Pension Flexibility for Displaced Workers Act of 2005

Pension Flexibility for Displaced Workers Act of 2005 - Authorizes the Secretary of Labor, for a one-year period, to provide appropriate waivers, suspensions, or exemptions from title I provisions of the Employee Retirement Income Security Act of 1974 (ERISA) with respect to individual account plans affected by Hurricane Katrina.

Exempts any person from liability for any violation of such title based upon acts or omissions covered by such waivers, suspensions, or exemptions and in compliance with their terms.

Amends ERISA to extend the Secretary's current authority to postpone certain deadlines for up to one year in cases of pension or employee benefit plans, or any sponsor or other persons with respect to such plans, that are affected by presidentially-declared disasters or terrorist or military actions. Applies such postponement authority to actions required under any regulation issued or any plan provision (as well as, currently, to any action required or permitted to be completed under ERISA).

[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3862 Introduced in House (IH)]







109th CONGRESS
  1st Session
                                H. R. 3862

  To provide for appropriate waivers, suspensions, or exemptions from 
provisions of title I of the Employee Retirement Income Security Act of 
  1974 with respect to individual account plans affected by Hurricane 
                                Katrina.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 22, 2005

  Mr. Boehner (for himself, Mr. Sam Johnson of Texas, Mr. Kline, Mr. 
  Jindal, and Mr. Boustany) introduced the following bill; which was 
        referred to the Committee on Education and the Workforce

_______________________________________________________________________

                                 A BILL


 
  To provide for appropriate waivers, suspensions, or exemptions from 
provisions of title I of the Employee Retirement Income Security Act of 
  1974 with respect to individual account plans affected by Hurricane 
                                Katrina.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Pension Flexibility for Displaced 
Workers Act of 2005''.

SEC. 2. AUTHORITY TO PRESCRIBE GUIDANCE BY REASON OF THE PRESIDENTIALLY 
              DECLARED DISASTER CAUSED BY HURRICANE KATRINA.

    (a) Waivers, Suspensions, or Exemptions.--In the case of any 
pension plan which is an individual account plan, or any participant or 
beneficiary, plan sponsor, administrator, fiduciary, service provider, 
or other person with respect to such plan, affected by Hurricane 
Katrina, or any service provider or other person dealing with such 
plan, the Secretary of Labor may, notwithstanding any provision of 
title I of the Employee Retirement Income Security Act of 1974, 
prescribe, by notice or otherwise, a waiver, suspension, or exemption 
from any provision of such title which is under the regulatory 
authority of such Secretary, or from regulations issued under any such 
provision, that such Secretary determines appropriate to facilitate the 
distribution or loan of assets from such plan to participants and 
beneficiaries of such plan.
    (b) Exemption From Liability for Acts or Omissions Covered by 
Waiver, Suspension, or Exemption.--No person shall be liable for any 
violation of title I of the Employee Retirement Income Security Act of 
1974, or of any regulations issued under such title, based upon any act 
or omission covered by a waiver, suspension, or exemption issued under 
subsection (a) if such act or omission is in compliance with the terms 
of the waiver, suspension, or exemption.
    (c) Plan Terms Subject to Waiver, Suspension, or Exemption.--
Notwithstanding any provision of the plan to the contrary and to the 
extent provided in any waiver, suspension, or exemption issued by the 
Secretary of Labor pursuant to subsection (a), no plan shall be treated 
as failing to be operated in accordance with its terms solely as a 
result of acts or omissions which are consistent with such waiver, 
suspension, or exemption.
    (d) Expiration of Authority.--This section shall apply only with 
respect to waivers, suspensions, or exemptions issued by the Secretary 
of Labor during the 1-year period following the date of the enactment 
of this Act.
    (e) Definitions.--Terms used in this section shall have the 
meanings provided such terms in section 3 of the Employee Retirement 
Income Security Act of 1974 (29 U.S.C. 1002).

SEC. 3. AUTHORITY IN THE EVENT OF PRESIDENTIALLY DECLARED DISASTER OR 
              TERRORISTIC OR MILITARY ACTIONS.

    Section 518 of the Employee Retirement Income Security Act of 1974 
(29 U.S.C. 1148) is amended by inserting ``, under any regulation 
issued thereunder, or under any plan provision'' after ``under this 
Act''.
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