More on Nesteg . . .

Here are links and excerpts from articles discussing the legislation now approved by the Senate Finance Committee (previous post here): From the WSJ-" Senate Panel Approves Pension-Funding Bill." Excerpt: The Senate Finance Committee, acting to head off a savings-and-loan-style bailout…

Here are links and excerpts from articles discussing the legislation now approved by the Senate Finance Committee (previous post here):

  • From the WSJ–” Senate Panel Approves Pension-Funding Bill.” Excerpt:
    The Senate Finance Committee, acting to head off a savings-and-loan-style bailout of the federal pension insurer, overwhelmingly approved legislation requiring employers to fully fund their defined-benefit pension plans.

    But the panel also amended the measure to give the struggling airline industry more leeway than others in funding its pension obligations. . .

    The bill, approved by voice vote with no debate, is a closer parallel to the Bush administration’s pension-system overhaul proposals than a more business-friendly bill approved last month by a House committee.

  • From the Washington Post–“Senate Panel Advances Pension Overhaul.” Excerpt:
    Labor Secretary Elaine Chao praised the committee for advancing the bill but said the Bush administration would like to see some stronger rules imposed on businesses to make sure they fund their pensions adequately.

  • From SHRM–“Pension bill advances in the Senate.” Excerpt:
    The version of NESTEG passed by the Senate was a revamping of the bill, S. 219, which was introduced in January by Sen. Charles Grassley, R-Iowa, chair of the finance committee, and Sen. Max Baucus, D-Mont., the committee’s ranking minority member. Grassley and Baucus unveiled the new version of NESTEG on July 22 and included several new reform proposals specifically designed to avoid catastrophic pension failures after the United Airlines $9 billion pension default was announced in May. . .

    The new Senate measure includes a number of provisions designed to meet goals set by Labor Secretary Elaine Chao earlier this year. One element of the new Senate bill would stop the practice of “smoothing” pension liability, something many employers now do to avoid drastic fluctuations in contributions they make to their pension plans. Critics of smoothing say it can hide insolvencies and allow pension sponsors to reduce contributions when plans actually may need more funding.

    The Senate bill also includes a proposal suggested by Chao to require a new accounting standard for pension funds when the credit rating of a plan sponsor is reduced to junk-bond status. The new “at risk” standard would place tougher requirements on plan sponsors to ensure that they make the contributions needed to keep their pension plans solvent. While employer groups have expressed support for both the Senate and House versions of the pension reform proposals, the endorsements have been lukewarm at best. . .

    NESTEG will now move on to the Senate Health Education Labor and Pension Committee for consideration. No further action on the measure is expected until after Labor Day, when Congress returns from its August recess.

    Pre-markup industry comments regarding the legislation:

    See also, the Senate Finance Committee’s description of changes made to the original legislation proposed earlier this week in “Modifications to the Senate Finance Committee Chairman’s Mark of the “National Employee Savings and Trust Equity Guarantee Act of 2005.”

  • NESTEG Legislation Unveiled

    Plan Sponsor.com has a good article summarizing pension legislation unveiled last Friday by Senators Charles Grassley (R-Iowa) and Max Baucus (D-Montana): "Senate Bill Takes On Private Pension Pickle." Also, from Mary Williams Walsh of the New York Times: "2 Senators…

    Plan Sponsor.com has a good article summarizing pension legislation unveiled last Friday by Senators Charles Grassley (R-Iowa) and Max Baucus (D-Montana): “Senate Bill Takes On Private Pension Pickle.” Also, from Mary Williams Walsh of the New York Times: “2 Senators Present a Plan for Strengthening Pensions.” In connection with the scheduled markup tomorrow by the Senate Committee on Finance, the Joint Committee On Taxation has issued Description Of The Chairman’s Mark Of The “National Employee Savings And Trust Equity Guarantee Act of 2005.”

