`[Congressional Bills 109th Congress]
[From the U.S. Government Publishing Office]
[S. 1802 Placed on Calendar Senate (PCS)]







                                                       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.

    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 in Natural 
Disasters Act of 2005''.

SEC. 2. AUTHORITY TO THE SECRETARY OF LABOR, SECRETARY OF THE TREASURY, 
              AND THE PENSION BENEFIT GUARANTY CORPORATION.

    The Secretary of Labor, the Secretary of the Treasury, and the 
Executive Director of the Pension Benefit Guaranty Corporation shall 
exercise their authority under section 518 of the Employee Retirement 
Income Security Act of 1974 (29 U.S.C. 1148) and section 7508A of the 
Internal Revenue Code of 1986 to postpone certain deadlines by reason 
of the Presidentially declared disaster areas in Louisiana, 
Mississippi, Alabama, Texas, and elsewhere, due to the effect of 
Hurricane Katrina or Rita. The Secretaries and the Executive Director 
of the Corporation shall issue guidance as soon as is practicable to 
plan sponsors and participants regarding extension of deadlines and 
rules applicable to these extraordinary circumstances. Nothing in this 
section shall be construed to relieve any plan sponsor from any 
requirement to pay benefits or make contributions under the plan of the 
sponsor.

SEC. 3. AUTHORITY TO PRESCRIBE GUIDANCE BY REASON OF THE PRESIDENTIALLY 
              DECLARED DISASTER CAUSED BY HURRICANE KATRINA OR RITA.

    (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 Rita, 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. 4. 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''.
                                                       Calendar No. 233

109th CONGRESS

  1st Session

                                S. 1802

_______________________________________________________________________

                                 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.

_______________________________________________________________________

                           September 30, 2005

             Read the second time and placed on the calendar`