PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Apr 20, 2005
Employee Pension Preservation Act of 2005 - Amends the Internal Revenue Code and the Employee Retirement Income Security Act (ERISA) to permit commercial passenger airline pension plans to elect to restructure their unfunded plan liabilities over a 25-year period. Prohibits plans that elect restructuring to accrue future unfunded pension plan liabilities. Authorizes the Secretary of the Treasury to deny tax-exempt status to a successor of a plan restructured under this Act unless all benefit obligations of the restructured plan have been satisfied.
Amends ERISA to exempt the Pension Benefit Guaranty Corporation (PBGC) from liability for any unfunded pension plan liabilities incurred by commercial passenger airline pension plans after an election to restructure is made.
People & committees
Sen. Isakson, Johnny [R-GA] · R–GA
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S4033)
Introduced in Senate
Primary sources
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Source last updated: Aug 15, 2025. Consult Congress.gov for the current record.
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