H.R. 7327 (110th): Worker, Retiree, and Employer Recovery Act of 2008

Introduced:
Dec 10, 2008 (110th Congress, 2007–2009)
Status:
Signed by the President
Slip Law:
This bill became Pub.L. 110-458.
Sponsor
Charles “Charlie” Rangel
Representative for New York's 15th congressional district
Party
Democrat
Text
Read Text »
Last Updated
Dec 11, 2008
Length
29 pages
Related Bills
H.R. 6382 (Related)
Pension Protection Technical Corrections Act of 2008

Passed House
Last Action: Jul 09, 2008

H.R. 3361 (Related)
Pension Protection Technical Corrections Act of 2008

Passed House
Last Action: Mar 12, 2008

 
Status

This bill was enacted after being signed by the President on December 23, 2008.

Progress
Introduced Dec 10, 2008
Referred to Committee Dec 10, 2008
Passed House Dec 10, 2008
Passed Senate Dec 11, 2008
Signed by the President Dec 23, 2008
 
Full Title

To make technical corrections related to the Pension Protection Act of 2006, and for other purposes.

Summary

No summaries available.

Cosponsors
3 cosponsors (2R, 1D) (show)
Committees

House Education and the Workforce

House Ways and Means

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


12/23/2008--Public Law.
Worker, Retiree, and Employer Recovery Act of 2008 -
Title I - Technical Corrections Related to the Pension Protection Act of 2006
Subtitle A - Technical Corrections Related to the Pension Protection Act of 2006
Section 101 -
Makes technical corrections to the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to conform to the Pension Protection Act of 2006 regarding various specified items, including:
(1) the target normal cost of benefits;
(2) specified implementation and effective dates for certain requirements;
(3) one-participant retirement plans;
(4) special age-related rules in accrued benefit requirements for applicable defined benefit plans;
(5) inapplicability in certain cases of the limitation on income deductions (for tax purposes) for employer contributions to one or more defined contribution plans; and
(6) adjustments to averaging in the determination of the value of the assets of single-employer defined benefit pension plans for minimum funding purposes.
Section 110 -
Makes technical corrections to the Railroad Retirement Act of 1974 with respect to railroad retirement payments to persons not entitled to an annuity.
Subtitle B - Other Provisions
Section 121 -
Requires that the value of assets for any ERISA plan under the averaging method be adjusted for expected earnings (in addition to contributions and distributions, as under current law).
Section 122 -
Modifies the interest rate assumption required with respect to certain small employer plans.
Section 123 -
Makes technical corrections to the Age Discrimination in Employment Act of 1967 to require treatment of a rate of return or a method of crediting interest as a market rate of return and a permissible method of crediting interest in special age-related rules for governmental defined benefit plans.
Section 124 -
Prescribes a special rule for exclusion from gross income of certain reimbursements from governmental plans for health care expenses of a deceased accident or health care plan participant's beneficiary.
Section 125 -
Requires treatment as a qualified rollover contribution of any airline payment amount received by a qualified airline employee in an airline carrier bankruptcy which is transferred to a Roth IRA within 180 days of receipt.
Section 126 -
Revises asset valuation rules for certain commercial airline benefit plans.
Section 127 -
Increases by $4 the penalties for failure to file partnership returns and S corporation returns.
Title II - Pension Provisions Relating to Economic Crisis
Section 201 -
Provides a waiver of minimum distribution requirements for certain retirement plans and accounts for 2009.
Section 202 -
Revises requirements for determining the shortfall amortization base for a single-employer defined benefit pension plan the value of whose plan assets exceeds the plan funding target for any plan year beginning after 2007 and before 2011.
Section 203 -
Modifies for FY2009 application of the limitation on benefit accruals for single-employer plans with severe funding shortfalls. Requires substituting the plan's adjusted funding target attainment percentage for the preceding plan year for the adjusted funding target attainment percentage for the new plan year, but only if the percentage for the preceding plan year is greater.
Section 204 -
Provides for delay of the designation of multiemployer benefit plans as endangered or critical during FY2009.
Section 205 -
Extends the funding improvement and rehabilitation periods for multiemployer benefit plans in endangered or critical status for FY2008 or FY2009.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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