Q: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
SECTION 1. SHORT TITLE.

This Act may be cited as the ''Employees' Pension Security Act of
2008''.

TITLE I--TRUSTEESHIP OF SINGLE-EMPLOYER PLANS

SEC. 101. REQUIREMENTS RELATING TO TRUSTEESHIP OF SINGLE-EMPLOYER
PLANS.

(a) In General.--Section 403(a) of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1103(a)) is amended--
(1) by redesignating paragraphs (1) and (2) as
subparagraphs (A) and (B), respectively;
(2) by inserting ''(1)'' after ''(a)''; and
(3) by adding at the end the following new paragraph:
''(2)(A) The assets of a pension plan which is a single-employer
plan shall be held in trust by a joint board of trustees, which shall
consist of two or more trustees representing on an equal basis the
interests of the employer or employers maintaining the plan and the
interests of the participants and their beneficiaries.
''(B)(i) Except as provided in clause (ii), in any case in which
the plan is maintained pursuant to one or more collective bargaining
agreements between one or more employee organizations and one or more
employers, the trustees representing the interests of the participants
and their beneficiaries pursuant to subparagraph (A) shall be
designated by such employee organizations.
''(ii) Clause (i) shall not apply with respect to a plan described
in such clause if the employee organization (or all employee
organizations, if more than one) referred to in such clause file with
the Secretary, in such form and manner as shall be prescribed in
regulations of the Secretary, a written waiver of their rights under
clause (i).
''(iii) In any case in which clause (i) does not apply with respect
to a pension plan which is a single-employer plan because the plan is
not described in clause (i) or because of a waiver filed pursuant to
clause (ii), the trustee or trustees representing the interests of the
participants and their beneficiaries shall consist of one or more
participants under the plan elected to serve as such in accordance with
this clause. The Secretary shall provide by regulation for a secret
ballot of the participants under the plan for purposes of such
election, and for certification of the results thereof to the
participants (and any employee organization referred to in clause (ii))
and to the employer.''.
(b) Conforming Amendments.--Section 403(a)(1) of such Act (as
redesignated under subsection (a)) is amended--
(1) by striking ''Such trustee or trustees'' and inserting
''Except as provided in paragraph (2), such trustee or
trustees'';
(2) by striking ''fiduciary, and upon acceptance'' and
inserting ''fiduciary. Upon acceptance''; and
(3) in subparagraph (A) (as so redesignated), by striking
''the plan'' the first place it appears and inserting ''in the
case of a plan other than a pension plan which is a single-
employer plan, the plan''.

SEC. 102. EFFECTIVE DATE.

The amendments made by this title shall apply with respect to plan
years beginning after 180 days after the date of the enactment of this
Act. The Secretary of Labor shall prescribe the initial regulations
necessary to carry out the provisions of such amendments not later than
90 days after the date of the enactment of this Act.

TITLE II--INVESTMENT INFORMATION

SEC. 201. PROVISION TO PARTICIPANTS AND BENEFICIARIES OF MATERIAL
INVESTMENT INFORMATION IN ACCURATE FORM.

(a) In General.--Section 404(c) of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1104(c)) is amended by adding at the
end the following new paragraph:
''(6) Provision of accurate material investment advice.--
The plan sponsor and plan administrator of a pension plan
described in paragraph (1) shall have a fiduciary duty to
ensure that each participant and beneficiary under the plan, in
connection with the investment by the participant or
beneficiary of plan assets in the exercise of his or her
control over assets in his account, is provided with all
material investment information regarding investment of such
assets to the extent that the provision of such information is
generally required to be disclosed by the plan sponsor to
investors in connection with such an investment under
applicable securities laws. The provision by the plan sponsor
or plan administrator of any misleading investment information
shall be treated as a violation of this paragraph.''.
(b) Enforcement.--
(1) In general.--Section 502(c) of such Act (29 U.S.C.
1132(c)) is amended--
(A) by redesignating paragraph (9) as paragraph
(10); and
(B) by inserting after paragraph (8) the following
new paragraph:
''(9) The Secretary may assess a civil penalty against any person
of up to $1,000 a day from the date of the person's failure or refusal
to comply with the requirements of section 404(c)(6) until such failure
or refusal is corrected.''.
(2) Conforming amendment.--Section 502(a)(6) of such Act
(29 U.S.C. 1132(a)(6)) is amended by striking ''(7), or (8)''
and inserting ''(7), (8), or (9)''.