    Arkansas Insurance Department Issues Directive Pertaining to AWP Law

    The Arkansas Insurance Department has issued a directive in connection with an Eigth Circuit ERISA preemption case discussed in a previous post here. Read about it in this article from the Insurance Journal: "Arkansas Clarifies Changes to Any Willing Provider…

    The Arkansas Insurance Department has issued a directive in connection with an Eigth Circuit ERISA preemption case discussed in a previous post here. Read about it in this article from the Insurance Journal: “Arkansas Clarifies Changes to Any Willing Provider Law.”

    District Court’s Denial of Proposed Settlement in EDS ERISA Litigation

    The District Court for the Eastern District of Texas recently rejected a settlement submitted to the Court for approval in the case of In Re Electronic Data Systems Corp. ERISA Litigation. You can access the Memorandum Opinion and Order of…

    The District Court for the Eastern District of Texas recently rejected a settlement submitted to the Court for approval in the case of In Re Electronic Data Systems Corp. ERISA Litigation. You can access the Memorandum Opinion and Order of the Court rejecting the settlement here [pdf]. The plaintiff-participants had sued EDS and its officers and directors for various fiduciary breaches and alleged, in general, violations of ERISA pursuant to a “stock-drop” scenario.

    You can read about the important procedural issues which have developed in this case in a previous post here. The Fifth Circuit had granted the defendants’ petition for interlocutory appeal under Rule 23(f) of the Federal Rules of Civil Procedure. However, after presenting oral arguments to the Fifth Circuit in April of 2005, the parties apparently engaged in a “day-long mediation session” that resulted in a proposed settlement. However, the Court rejected the settlement, stating as follows:

    The Court concludes that this settlement is not in the best interests of the proposed class members. Under the proposed settlement the class members would only receive two or three cents on the dollar of their losses. For example, a plan participant who had a $10,000 loss under the settlement proposal would receive only $200 to $300, a mere pittance of his or her actual loss. The Court is of the opinion that such a plaintiff would consider the risk of an adverse ruling by the Fifth Circuit to be a risk worth taking in comparison with the small benefit to be received from the settlement. This is particularly true in the present case, given that a class member would not be much worse off losing the appeal and receiving nothing than he would be receiving the de minimis recovery that each Plan participant would receive under the proposed settlement. This may be a good settlement for Plaintiffs’ counsel in that they would recoup 100% of their $5.0 million in attorneys’ fees and expenses, and it may be a good settlement for EDS in that for a relatively nominal sum it would remove whatever risk it has, but it is not a fair settlement for the Plaintiff class who would only be receiving a few pennies on the dollar. Given the Court’s skepticism that class members would ultimately find the proposed settlement to be fair to them, the Court believes issuing a notice and holding a final fairness hearing would be an expensive and unjustifiable effort.

    Although not a factor in determining whether the proposed settlement is fair, reasonable, and adequate, the Court is also of the opinion that broader interests of justice would be served by denying preliminary approval. There is a vacuum of precedent on 502(a)(2) issues in the Fifth Circuit, as well as other circuits. The Fifth Circuit recognized this in Milofsky and, implicitly, in taking the unusual step of granting an interlocutory appeal under Rule 23(f). See Milofsky v. Am. Airlines, Inc., 404 F.3d 338, 345 (5th Cir. 2005) (refusing to “speculate on every possible situation” yet to be answered). In light of the de minimis settlement before the Court, it is therefore in the interests of justice to push forward in this dispute, so issues can be resolved by the Fifth Circuit and procedural clarity can be brought to ERISA litigation surrounding defined contribution plans.

    Furthermore, approving this settlement could send the wrong message to the United States Department of Labor, the administrative agency charged with overseeing and enforcing pension plans. The United States Department of Labor is presently investigating this Plan and has clearly stated its position in its amicus curiae brief at the Fifth Circuit. The Court believes that investigation should run its due course and not be prematurely influenced by the Court approving what it has found to be an unfair de minimis settlement to the class members.

    You can access the following amicus briefs filed in the appeal:

    For Your Benefit has comments on the case here.

