to plan amendments

Title XII: Provisions Relating to Exempt Organizations – Subtitle A: Charitable Giving Incentives – (Sec 1201) Amends the IRC to exclude from the gross income of certain individual retirement account holders up to $100000 of their distributions from such accounts made for charitable purposes Terminates this tax exclusion after 2007

Increases penalties for the failure of split-interest trusts and trusts claiming certain tax deductions for charitable contributions to file required informational returns

(Sec 1202) Extends through 2007 provisions allowing non-corporate taxpayers to make tax deductible contributions of food inventory

(Sec 1203) Provides that the amount of an S corporation shareholder's basis reduction in the stock of such corporation due to a charitable contribution made by the corporation will be the shareholder's pro rata share of the adjusted basis of the contributed property

(Sec 1204) Extends through 2007 the increased tax deduction for corporate contributions of book inventories to public schools

(Sec 1205) Sets forth a special rule for the tax treatment of payments of interest rents annuities or royalty payments made to a tax-exempt organization which has a controlling interest in the entity making such payments Terminates such rule after 2007 Requires the Secretary to report to the Senate Finance Committee and the House Ways and Means Committee on the effectiveness of the Internal Revenue Service (IRS) in administering this tax provision

(Sec 1206) Allows individual taxpayers an increased tax deduction (50% of taxpayer contribution base) for qualified conservation contributions (real property donated to a charitable organization exclusively for conservation purposes) Increases such tax deduction to 100% for contributions by certain farmers or ranchers Allows a 15-year carryforward of unused deduction amounts Allows an increased tax deduction (and 15-year carryover of such tax deduction) for qualified conservation contributions made by corporate farmers and ranchers Terminates such provisions after 2007

(Sec 1207) Exempts tax-exempt blood collector organizations from: (1) the excise tax on diesel and special motor fuels; (2) the manufacturer's excise tax; (3) the communication excise tax; and (4) the excise tax on heavy vehicles

Subtitle B: Reforming Exempt Organizations – Part I: General Reforms – (Sec 1211) Requires tax-exempt organizations which acquire a direct or indirect interest in certain life insurance annuity or endowment contracts to file informational returns during a specified two-year period Imposes penalties on such organizations for failure to file required information Directs the Secretary of the Treasury to study the use of such contracts by tax-exempt organizations and to report to the Senate Finance Committee and the House Ways and Means Committee

(Sec 1212) Increases penalties on charitable organizations including private foundations for: (1) self-dealing and excess benefit transactions; (2) failure to distribute income; (3) excess business holdings; (4) investments which jeopardize charitable purpose; and (5) taxable expenditures (eg political activities) Increases penalties on managers of such organizations for prohibited activities

(Sec 1213) Modifies requirements for the tax deduction for charitable contributions of easements on buildings in registered historic districts to require such easements to preserve the entire exterior of the building and to prohibit any change that is inconsistent with the historical character of such exterior

(Sec 1214) Disallows enhanced tax deductions for charitable contributions of taxidermy property (a work of art which is the reproduction or preservation of a dead animal)

(Sec 1215) Sets forth rules for the recapture of tax benefits for charitable contributions of tax-exempt use property which is not used for charitable purposes Modifies reporting requirements relating to the disposition of charitable deduction property by a donee Imposes a $10000 penalty for the fraudulent identification of tax-exempt use property

(Sec 1216) Disallows a tax deduction for clothing or household items that are not in good used condition or better Defines “household items” to include furniture electronics appliances linens and other similar items but excludes food paintings antiques and other objects of art jewelry and gems and collectibles

(Sec 1217) Modifies recordkeeping requirements for charitable contributions of monetary gifts to require bank records for such contributions or confirmation letters from the donee organizations

(Sec 1218) Requires a tax-exempt organization which receives a donation of a fractional interest in an item of tangible property to take actual possession of such item for the portion of the year corresponding to the organization's percentage interest in such item

(Sec 1219) Increases penalties for substantial and gross overstatements of valuations of charitable deduction property Imposes a penalty for intentional misstatements of appraisal values Sets forth definitions relating to appraisers and appraisals

