[20040713]RS21717_H、 R.3108 《养老基金权益法》.pdf

Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS21717Updated July 13, 2004H.R. 3108: The Pension Funding Equity ActPatrick Purcell and Paul GraneyDomestic Social Policy DivisionSummaryThe House of Representatives passed H.R. 3108, the Pension Funding Equity Actby a vote of 336-69 on April 2, 2004. The legislation was approved by the Senate onApril 8 by a vote of 78-19. President Bush signed the bill into law (P.L. 108-218) onApril 10. The law makes several changes to the Internal Revenue Code (IRC) and theEmployee Retirement Income Security Act (ERISA) with respect to fundingrequirements for defined benefit pension plans. Many of these plans experienceddeclines in the value of their pension fund assets as a result of the stock market declinefrom 2000 through 2002, and increases in the value of plan liabilities resulting fromhistorically low interest rates. The law changes the interest rate used to calculate thepresent value of pension plan liabilities, temporarily reduces the amount of additionalplan contributions required to be made by sponsors of underfunded plans (but only incertain industries), and makes chan