July 28, 2006(Key vote)
Title: Pension Reform Bill
Vote Smart's Synopsis:
Vote to pass bill that amends the Employee Retirement Income Security Act and the Internal Revenue Code to make requirements to fully establish how much employers and employees must contribute to their pension plans.
Reforms and establishes minimum funding rules for single-employer and multi-employer defined benefit pension plans.
Specifies temporary relief for certain Pension Benefit Guaranty Corporation (PBGC) settlement plans (Sec. 105).
Allots for special rules for plans of certain government contractors (Sec. 106).
Requires that most single employer pension plans fund at 100 percent of their current liability (Secs. 302, 303).
Offers special funding rules for certain plans maintained by commercial airlines (Sec. 402).
Provides an extra $6.66 million for the Going-to-the-Sun Road in Glacier National Park (Sec. 1302).
Permanently extends qualified tuition programs that allow individuals to make contributions to education saving accounts tax free (Sec. 1304).