(Sec 1220) Establishes standards and requirements for tax-exempt credit counseling organizations

(Sec 1221) Revises the definitions of private foundation gross investment income and capital gain net income for purposes of the excise tax on such income

(Sec 1222) Defines “convention or association of churches” to include individuals (with or without voting rights) as well as churches

(Sec 1223) Imposes certain reporting requirements on exempt organizations not currently required to file information returns (eg organizations with gross receipts of less than $25000)

(Sec 1224) Authorizes the Secretary of the Treasury to notify state officials of adverse actions taken by the IRS against certain charitable organizations

(Sec 1225) Permits public disclosure of unrelated business income tax returns filed by tax-exempt charitable organizations

(Sec 1226) Directs the Secretary to study the organization and operation of donor advised funds and report to the Senate Finance Committee and the House Ways and Means Committee on such study

Part 2: Improved Accountability of Donor Advised Funds – (Sec 1231) Imposes a 20% excise tax on supporting organizations (5% tax on fund management) for making taxable distributions from a donor advised fund Limits the amount of such tax to $10000 for any one taxable distribution

Defines “sponsoring organization” as a tax-exempt organization which is not a private foundation and which maintains one or more donor advised funds Defines ” donor advised fund” as a separately identified fund which is owned and controlled by a sponsoring organization and which permits a donor to have advisory privileges as to the distribution or investment of fund assets Authorizes the Secretary to exempt a fund from treatment as a donor advised fund under certain conditions

Imposes penalty taxes on prohibited benefits resulting from certain distributions made from donor advised funds

(Sec 1232) Extends penalties applicable to tax-exempt organizations for excess benefit transactions involving donor advised funds

(Sec 1233) Extends penalties applicable to private foundations for excess benefit holdings of donor advised funds

(Sec 1234) Limits the tax deductibility of charitable contributions made to donor advised funds by individuals estates and donors of gifts

(Sec 1235) Requires a supporting organization to report for its taxable year: (1) its total number of its donor advised funds; (2) the aggregate value of assets held in such funds; and (3) the aggregate contributions to and grants made from such funds

Part 3: Improved Accountability of Supporting Organizations – (Sec 1241) Sets forth requirements for supporting organizations relating to distributions and responsiveness to supported organizations

(Sec 1242) Extends penalties applicable to tax-exempt organizations for excess benefit transactions involving supporting organizations

(Sec 1243) Extends penalties applicable to private foundations for excess benefit holdings of supporting organizations

(Sec 1244) Limits distributions and taxable expenditures made by nonoperating private foundations to supporting organizations

(Sec 1245) Sets forth reporting requirements for supporting organizations

Title XIII: Other Provisions – (Sec 1301) Amends the Federal Mine Safety and Health Act of 1977 as amended by the Mine Improvement and New Emergency Response Act of 2006 to make technical changes

(Sec 1302) Amends the Safe Accountable Flexible Efficient Transportation Equity Act: A Legacy for Users to change the amount authorized for the Going-to-the-Sun Road at Glacier National Park Montana and to make such funds available as if they were apportioned consistent with other federal highway aid Increases the unobligated funds apportioned to the states before September 30 2009 for certain transportation activities that are subject to rescission

(Sec 1303) Excludes electricity provided to the city of Hoonah Alaska from the determination as to whether any private activity bond issued before May 31 2006 and used to finance the Snettisham or Lake Dorothy hydroelectric facilities is a qualified bond for purposes of excluding bond interest from gross income

(Sec 1304) Amends the Economic Growth and Tax Relief Reconciliation Act of 2001 to permanently extend provisions related to a qualified tuition program Allows the Secretary of the Treasury to prescribe regulations to carry out or prevent abuse of such provisions

