Worker Retiree and Employer Recovery Act of 2008

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Contents

Worker Retiree and Employer Recovery Act of 2008

Worker Retiree and Employer Recovery Act of 2008

Act Details

Worker Retiree and Employer Recovery Act of 2008 was a proposal (now, a piece of legislation) introduced on 2008-12-10 in the House of Commons and Senate respectively of the 110 United States Congress by Charles B. Rangel in relation with: Accounting and auditing, Bankruptcy, Employee benefits and pensions, Financial crises and stabilization, Government employee pay, benefits, personnel management, Health care costs and insurance, Income tax deductions, Income tax exclusion, Interest, dividends, interest rates, Labor and employment, Motor carriers, Railroads, Small business, Tax administration and collection, taxpayers, Transportation employees.

Worker Retiree and Employer Recovery Act of 2008 became law (1) in the United States on 2008-12-23. It was referred to the following Committee(s): (2)

House Ways and Means (HSWM)
House Education and Labor (HSED)

Charles B. Rangel, member of the US congress
Charles B. Rangel, Democrat, Representative from New York, district 15

The proposal had the following cosponsors:

Jim McCrery, Representative, from Louisiana, district 4
Howard P. (buck) Mckeon, Republican, Representative, from California, district 25
George Miller, Democrat, Representative, from California, district 7

Act Overview

Text of the Worker Retiree and Employer Recovery Act of 2008

Worker Retiree and Employer Recovery Act of 2008 – Title I: Technical Corrections Related to the Pension Protection Act of 2006 – Subtitle A: Technical Corrections Related to the Pension Protection Act of 2006 – (Sec. 101) Makes technical corrections to the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to conform to the Pension Protection Act of 2006 regarding various specified items including: (1) the target normal cost of benefits; (2) specified implementation and effective dates for certain requirements; (3) one-participant retirement plans; (4) special age-related rules in accrued benefit requirements for applicable defined benefit plans; (5) inapplicability in certain cases of the limitation on income deductions (for tax purposes) for employer contributions to one or more defined contribution plans; and (6) adjustments to averaging in the determination of the value of the assets of single-employer defined benefit pension plans for minimum funding purposes.

(Sec. 110) Makes technical corrections to the Railroad Retirement Act of 1974 with respect to railroad retirement payments to persons not entitled to an annuity.

Subtitle B: Other Provisions – (Sec. 121) Requires that the value of assets for any ERISA plan under the averaging method be adjusted for expected earnings (in addition to contributions and distributions as under current law).

(Sec. 122) Modifies the interest rate assumption required with respect to certain small employer plans.

(Sec. 123) Makes technical corrections to the Age Discrimination in Employment Act of 1967 to require treatment of a rate of return or a method of crediting interest as a market rate of return and a permissible method of crediting interest in special age-related rules for governmental defined benefit plans.

(Sec. 124) Prescribes a special rule for exclusion from gross income of certain reimbursements from governmental plans for health care expenses of a deceased accident or health care plan participant's beneficiary.

(Sec. 125) Requires treatment as a qualified rollover contribution of any airline payment amount received by a qualified airline employee in an airline carrier bankruptcy which is transferred to a Roth IRA within 180 days of receipt.

(Sec. 126) Revises asset valuation rules for certain commercial airline benefit plans.

(Sec. 127) Increases by $4 the penalties for failure to file partnership returns and S corporation returns.

Title II: Pension Provisions Relating to Economic Crisis – (Sec. 201) Provides a waiver of minimum distribution requirements for certain retirement plans and accounts for 2009.

(Sec. 202) Revises requirements for determining the shortfall amortization base for a single-employer defined benefit pension plan the value of whose plan assets exceeds the plan funding target for any plan year beginning after 2007 and before 2011.

(Sec. 203) Modifies for FY2009 application of the limitation on benefit accruals for single-employer plans with severe funding shortfalls. Requires substituting the plan's adjusted funding target attainment percentage for the preceding plan year for the adjusted funding target attainment percentage for the new plan year but only if the percentage for the preceding plan year is greater.

(Sec. 204) Provides for delay of the designation of multiemployer benefit plans as endangered or critical during FY2009.

(Sec. 205) Extends the funding improvement and rehabilitation periods for multiemployer benefit plans in endangered or critical status for FY2008 or FY2009.

Bill Notes

  • [Note 1] An Act (like Worker Retiree and Employer Recovery Act of 2008) 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 Worker Retiree and Employer Recovery Act of 2008 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 (Worker Retiree and Employer Recovery Act of 2008)
  • [Note 4] To make technical corrections related to the Pension Protection Act of 2006, and for other purposes. The current official title of a bill is always present, assigned at introduction (for example, in this case, on 2008-12-10) 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 Worker Retiree and Employer Recovery Act of 2008, go to THOMAS.

Analysis

No analysis (criticism, advocacy, etc.) about Worker Retiree and Employer Recovery Act of 2008 submitted yet.

Accounting and auditing
Bankruptcy
Employee benefits and pensions
Financial crises and stabilization
Government employee pay, benefits, personnel management
Health care costs and insurance
Income tax deductions
Income tax exclusion
Interest, dividends, interest rates
Labor and employment
Motor carriers
Railroads
Small business
Tax administration and collection, taxpayers
Transportation employees

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.

Related pieces of legislation:

  1. Coal Industry Retiree Health Benefit Act Of 1992
  2. Small Employer Health Benefit Act
  3. Worker Homeownership and Business Assistance Act of 2009
  4. To amend title I of the Employee Retirement Income Security Act of 1974 to require qualifying employer securities to include interests in publicly traded partnerships
  5. Pension Protection Act of 2006
  6. An Act to amend Title IV of the Employee Retirement Income Security Act of 1974 to postpone for 10 months the date on which the corporation must pay benefits under terminated multi-employer plans
  7. Recovery and Reinvestment Act of 2009
  8. An Act to make a technical correction in the Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008
  9. Housing and Economic Recovery Act of 2008
  10. Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010
  11. Special Immigrant Nonminister Religious Worker Program Act
  12. Worker Adjustment And Retraining Notification Act
  13. Consolidated Appropriations Act 2010
  14. "Fiscal cliff" Act
  15. To amend the American Recovery and Reinvestment Act of 2009 and the Emergency Economic Stabilization Act of 2008 to consolidate certain CBO reporting requirements
  16. Economic Recovery Tax Act of 1981
  17. Cooperative and Small Employer Charity Pension Flexibility Act
  18. Disaster Relief And Recovery Supplemental Appropriations Act, 2008
  19. Middle Class Tax Relief and Job Creation Act of 2012
  20. MAP-21

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