    UPDATE: See also this recent article from the Washington Legal Foundation entitled “ERISA-Related Securities Litigation Imposes Undue Burden on Pension Plans and Participants.”

    A Common Problem in “ERISA Land”: No Plan Documents and Worker Classification Confusion

    The following case-Ruttenberg v. United States Life Insurance Company-illustrates the great struggle that courts are having with these long-term disability cases which fall under the purview of ERISA. The facts of the case involved an individual ("plaintiff") who worked as…

    The following case–Ruttenberg v. United States Life Insurance Company–illustrates the great struggle that courts are having with these long-term disability cases which fall under the purview of ERISA. The facts of the case involved an individual (“plaintiff”) who worked as an independent commodity trader at the Chicago Board of Trade and Mercantile Exchange. The district court opinion (Ruttenberg v. United States Life Ins. Co., 2004 US Dist. Lexis 3676 (ND Ill. March 10, 2004) states that, in general, such floor trading required extensive use of one’s vocal cords including “screaming and yelling to gain the attention of other Traders and Brokers” and also involved “frequent exposure to pushing and shoving.” According to the opinion, plaintiff was, at times, making over $30,000 a month in profits, and paying premiums on a disability policy which assured him of $10,000 a month if he became disabled. Plaintiff allegedly could no longer function in his work due to vocal cord disfunction and filed for disability.

    While the facts of the case demonstrate how the progression of plaintiff’s claim quickly evolved into a battle of medical opinions, the case is worth noting for other reasons:

    (1) The case illustrates a consistent problem that many of these disability plans have–and that is that there are basically no plan documents. As the Seventh Circuit so aptly said in the case of Health Cost Controls of Illinois v. Valerie Washington (opinion written by Judge Posner):

    “This kind of confusion is all too common in ERISA land; often the terms of an ERISA plan must be inferred from a series of documents none clearly labeled as “the plan.”

    Generally, a court reviews de novo an ERISA plan denial of benefits unless the plan grants to the plan administrator the discretionary authority to construe plan terms. Firestone Tire & Rubber Co. v. Bruch, 489 U.S. 101, 115 (1989). When there are no plan documents, it is hard for the plan administrator to argue that it has the necessary Firestone discretion to avoid a de novo review. In this particular case, the insurance company tried to argue that a ““Master Policy Application” was part of the “plan document” and contained the necessary Firestone language, but neither the district court nor the Seventh Circuit bought that argument, so the court reviewed the denial of plaintiff’s claim de novo. While the following excerpt from the district court case may seem long and tedious to some, it illustrates the predicament that many courts find themselves in when looking for plan documents and the legal gymnastics that they must go through to piece together a plan document (It sort of reminds me of the search for Waldo in the children’s book entitled “Where’s Waldo?“, only here the quest is “Where’s the plan document?”):

    . . . [T]he issue concerns whether the necessary language was placed in an appropriate location to grant the administrator discretion. Case law requires reference to the “language of the plan,” see Postma v. Paul Revere Life Ins. Co., 223 F.3d 533, 538 (7th Cir.2000), but that in and of itself is a nebulous concept. . . Ruttenberg points to a summary plan description (“SPD”) provided to the participants and beneficiaries in the plan, and that SPD clearly does not contain any language reserving discretion to the administrator. United States Life points to a document entitled “Master Application for Employee Benefits” that SMW submitted to United States Life. That document contains a section stating that, if the insurance contract compromises a part of an employee benefit plan, the United States Life Insurance Company is granted sole discretionary authority to determine eligibility, make all factual determinations and to construe all terms of the policy. The United States Life Insurance Company has no responsibility or control with respect to any other benefit which may be provided beyond this contract or any other plan of benefits. . . According to United States Life, this document must be considered part of the ERISA “plan” and is sufficient to notify any participants or beneficiaries that the plan administrator has the sole discretionary authority to determine eligibility.