Title XIV: Tariff Provisions – Miscellaneous Trade and Technical Corrections Act of 2006 – Subtitle A: Temporary Duty Suspensions and Reductions – Chapter 1: New Suspensions and Reductions – (Sec 1411) Amends the Harmonized Tariff Schedule of the United States (HTS) to provide for temporary duty suspensions increases or reductions through December 31 2009 for: (1) certain non-knit auto mechanic's gloves; (2) certain microphones for automotive interiors; (3) various specified acrylic or modacrylic synthetic staple fibers and filament tows; (4) nitrocellulose; (5) potassium sorbate; (6) sorbic acid; (7) certain capers; (8) certain preparations of pepperoncini; (9) certain chemicals chemical mixtures and dyes; (10) hydraulic control units; (11) shield asy-steering gear; (12) certain master cylinder assembles; (13) certain transaxles; (14) converter asy; (15) module and bracket asy-power steering; (16) unit asy-battery hi volt; (17) certain articles of natural cork; (18) DEMBB distilled-iso tank; (19) certain acrylic fiber tow; (20) M-alcohol; (21) certain machines for the assembly of motorcycle wheels; (22) palm fatty acid distillate; (23) certain cosmetic bags; (24) formulations of prosulfuron; (25) ion-exchange resins; (26) ion-exchange resin powder; (27) certain cases for toys; (28) aspirin; (29) various specified kinds of camel and vicuna hair; (30) low expansion laboratory glass; (31) stoppers lids and other closures; (32) various specified kinds of basketballs; (33) certain volleyballs; (34) certain decorative plates sculptures and plaques and architectural miniatures; (35) certain music boxes; (36) certain footwear; (37) certain refracting and reflecting telescopes; (38) certain liquid crystal device (LCD) panel assemblies; and (39) certain watertube boilers and reactor vessel heads

Chapter 2: Existing Duty Suspensions and Reductions – (Sec 1611) Extends the existing suspension or reduction of duty through December 31 2009 for: (1) certain chemicals and dyes; (2) certain yarn of viscose rayon; (3) certain ion-exchange resins; (4) certain bags for toys; (5) cases for certain children's products; (6) certain children's products; (7) certain light absorbing photo dyes; (8) certain R-core transformers; (9) certain filament yarns; (10) certain semi-manufactured forms of gold; (11) sodium petroleum sulfonate; and (12) ceiling fans

Extends the suspension of duty on certain chemicals through December 31 2009 Imposes a duty on certain chemicals through December 31 2009 (thus rescinding their duty-free treatment) Decreases the duty on certain chemicals through December 31 2009

Subtitle B: Other Tariff Provisions – Chapter 1: Liquidation or Reliquidation of Certain Entries – (Sec 1621) Directs the Commissioner of the Bureau of Customs and Border Protection (Commissioner) to admit free of duty into the United States three tramway cars and their associated spare parts manufactured in Ostrava Czech Republic for the use by the city of Portland Oregon and imported pursuant to a contract with the city Requires the Commissioner to reliquidate (refund the duties) paid on such entries before enactment of this section

(Sec 1622) Requires the Commissioner to liquidate or reliquidate and refund any amounts owed or interest previously paid on certain entries of: (1) candles without assessment of antidumping duties and interest; (2) roller chain without assessment of interest; and (3) soundspa clock radios

Chapter 2 – Miscellaneous Provisions – (Sec 1631) Amends the Tariff Act of 1930 and the HTS to exempt from duty the cost of equipment repair parts and materials involved in the repair of certain vessels by US crews done in foreign waters or in a foreign port that does not involve foreign shipyard repairs by foreign labor

(Sec 1632) Suspends from April 2 2006 through June 30 2009 the requirement that the administering authority direct the Customs Service to allow at the option of the importer of such merchandise the posting until completion of the review of a bond or security in lieu of a cash deposit for each entry of the subject merchandise (bonding privileges)

Requires the Secretary of the Treasury to report to specified congressional : (1) recommendations on whether such suspension should be extended; and (2) assessments of the effectiveness of any administrative measures that have been implemented to address the difficulties giving rise to the suspension

Requires the Secretary of the Treasury to report to specified congressional with recommendations for additional action on the major problems experienced in the collection of duties including fraudulent activities intended to avoid their payment

(Sec 1633) Amends the HTS to extend the duty suspensions and duty-free treatment for certain wool products through December 31 2009