SEC. 202. EFFECTIVE DATE OF TITLE.

The amendments made by this title shall apply with respect to
investments made on or after the date of the enactment of this Act.

TITLE III--STRENGTHENED PROTECTIONS AGAINST ABUSE OF THE BANKRUPTCY AND
TERMINATION PROCESS

SEC. 301. ADDITIONAL REQUIREMENTS FOR TERMINATION.

(a) Additional Requirements for Distress Termination.--Section
4041(c)(2) of the Employee Retirement Income Security Act of 1974 (29
U.S.C. 1341(c)(2)) is amended by adding at the end the following:
''(E) Additional requirements.--Notwithstanding any
other provision of this section, unless the corporation
or the court, in the case of a distress termination
pursuant to subparagraph (B)(ii), has determined that
reasonable efforts to consider available alternatives
to termination (including, but not limited to,
alternatives described in section 4042(c)(4)) have been
undertaken by such person (and, in the case of a plan
maintained pursuant to a collective bargaining
agreement, have been undertaken by the bargaining
parties in good faith bargaining), the plan may not be
terminated. A participant or beneficiary of the plan or
an employee organization representing such participants
or beneficiaries may bring an action in the appropriate
court to challenge such determination by the
corporation and seek equitable relief or must be
afforded an opportunity to be heard by the appropriate
court if a court is making such determination.''.
(b) Additional Requirements for Court Decrees.--Section 4042(c)(1)
of such Act (29 U.S.C. 1342(c)(1)) is amended--
(1) by inserting after the first sentence the following new
sentences: ''The court may not enter such a decree unless that
court has found that reasonable efforts to consider available
alternatives to termination (including, but not limited to,
alternatives described in paragraph (4) have been undertaken by
the plan sponsor (and, in the case of a plan maintained
pursuant to a collective bargaining agreement, have been
undertaken by the bargaining parties in good faith bargaining).
There is a presumption that a plan need not be terminated if
the plan sponsor can continue in business, outside a case under
title 11, United States Code (or under any similar law of a
State or a political subdivision of a State) in which
reorganization is sought, without terminating the plan.''; and
(2) in the sentence following the sentences inserted by
paragraph (1), by striking ''the preceding sentence'' and
inserting ''the first sentence of this paragraph,''.
(c) Right To Intervene To Challenge Court Decree.--Section 4042(c)
of such Act (as amended by subsection (b)) is further amended by
inserting after the fourth sentence the following new sentence: ''If
any party consisting of the plan sponsor, a plan participant, or (in
the case of a plan maintained pursuant to a collective bargaining
agreement) the employee organization representing plan participants for
purposes of collective bargaining disagrees with any such determination
by the corporation, such party may intervene in the proceeding to
challenge the determinations of the corporation.''.
(d) Consideration of Alternatives by Corporation and Plan
Sponsor.--Section 4042(c) of such Act (as amended by the preceding
provisions of this section) is further amended by adding after the
seventh sentence the following: ''The corporation and the plan
administrator may proceed with such an agreement only if they have made
reasonable efforts to consider available alternatives to termination
(including, but not limited to, alternatives described in paragraph (4)
of this subsection) and the plan participants and beneficiaries have
been provided with at least 60 days notice before such agreement is
given effect. During such 60-day period, a participant or beneficiary
of the plan or an employee organization representing such participants
or beneficiaries may bring an action in the appropriate court to seek
appropriate equitable relief if such reasonable efforts have not been
made.''.
(e) Efforts by the Corporation at Consultation With Parties.--
Section 4042(c) of such Act is amended by adding at the end the
following new paragraph:
''(4) Consultation regarding reasonable available
alternatives to termination.--
''(A) In general.--Prior to making any
determination referred to in the preceding provisions
of this subsection, the corporation shall consult with
the plan participants and (in the case of a plan
maintained pursuant to a collective bargaining
agreement) the employee organization representing plan
participants for purposes of collective bargaining to
determine whether there are any reasonable available
alternatives to termination (including, but not limited
to, alternatives described subparagraph (B).
''(B) Reasonable alternatives to termination.--The
reasonable alternatives to termination referred to in
subparagraph (A) consist of measures which are in the
best interest of plan participants and which include
(but are not limited to) the following:
''(i) Financing or loans sought by any
member of the plan sponsor's controlled group,
with or without assistance from the
corporation, in order to obtain plan financing,
including back-up guarantees to any such
financing which the corporation is hereby
authorized to provide for such purpose.
''(ii) New plan structures agreed to by the
parties, such as transfer of plan liabilities
to multiemployer plans, new benefit formulas
for new hires or non-vested participants, or
other plan restructuring alternatives agreed to
by the parties.
''(iii) Reinsurance which the corporation
is hereby authorized to obtain for the plan.
''(iv) An agreement by the parties
authorizing alternative funding schedules,
approved by the corporation, which would modify
plan funding, subject to the minimum funding
requirements for the plan under part 3 of
subtitle B of title I.
''(v) Purchase by the plan sponsor of an
annuity contract to cover liabilities of the
plan, which the corporation is hereby
authorized to guarantee as necessary to secure
such a contract.''.
(f) Notice of Right To Challenge Determinations Relating to Plan
Termination.--
(1) Procedure for standard terminations.--Section
4041(b)(2)(B) of such Act (29 U.S.C. 1341(b)(2)(B)) is amended
in clause (i) by striking ''and'' at the end, in clause (ii)(V)
by striking ''require.'' and inserting ''require, and'', and by
inserting after clause (ii) the following new clause:
''(iii) the right of participants and
beneficiaries to challenge determinations under
this section.''.
(2) Termination proceedings for distress terminations and
terminations commenced by the pbgc.--Section 4042(a) of such
Act (29 U.S.C. 1342(a)) is amended by adding at the end the
following new sentence: ''Prior to commencing proceedings under
this section with respect to any plan, the corporation shall
provide notice to plan participants and beneficiaries of the
right to challenge determinations under this section, written
in a manner likely to be understood by the participant or
beneficiary.''.