    Notably, neither party points to anything resembling the main section of the policy or plan (i.e., a document similar to the “Subscriber’s Service Agreement” in Health Cost). Both the certificate of insurance contained in the record (R. 0275) and the SPD attached to Ruttenberg’s Complaint (Ex. A pg. 2) state that these documents only serve as a “summary” of the “group policy provisions.” No group policy is identified in the record. In any event, if there is a group policy in the record, the court assumes that it does not have the language above contained in the “Master Policy Application” because, if it did, United States Life would have brought this rather important point to the court’s attention.

    Nevertheless, United States Life argues that the “Master Policy Application” must be considered part of the plan documents and does sufficiently reserve the necessary discretion to the employer. It points to Plumb v. Fluid Pump Serv., Inc., 124 F.3d 849 (7th Cir.1997) and Cannon v. Wittek Cos., Int’l, 60 F.3d 1282 (7th Cir.1995). The court in Plumb was confronted with the issue of whether an insurance company was a fiduciary for purposes of ERISA. Id. at 854. The court noted that in making that determination the place to look was the plan documents. Id. Accordingly, the court examined a document entitled “Participating Employer Application and Agreement” in addition to the policy and certificate of insurance. Id. at 854-55. In Cannon the court considered whether a waiting period serving as a prerequisite to eligibility under a plan required consecutive days of employment. Id. at 1284. The court noted that nothing in the “plan” required such consecutive employment, although United States Life points out that the court did consider a “plan document” entitled “Supplement to the Benefit Application.” Id. at 1284-85.

    Since neither Plumb nor Cannon dealt with the issue here of whether discretionary language contained in an application for benefits is sufficient to allow only arbitrary and capricious review of a plan administrator’s decision, the court views both cases as only providing limited persuasive value. Moreover, such limited persuasive value is lessened when one considers the reasoning in Herzberger. The court there made clear that an employee needed to be clearly told that a plan administrator was entitled to determine whether to pay an insured’s claim subject to only arbitrary and capricious judicial review. 205 F.3d 333 . This is because the more “discretion lodged in the administrator” the “less solid an entitlement the employee has and the more important it may be to him, therefore, to supplement his ERISA plan with other forms of insurance.” Id. at 331. Here, there is no basis whatsoever in the record to support the notion that this “Master Policy Application” would ever be shown or even made available to participants or beneficiaries in the Plan. The document itself consists mostly of information about the applicant of the Plan (i.e., SMW) and the alleged discretionary language is under a portion of the document entitled “Applicant’s Declaration.” There is nothing to suggest that this document clearly informed participants and beneficiaries under this Plan that the administrator reserved the discretion to deny benefits to any insured. The court, therefore, rejects United States Life’s argument that the “Master Policy Application” is part of the ERISA Plan itself. Moreover, since there is no evidence that any part of the ERISA Plan contains the required language reserving discretion to the administrator, this court’s standard of review in this case will be de novo.

    (2) The case also illustrates how the fuzzy distinctions between worker classifications can reek havoc with benefit plans. In this case, the plaintiff was being treated as an independent contractor for IRS purposes (as evidenced by the fact that his income was reported on a 1099), but for purposes of the disability plan, he was being treated as an “employee” because “employee” was defined under the Certificate of Insurance to include certain independent contractors.

    The plaintiff tried to argue in the preemption phase of the case that he was an independent contractor and therefore not an “employee” under the plan for purposes of supporting his theory that his state law claims weren’t preempted by ERISA. However, the district court held, and the 7th Circuit agreed, that plaintiff was a “beneficiary” under the Plan, even if he wasn’t a “participant” for purposes of ERISA. Thus, his state law claims were preempted.

