House Passes Pension Reform Bill

December 16, 2005 – The House of Representatives yesterday overwhelmingly approved H.R. 2830, the Pension Protection Act of 2005. The bill makes changes to defined benefit pension plan funding and benefit insurance premiums (premiums paid to PBGC), makes permanent the retirement arrangement provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), and includes automatic enrollment provisions, among other things.

The bill, however, differs in many significant ways from comparable Senate-passed legislation, S. 1783, thus requiring a conference committee to be named to negotiate a resolution to these differences. This process is not expected to conclude in the 2005 session of Congress, but to be carried over to 2006.