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7/16/2013--Introduced.Cooperative and Small Employer Charity Pension Flexibility Act - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code, with respect to cooperative and small employer charity pension plans (CSEC plans), to: (1) define such plans as defined benefit plans maintained by multiple employers, all of whom are tax-exempt charitable organizations; (2) exempt CSEC plans from existing funding standards and allow such plans to establish min
Bill # S.1302

Original Sponsor:
Tom Harkin (D-IA)

Cosponsor Total: 42
(last sponsor added 12/19/2013)
  20 Republicans
  22 Democrats
About This Legislation:
7/16/2013--Introduced. Cooperative and Small Employer Charity Pension Flexibility Act - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code, with respect to cooperative and small employer charity pension plans (CSEC plans), to: (1) define such plans as defined benefit plans maintained by multiple employers, all of whom are tax-exempt charitable organizations; (2) exempt CSEC plans from existing funding standards and allow such plans to establish minimum funding standards and special rules with respect to the valuation of plan assets, required contributions, and liquidity requirements; (3) require specified notices to CSEC plan participants on the effect of CSEC plan rules on plan funding and on total contributions made by participating employers; (4) allow pension plan sponsors to elect out of treatment of their plans as a CSEC plan in plan years beginning after December 31, 2013; (4) establish a flat premium level for insurance coverage of CSEC plans; and (5) require the Pension Benefit Guaranty Corporation (PBGC) to make sponsors of existing CSEC plans aware of the changes to ERISA made by this Act and the assistance available through the Participant and Plan Sponsor Advocate established by ERISA.
Detailed, up-to-date bill status information on S.1302.
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