    However, when determining whether the plaintiff was eligible for the plan in the first place, the insurance company tried to use this very same argument (that plaintiff had used in the preemption phase) to their advantage, i.e. they tried to argue that the plaintiff was not covered under the plan (even though the plaintiff had been paying premiums for coverage) because he wasn’t an “employee” and wasn’t “full time.” The Certificate of Insurance had defined “eligible employees” as “all full-time employees of the Participating Employer who are: managers and officers earning over $20,000 annually, traders who report earnings on their 1099 form, firm traders who report prior years on their 1099 DDE form, but not those who are temporary, part-time or seasonal.” In rejecting the insurance company’s argument and holding that the plaintiff was covered under the plan, the district court stated:

    Since the Plan both states that only employees are eligible but nevertheless includes traders who report income on 1099 Forms, the best way to handle this apparent ambiguity in the policy is to simply construe the contract against the policy’s drafter . . . Accordingly, being an “employee” is not a necessary condition to coverage and traders who reported income on IRS 1099 Forms and who were affiliated with SMW (such as Ruttenberg) would be eligible for coverage, even if they are not considered “employees” of SMW.

    The Seventh Circuit agreed:

    The inclusion of form 1099 in defining the contractual term “employee” thus indicates that the term includes more than just common law employees, and that other workers may be eligible under the policy. Those other workers may include independent contractors like Mr. Ruttenberg, but the scope of the contractual term is ambiguous. . . Allowing Mr. Ruttenberg to purchase insurance for which U.S. Life now claims that he is ineligible constitutes the type of “trap for the unwary” that contra proferentem is meant to prevent. The district court correctly found the term “employee” to be ambiguous, and properly construed the term against the policy’s drafter, U.S. Life.

    Please note that, from an IRS standpoint, inclusion of a worker in an employer’s benefit plans is actually one of the factors that the IRS will look to in determining whether or not a worker is properly classified as an “employee” or not. If a worker is included in the employer’s benefits plans, this factor would lean towards the worker being treated as an “employee” for IRS purposes, rather than an “independent contractor.” (The IRS looks to a number of factors though–not just this one–in making its determination.) See this previous post here discussing how “worker classification issues” are almost always examined in an IRS employment tax audit or employee plan audit.

    Also, more posts on worker classification issues relating to benefits here.

    Eighth Circuit Opinion Issued in the Arkansas AWP Battle

    From the Arkansas News Bureau, "Any willing provider law upheld, but won't apply to self-insured, court rules ." The article discusses the Eighth Circuit opinion in the case of Prudential Insurance Company of America, et al. v. HMO Partners, et…

    From the Arkansas News Bureau, “Any willing provider law upheld, but won’t apply to self-insured, court rules .” The article discusses the Eighth Circuit opinion in the case of Prudential Insurance Company of America, et al. v. HMO Partners, et al. which held last week that Arkansas’ any willing provider law was not preempted by ERISA, except with respect to self-insured plans.

    Background of the case:

    (1) An Arkansas any willing provider law (“AWP law”) called the “Arkansas Patient Protection Act” was passed in 1995, but had been barred from being enforced in Arkansas after a federal district court issued an injunction, holding that the AWP law was subject to preemption under ERISA. The injunction was affirmed by the Eighth Circuit, in the case of Prudential Insurance Company of America, et al. v.National Park Medical Center, Inc.

    (2) The U.S. Supreme Court in the case of Kentucky Association of Health Plans v. Miller decided in April of 2003 that an AWP law in Kentucky was not preempted by ERISA (discussed in previous posts which you can access here.)

    (3) After the Miller case was decided, a case was filed in federal district court in Arkansas asking for “a judicial determination” on how the Miller case impacted the old Arkansas AWP law.

    (4) The injunction issued in 1998 was lifted on February 12, 2004 by a federal district court in Arkansas, based on the Miller case, but the decision lifting the injunction was appealed to the Eight Circuit.

    (5) The Eighth Circuit issued its opinion in the case last week upholding the lifting of the injunction as to insured plans and non-ERISA plans.

