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Congressional Research Service
Version 35 · Passed Senate amended · Dec 18, 2010
(Sec. 1) Makes technical amendments to the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC), as amended by the Preservation of Access to Care for Medicare Beneficiaries and Pension Relief Act of 2010 (PACMBPRA), regarding the election to apply specified requirements in an eligible plan year with respect to the shortfall amortization base in minimum funding standards for a single-employer defined benefit pension plan.
Treats a plan as eligible for such an election only if: (1) the plan sponsor is not a debtor in a case under bankruptcy law or similar federal or state law, (2) there are no unpaid minimum required contributions with respect to the plan for purposes of the excise tax when minimum required contributions are not paid when due, (3) there are no outstanding liens in favor of the plan for a person's failure to make required contributions, and (4) the plan sponsor has not initiated a distress termination of the plan.
(Sec. 2) Amends the Pension Protection Act of 2006 (PPA), as amended by PACMBPRA, with respect to the exemption from certain PPA requirements for and restrictions on the funding of multiple employer plans of eligible charities. Redefines an eligible charity plan as one maintained by one or more employers with employees accruing benefits based on service for the plan year, where: (1) such employees are employed in at least 20 states, (2) more than 98% of them are employed by a tax-exempt charitable organization whose primary exempt purpose is to provide services with respect to children, and (3) the plan sponsor elects to be treated as an eligible charity plan. Applies this redefinition to plan years beginning after December 31, 2010, but allows a plan sponsor to elect to apply it to earlier plan years.
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(Sec. 3) Amends the Worker, Retiree, and Employer Recovery Act of 2008 to extend through plan years beginning during the period October 1, 2008-December 31, 2011, certain funding-based limits on benefit accruals for single-employer plans with severe funding shortfalls. Revises the adjusted funding target attainment percentage factor in such limits for that period.
Amends ERISA and the IRC with respect to the allowance of a one-time prohibited payment by a single-employer plan. Declares that, in the case of payments the annuity starting date for which occurs on or before December 31, 2011, payments under a Social Security leveling option shall be treated as not in excess of the monthly amount paid under a single life annuity (plus an amount not in excess of a Social Security supplement).
Permits a plan sponsor to elect to apply such treatment to payments whose annuity starting date occurs before January 1, 2011.
Repeals related existing requirements as if they had never been enacted.
(Sec. 4) Amends ERISA and the IRC, as amended by PACMBPRA, to revise the threshold date, under rules for special relief from minimum funding standards, for the period during which a solvent multiemployer plan may treat, as an item separate from other experience losses, to be amortized over 30 years, the portion of any experience loss or gain attributable to net investment losses incurred in either or both of certain plan years. Changes the identity of such plan years from the first two plan years ending after August 31, 2008, to the first two plan years ending after June 30, 2008.
People & committees
Rep. Oberstar, James L. [D-MN-8] · D–MN
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Message on Senate action sent to the House.
Passed Senate with an amendment and an amendment to the Title by Unanimous Consent.
Passed/agreed to in Senate: Passed Senate with an amendment and an amendment to the Title by Unanimous Consent.
Measure laid before Senate by unanimous consent. (consideration: CR S10696)
Senate Committee on Finance discharged by Unanimous Consent.
Senate Committee on Finance discharged by Unanimous Consent.
Read twice and referred to the Committee on Finance.
Referred to the Subcommittee on Aviation.
Received in the Senate.
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H2268-2269)
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H2268-2269)
DEBATE - The House proceeded with forty minutes of debate on H.R. 4915.
Considered under suspension of the rules. (consideration: CR H2268-2273)
Mr. Costello moved to suspend the rules and pass the bill.
Referred to House Ways and Means
Referred to the Committee on Transportation and Infrastructure, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to House Transportation and Infrastructure
Introduced in House
Introduced in House
Primary sources
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Source last updated: Dec 5, 2025. Consult Congress.gov for the current record.
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