Amends the Wool Suit and Textile Trade Extension Act of 2004 to require the Bureau of Customs and Border Protection to make annual (currently two additional) payments from the Wool Apparel Manufacturers Trust Fund to importing and nonimporting manufacturers of certain wool products during calendar year 2005

Requires each subsequent annual payment to be made after January 1 of each subsequent year but on or before April 15 of such year through calendar year 2010

Extends the authorization of the Secretary of Commerce through calendar year 2009 to provide grants to manufacturers of certain worsted wool fabrics during calendar years 1999 2000 and 2001

Makes only manufacturers who weave worsted wool fabric in the United States eligible for such grants

Amends the Trade and Development Act of 2000 as amended by the Wool Suit and Textile Trade Extension Act of 2004 to extend the Wool Research Development and Promotion Trust Fund through December 31 2010

(Sec 1634) Authorizes the President to proclaim modifications to the HTS to carry out amendments to the Agreement proposed by the United States and the Dominican Republic-Central America-United States Free Trade Agreement (DR-CAFTA) the terms of which are contained in letters of understanding specified in this Act

Terminates such authority on December 31 2007

Authorizes the President to proclaim such modifications to carry out amendments proposed by the United States Costa Rica and the Dominican Republic the terms of which are contained in the letters of understanding exchanged between the countries relating to the rules of origin for articles containing pocket bag fabric used in an apparel article classifiable under the HTS that contains a pocket or pockets

Subjects such modification to consultaton and layover requirements of the Dominican Republic-Central America-United States Free Trade Agreement Implementation Act (DR-CAFTA IA) Makes such modification ineffective if a joint resolution of Congress is enacted into law disapproving it

Terminates such authority on December 31 2007

Authorizes the Commissioner of Customs to require an importer to submit at the time the importer files a claim for preferential tariff treatment under the Agreement a certificate of eligibility properly completed and signed or transmitted pursuant to an authorized electronic data interchange system by an authorized official of the government of Nicaragua to implement the tariff preference level for Nicaragua provided in the Agreement

Authorizes the President to proclaim a reduction in the overall limit in such tariff preference level if Nicaragua fails to comply with a commitment under an agreement between the United States and Nicaragua with regard to the administration of such tariff preference

Makes a technical correction to the DR-CAFTA IA relating to retroactive application for certain liquidations and reliquidations of textile or apparel goods

Requires within 30 days after enactment of this Act and at least quarterly thereafter the US Trade Representative (USTR) to report to the appropriate congressional on the status of negotiations and amendments proposed by the United States Nicaragua El Salvador Honduras Guatemala Costa Rica and the Dominican Republic to the Agreement regarding any change to the rule of origin or alteration of the tariff treatment of certain socks classified or described in this Act

Requires the USTR to provide to the appropriate congressional copies of any amendments: (1) to be proposed by the United States before the amendments are offered; and (2) received by the United States relating to such negotiations

Terminates such reporting requirements on the date on which any change is made to the rule of origin pursuant to the Agreement for such socks or December 31 2007 whichever occurs later

(Sec 1635) Amends the Tariff Act of 1930 the Trade Act of 1974 the Consolidated Omnibus Budget Reconciliation Act of 1985 and the Bipartisan Trade Promotion Authority Act of 2002 to make technical corrections

Subtitle C: Effective Date – (Sec 1641) Sets forth the effective date for amendments made by this title

Act Notes

• [Note 1] An Act (like Pension Reform 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 Reform 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 Reform Act )
• [Note 4] To provide economic security for all Americans, and for other purposes. The current official title of a bill is always present, assigned at introduction (for example, in this case, on 2006-07-28) 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 Reform Act , go to THOMAS.

Analysis

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

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Further Reading

• “How our laws are made”, Edward F Willett; Jack Brooks, Washington, U.S. G.P.O.
• “To make all laws : the Congress of the United States, 1789-1989”, James H Hutson- Washington, Library of Congress.
• “Bills introduced and laws enacted: selected legislative statistics, 1947-1990”, Rozanne M Barry; Library of Congress. Congressional Research Service.