August 10, 1993
TO: PENSION COMMITTEE NO. 27-93
RE: SENATORS METZENBAUM AND KASSEBAUM INTRODUCE ERISA
LEGISLATION
__________________________________________________________
As we informed you earlier this summer, Senator Metzenbaum withdrew from
the budget reconciliation legislation proposed amendments to ERISA designed to
reverse the Supreme Court's decision in Mertens v. Hewitt Associates. (See
Institute Memorandum to Pension Committee No. 23-93, dated June 24, 1993.)
Attached is a copy of a bill introduced by Senators Metzenbaum and
Kassebaum that more narrowly addresses ERISA's enforcement provisions in the
context of the purchase of annuities upon termination of a pension plan. This
bill does not contain the expansion of nonfiduciary liability that was included
in the previous bill.
We will keep you informed of developments.
Kathy D. Ireland
Associate Counsel - Pension
Attachment