Pension Security and Transparency Act of 2005

Introduced in House

Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Committee Hearings Held.

Forwarded by Subcommittee to Full Committee (Amended) by Voice Vote.

Ordered to be Reported (Amended) by the Yeas and Nays: 27 - 0.

House Committee on Ways and Means Granted an extension for further consideration ending not later than Sept. 30, 2005.

House Committee on Ways and Means Granted an extension for further consideration ending not later than Nov. 4, 2005.

House Committee on Ways and Means Granted an extension for further consideration ending not later than Nov. 18, 2005.

Ordered to be Reported (Amended) by the Yeas and Nays: 23 - 17.

House Committee on Ways and Means Granted an extension for further consideration ending not later than Dec. 6, 2005.

Reported (Amended) by the Committee on Ways and Means. H. Rept. 109-232, Part II.

Rules Committee Resolution H. Res. 602 Reported to House. Rule provides for consideration of H.R. 2830 with 1 hour and 30 minutes of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. In lieu of the amendments recommended by the Committees on Education and the Workforce and Ways and Means now printed in the bill, the amendment in the nature of a substitute printed in part A of the report of the Committee on Rules accompanying this resolution shall be considered as adopted. Measure will be considered read. Bill is closed to amendments. During consideration of H.R. 2830 pursuant to this resolution, notwithstanding the operation of the previous question, the Chair may postpone further consideration of the bill to a time designated by the Speaker.

Rule provides for consideration of H.R. 2830 with 1 hour and 30 minutes of general debate. Previous question shall be considered as ordered without intervening motions except motion to recommit with or without instructions. In lieu of the amendments recommended by the Committees on Education and the Workforce and Ways and Means now printed in the bill, the amendment in the nature of a substitute printed in part A of the report of the Committee on Rules accompanying this resolution shall be considered as adopted. Measure will be considered read. Bill is closed to amendments. During consideration of H.R. 2830 pursuant to this resolution, notwithstanding the operation of the previous question, the Chair may postpone further consideration of the bill to a time designated by the Speaker.

Senate insists on its amendment, asks for a conference, appoints conferees Grassley; Hatch; Lott; Snowe; Santorum; Enzi; Gregg; DeWine; Isakson; Baucus; Rockefeller; Conrad; Bingaman; Kennedy; Harkin; Mikulski.

The Speaker appointed a conferee for consideration of the House bill and the Senate amendment thereto, and modifications committed to conference: Boehner.

The Speaker appointed conferees - from the Committee on Ways and Means for consideration of the House bill and the Senate amendment thereto, and modifications committed to conference: Thomas, Camp (MI), and Rangel.

Passed/agreed to in House: On passage Passed by recorded vote: 294 - 132 (Roll no. 635).(text: CR H11678-11753)

DEBATE - The House proceeded with one hour of debate on the George Miller of California motion to instruct conferees. Instructions seek to direct the managers on the part of the House to (1) agree to the provisions contained in sections 403 and 413 of the Senate amendment; (2) insist on the provisions contained in section 907 of the bill as passed by the House; (3) insist on the provisions contained in section 902 of the bill as passed by the House; and (4) insist on a conference report that imposes the smallest additional funding requirements (permitted within the scope of conference) on companies that sponsor pension plans if there is no reasonable likelihood the termination of the plan would impose additional liabilities to the Pension Benefit Guaranty Corporation or there is no reasonable likelihood the plan sponsor would terminate the plan in bankruptcy.

DEBATE - The House proceeded with one hour of debate on the George Miller (CA) motion to instruct conferees. Instructions contained within the motion seek to instruct the managers on the part of the House to agree to the provisions contained in the Senate amendment regarding the prohibition of wearaway in connection with conversions to cash balance plans and the establishment of procedures affecting participants' benefits in connection with the conversion to such plans and not agree to the provisions contained in title VII of the bill as passed by the House.

DEBATE - The House proceeded with one hour of debate on the George Miller (CA) motion to instruct conferees. Instructions seek to direct the managers on the part of the House to recede to the provisions contained in the Senate amendment regarding restrictions on funding of nonqualified deferred compensation plans, except that (1) the managers insist that the restrictions regarding executive compensation, including under nonqualified plans, be the same as restrictions regarding benefits for workers and retirees under qualified pension plans, (2) managers insist that the definition of "covered employee" include the CEO of the plan sponsor, any other employee of the plan sponsor who is a "covered employee", and any other individual who is an officer or employee within the meaning of section 16(b) of the Securities Exchange Act of 1934, and (3) managers shall insist on the date in the House passed bill.

DEBATE - The House proceeded with one hour of debate on the George Miller (CA) motion to instruct conferees. Instructions seek to direct the managers on the part of the House to agree to the provisions contained in subsections (a) through (d) of section 601 of the Senate amendment; not to agree with the provisions contained in title VII of the bill as passed the House; and agree to the provisions contained in section 413 of the Senate amendment, but only with respect to plan terminations occurring on or after September 11, 2001.