    The Eigth Circuit’s holding, which was more involved than just upholding the district court’s lifting of the injunction, is as follows:

    Pursuant to our analysis below, we hold that Miller mandates that we affirm the district court’s dissolution of the Prudential I injunction with regard to insured ERISA plans and non-ERISA plans. Miller, however, did not involve the issue of whether the Kentucky AWP statutes were preempted with regard to self-funded ERISA plans such as the Tyson plan. With regard to self-funded ERISA plans, we reverse the district court’s dissolution of the Prudential I injunction and remand to the district court to enter judgment consistent with this opinion. Finally, our holding that the Arkansas PPA can be enforced against insured ERISA plans compels us to consider, as a matter of first impression, whether ERISA’s civil enforcement provision completely preempts the civil penalties provision of the Arkansas PPA, Ark. Code Ann. § 23-99-207. Following the Supreme Court’s recent decision in Aetna Health Inc. v. Davila, 124 S. Ct. 2488 (2004), we hold that ERISA completely preempts the civil penalties provision of the Arkansas PPA as applied to suits that could have been brought under ERISA § 502, and we remand to the district court to enter judgment consistent with this opinion.

    Please note that the Court, in holding that the AWP law was preempted by ERISA with respect to self-insured plans under the “deemer” clause analysis, rejected an argument that because the third party administrator for the self-funded plan contracts with insurance companies for access to their provider networks, “the Arkansas PPA can indirectly regulate the [self-funded] plan through those third-party insurance companies.” As support for this argument, the movants referenced the Supreme Court’s statement in Miller that non-insuring entities administering self-insured plans are engaged in the activity of insurance for the purpose of the savings clause (Miller, 538 U.S. at 336 n.1):

    “[N]oninsuring HMOs would be administering self-insured plans, which we think suffices to bring them within the activity of insurance for purposes of [the savings clause].”

    The Court, however, held that the movants had taken the Supreme Court’s statement about third-party administrators “out of context”:

    The movants, however, take this statement out of context. The Miller Court’s discussion of third-party administrators came as a response to an argument against the application of the savings clause to the Kentucky AWP laws – namely that the application of those laws to non-insuring HMOs prevents the laws from being specifically directed toward entities engaged in insurance. Id. In Miller, the Supreme Court focused solely on the application of the savings clause. The movants’ argument here fails because it ignores the application of the deemer clause to self-funded ERISA plans, a non-issue in Miller, but the controlling issue in this case with regard to the [self-funded] plan.

    The Supreme Court has noted repeatedly that because of the deemer clause, statutes that indirectly regulate self-funded ERISA plans are not saved from preemption to the extent such statutes apply to self-funded plans . . Thus, we hold that not only does the Arkansas PPA exempt the [self-funded] plan and other self-funded ERISA plans from direct regulation but also that ERISA preempts any indirect state regulation of those plans because of the deemer clause.

    The Eighth Circuit then went on to discuss the civil penalties provision of the Arkansas AWP law which stated that “[a]ny person adversely affected by a violation of this subchapter may sue in a court of competent jurisdiction for injunctive relief against the health care insurer and, upon prevailing, shall, in addition to such relief, recover damages of not less than one thousand dollars ($1,000), attorney’s fees, and costs.” The Kentucky AWP law considered by the Supreme Court in Miller apparently did not contain such a provision. The Eighth Circuit, in holding that ERISA § 502 “completely preempts the civil penalties provision of the Arkansas PPA, Ark. Code Ann. § 99-23-207, with respect to any cause of action that could have been brought under ERISA” relied on the Supreme Court’s recent holding in Aetna Health Inc. v. Davila, 124 S. Ct. 2488 (2004). However, the Court offered no opinion as to the “exact scope of this preemption because the Arkansas PPA’s civil penalties provision extends to ‘[a]ny person adversely affected by a violation’ of the Arkansas PPA and invites a number of possible suits that would require speculation beyond the scope of this appeal.”

    (You can access additional posts on the Arkansas AWP law here.)

    House Committee on Education and the Workforce Approves Pension Protection Act

    The House Committee on Education and the Workforce today approved the Pension Protection Act (H.R. 2830). All 27 Republicans on the Committee voted in support of the bill, while Committee Democrats simply voted “present.” Links: Opening Statement of the Honorable…

    The House Committee on Education and the Workforce today approved the Pension Protection Act (H.R. 2830). All 27 Republicans on the Committee voted in support of the bill, while Committee Democrats simply voted “present.”

