II 

Calendar No. 233 

109TH CONGRESS 

1ST SESSION S. 1802 

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 or Rita. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 29, 2005 

Mr. ENZI introduced the following bill; which was read the first time 

SEPTEMBER 30, 2005 

Read the second time and placed on the calendar 

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 or 

Rita. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Pension Flexibility in 

5 Natural Disasters Act of 2005’’. 
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1 SEC. 2. AUTHORITY TO THE SECRETARY OF LABOR, SEC2 RETARY OF THE TREASURY, AND THE PEN3 SION BENEFIT GUARANTY CORPORATION. 

4 The Secretary of Labor, the Secretary of the Treas5 ury, and the Executive Director of the Pension Benefit 

6 Guaranty Corporation shall exercise their authority under 

7 section 518 of the Employee Retirement Income Security 

8 Act of 1974 (29 U.S.C. 1148) and section 7508A of the 

9 Internal Revenue Code of 1986 to postpone certain dead10 lines by reason of the Presidentially declared disaster 

11 areas in Louisiana, Mississippi, Alabama, Texas, and else12 where, due to the effect of Hurricane Katrina or Rita. The 

13 Secretaries and the Executive Director of the Corporation 

14 shall issue guidance as soon as is practicable to plan spon15 sors and participants regarding extension of deadlines and 

16 rules applicable to these extraordinary circumstances. 

17 Nothing in this section shall be construed to relieve any 

18 plan sponsor from any requirement to pay benefits or 

19 make contributions under the plan of the sponsor. 

20 SEC. 3. AUTHORITY TO PRESCRIBE GUIDANCE BY REASON 

21 OF THE PRESIDENTIALLY DECLARED DIS22 ASTER CAUSED BY HURRICANE KATRINA OR 

23 RITA. 

24 (a) WAIVERS, SUSPENSIONS, OR EXEMPTIONS.—In 

25 the case of any pension plan which is an individual account 

26 plan, or any participant or beneficiary, plan sponsor, ad-
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1 ministrator, fiduciary, service provider, or other person 

2 with respect to such plan, affected by Hurricane Katrina 

3 or Rita, or any service provider or other person dealing 

4 with such plan, the Secretary of Labor may, notwith5 standing any provision of title I of the Employee Retire6 ment Income Security Act of 1974, prescribe, by notice 

7 or otherwise, a waiver, suspension, or exemption from any 

8 provision of such title which is under the regulatory au9 thority of such Secretary, or from regulations issued under 

10 any such provision, that such Secretary determines appro11 priate to facilitate the distribution or loan of assets from 

12 such plan to participants and beneficiaries of such plan. 

13 (b) EXEMPTION FROM LIABILITY FOR ACTS OR

14 OMISSIONS COVERED BY WAIVER, SUSPENSION, OR EX15 EMPTION.—No person shall be liable for any violation of 

16 title I of the Employee Retirement Income Security Act 

17 of 1974, or of any regulations issued under such title, 

18 based upon any act or omission covered by a waiver, sus19 pension, or exemption issued under subsection (a) if such 

20 act or omission is in compliance with the terms of the 

21 waiver, suspension, or exemption. 

22 (c) PLAN TERMS SUBJECT TO WAIVER, SUSPENSION, 

23 OR EXEMPTION.—Notwithstanding any provision of the 

24 plan to the contrary and to the extent provided in any 

25 waiver, suspension, or exemption issued by the Secretary 
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1 of Labor pursuant to subsection (a), no plan shall be 

2 treated as failing to be operated in accordance with its 

3 terms solely as a result of acts or omissions which are 

4 consistent with such waiver, suspension, or exemption. 

5 (d) EXPIRATION OF AUTHORITY.—This section shall 

6 apply only with respect to waivers, suspensions, or exemp7 tions issued by the Secretary of Labor during the 1-year 

8 period following the date of the enactment of this Act. 

9 (e) DEFINITIONS.—Terms used in this section shall 

10 have the meanings provided such terms in section 3 of 

11 the Employee Retirement Income Security Act of 1974 

12 (29 U.S.C. 1002). 

13 SEC. 4. AUTHORITY IN THE EVENT OF PRESIDENTIALLY DE14 CLARED DISASTER OR TERRORISTIC OR 

15 MILITARY ACTIONS. 

16 Section 518 of the Employee Retirement Income Se17 curity Act of 1974 (29 U.S.C. 1148) is amended by insert18 ing ‘‘, under any regulation issued thereunder, or under 

19 any plan provision’’ after ‘‘under this Act’’. 

Calendar No. 233 

109TH CONGRESS 

1ST SESSION S. 1802 

A BILL 

To provide for appropriate waivers, suspensions, or 

by Hurricane Katrina or Rita. with respect to individual account plans affected ployee Retirement Income Security Act of 1974 exemptions from provisions of title I of the EmSEPTEMBER 30, 2005 

Read the second time and placed on the calendar