October 20, 2005 – Chances for 2005 passage of S. 1783, the Pension Security and Transparency Act, appear to be dimming. The Pension Security and Transparency Act is a bill reforming defined benefit pension rules and containing numerous defined contribution plan provisions, some relating to IRAs. Senate sources are expressing the opinion that the present “hold” status given the bill by several senators has made it unlikely that there will be sufficient time to deal with the bill before the anticipated Nov. 18 adjournment of Congress. Several senators placed a hold on the bill, reportedly because business constituents objected to new rules for determining when a plan is underfunded.
See the article, “Pension Bill Nearing Senate Vote Contains DC, IRA-Related Provisions” in the Latest News archives for detail on the bill.