    Links:

    Articles:

    Excerpt from the Associated Press article:

    Rep. John Boehner of Ohio, the Republican chairman of the House Committee on Education and the Workforce, said he expected the multi-employer language “to be the rocket fuel that will propel this through the Senate.” He also said that if the bill is not folded into larger House retirement security legislation, including Social Security changes, he will seek to have the House vote on a standalone bill.

    Pension Legislation by Christmas?

    This article from The Hill-"Boehner outlines his pension-overhaul bill"-gives an overview of the provisions of a revised retirement bill which were outlined in a speech by House Education and the Workforce Committee Chairman John Boehner (R-Ohio) before the American Banking…

    This article from The Hill–“Boehner outlines his pension-overhaul bill“–gives an overview of the provisions of a revised retirement bill which were outlined in a speech by House Education and the Workforce Committee Chairman John Boehner (R-Ohio) before the American Banking Association. Two important points in the article:

    (1) The article states that Boehner indicates his bill will include some easing of restrictions on “pension-fund managers’ ability to give investment advice.”

    (2) Also, the article quotes Boehner as saying that his goal is to get a retirement bill signed into law by Christmas Eve.

    In addition, this article from Reuters via the New York Times here indicates that the bill includes provisions that will seek to eliminate the legal limbo over cash balance plans.

    See also this article from MarketWatch: “House grapples with pension changes: Committee takes up amendments, vote likely Thursday.”

    Helpful Links Regarding Pension Legislation Introduced Last Week

    Here are some helpful links in connection with the pension legislation introduced last week: Text of H.R. 2830, the Pension Protection Act Text of H.R. 2831, the Pension Preservation & Portability Act Additional Links: Committee On Education and the Workforce…

    Here are some helpful links in connection with the pension legislation introduced last week:

    Text of H.R. 2830, the Pension Protection Act
    Text of H.R. 2831, the Pension Preservation & Portability Act

    Additional Links:

  • Committee On Education and the Workforce webpage devoted to pension legislation
  • House Education & the Workforce Committee Bill Summary and Fact Sheet
  • Witness List and Testimony at the June 15th Legislative Hearing on H.R. 2830
  • Press Release summarizing the Witness Testimony: Witnesses Testify on Pension Protection Legislation to Fix Outdated Worker Pension Laws, Protect Taxpayers

    Also, related developments:

    From PlanSponsor.com: “US Senators Demand PBGC Underfunding Data.” Excerpt:

    [Representative George] Miller said last week that when he reviewed the confidential data from the PBGC about underfunded pensions, it was dramatic compared to statements companies make about their pensions in annual reports to the Securities and Exchange Commission (SEC). Some companies, Miller said, were making public reports that were “billions of dollars” more optimistic about the pension funds than their confidential reports to the PBGC.

    Also, from PlanSponsor.com: “Enzi Warns States on Pension Fraud.” Excerpt:

    “Stakeholders on all sides of the pension issue are coming to Congress seeking reforms that will help them get the financial affairs of their pension plans in order,” Enzi said in a statement released Wednesday. “It is essential that our state governments, like Congress, understand the scope and cause of the troubles plaguing so many plans and be aware that the pension funds due their constituents could be at risk. Facing the issue of pension fraud is one battle we must fight together in order to achieve substantive pension reform.”

    Articles:

    For a good summary of what individuals on Capitol Hill are saying about the legislaton, see this article from SHRM by Bill Leonard: “Pension bill would phase in employer premium increase.” Excerpt:

    Bradley Belt, executive director of the PBGC, told members of the House Education and the Workforce Committee that his agency was facing “substantial exposure” from other airlines, including Delta and Northwest, which have reported that they face serious problems funding their pension plans. In addition, Belt pointed to the problems in the automotive industry and told the committee that eight auto parts companies had filed for bankruptcy in the past 18 months.

    Also, from Law.com: “Pension Reform Bill Introduced.”