SEC. 302. EFFECTIVE DATE OF TITLE.

The amendments made by this title shall apply with respect to any
plans undergoing termination proceedings pursuant to section 4041 or
4042 of the Employee Retirement Income Security Act of 1974 which are
pending on or after the date of the enactment of this Act.

TITLE IV--RECOVERY OF BENEFIT LIABILITIES WHICH ARE NOT GUARANTEED

SEC. 401. AMENDMENT TO TITLE 11 OF THE UNITED STATES CODE.

Section 507(a)(1) of title 11, United States Code, is amended by
adding at the end the following:
''(D) Subject to subparagraphs (A), (B), and (C),
allowed unsecured claims for benefit liabilities to
participants and beneficiaries under a single-employer
plan (as defined in section 4001(a)(15) of the Employee
Retirement Income Security Act of 1974) in connection
with the termination of the plan, in excess of the
benefits payable to the participants and beneficiaries
by the Pension Benefit Guaranty Corporation under
section 4022 of the Employee Retirement Income Security
Act of 1974 in connection with such termination.''.

SEC. 402. EFFECTIVE DATE; APPLICATION OF AMENDMENT.

(a) Effective Date.--Except as provided in subsection (b), section
401 and the amendment made by such section shall take effect on the
date of the enactment of this Act.
(b) Application of Amendment.--The amendment made by section 401
shall not apply with respect to cases commenced under title 11 of the
United States Code before the date of the enactment of this Act.
A:
Employees' Pension Security Act of 2008 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to require assets of single-employer pension plans to be held in trust by joint boards of trustees.

Requires plan sponsors and administrators to provide all material investment information in an accurate form to participants and beneficiaries. Authorizes the Secretary to assess civil penalties for violations of certain information requirements.

Sets forth additional requirements for plan termination, to prevent abuse of the bankruptcy and termination process, including requirements relating to: (1) distress termination; (2) bankruptcy court decrees, and the right to intervene to challenge them; (3) consideration of alternatives by the Pension Benefit Guaranty Corporation (PBGC) and the plan sponsor; (4) PBGC efforts at consulting on alternatives with plan participants and their union representatives; and (5) notice of the right to challenge determinations relating to plan termination.

Amends federal bankruptcy law to include, in a priority order for recovery of expenses and claims, allowed unsecured claims for benefit liabilities to participants and beneficiaries under a single-employer plan in connection with the plan termination, in excess of the benefits payable to them by the PBGC in connection with such termination.