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![handle is hein.usccsset/usconset50454 and id is 1 raw text is: AUTHENTICATEO
U.S. GOVERNMENT
INFORMATION
GP
108TH CONGRESS
2d Session
SENATE
Calendar No. 425
REPORT
108-221
PENSION STABILITY ACT
JANuARY 9, 2004.-Ordered to be printed
Filed, under authority of the order of the Senate of December 9, 2003
Mr. GREGG, from the Committee on Health, Education, Labor, and
Pensions, submitted the following
REPORT
[To accompany S. 2005]
The Committee on Health, Education, Labor, and Pensions, re-
ported an original bill (S. 2005) to temporarily replace the use by
pension plans of the 30-year treasury bond rate with a composite
corporate rate, and to establish a commission on defined benefit
plans, having considered the same, reports favorably thereon with-
out amendment and recommends that the bill do pass.
CONTENTS
I.
II.
III.
IV.
V.
VI.
VII.
VIII.
IX.
Purpose and sum m ary of the legislation .....................................................
Background and need for legislation ............................................................
Legislative history and vote in com m ittee ...................................................
Explanation of bill and com m ittee views .....................................................
Cost estim ate ..................................................................................................
Application of law to the legislative branch ................................................
Regulatory im pact statem ent ........................................................................
Section-by-section analysis ............................................................................
Changes in existing law ................................................................................
I. PURPOSE AND SUMMARY OF THE LEGISLATION
The purpose of this legislation is to provide a temporary replace-
ment for the 30-year Treasury bond for determining funding liabil-
ities of private sector pension plans, and to establish a blue-ribbon
bipartisan commission to make recommendations for comprehen-
sive pension reforms. The bill ensures that comprehensive reforms
to the defined benefit system will be enacted by Congress prior to
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