A bill to amend the Employee Retirement Income Security Act of 1974 for the purpose of facilitating the investment by employee pension benefit plans in qualifying employer real property.
Latest action. Referred to Senate Committee on Labor and Human Resources.
Amends the Employee Retirement Income Security Act to revise the circumstances under which a qualified pension plan may invest in employer real property. Redefines "eligible individual account plan" for purposes of the provision limiting the acquisition of employer real property by certain plans to include a money purchase plan which on the date of enactment of this Act invested in qualifying employer real property or invested primarily in qualifying employer securities (current law only provides for the latter). Redefines "qualifying employer real property" to include one parcel of employer real property. Stipulates that the current requirement that employer real property be dispersed geographically applies only to a holding of more than one parcel. Requires, when a pension plan holds only one parcel of employer real property, that: (1) the parcel be subject to a lease containing specified provisions; (2) the cost of the property or acquisition indebtedness not exceed a specified proportion of the value of plan assets; (3) the annual rate of return on the property be as favorable as if the property was leased to an unrelated party; (4) legal title be held by and the property be administered by an independent professional trustee; and (5) the lease be approved by an independent fiduciary.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Introduced in Senate" stage on October 30, 1979. It describes the bill, it is not the legal text.
Where is it in the process, and what happens next?
4 steps remain before this bill could become law.
The record's latest action, on October 30, 1979: Referred to Senate Committee on Labor and Human Resources.
- Clearing the committees it was referred to, and being scheduled for a floor vote
- Passage by the Senate
- Passage by the House
- The President's signature. If the President vetoes it, two-thirds of both chambers must vote to override.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 96th Congress (1979-80), 613 of the 12,581 bills and joint resolutions introduced became law, about 4.9 percent. That count covers every measure at every stage, including the many that never left committee.
This one is not there yet: 4 steps are still outstanding, listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
SPARK MATSUNAGA (D-HI) introduced it on October 30, 1979. No cosponsors are recorded.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on October 30, 1979, 17117 days ago. The most recent recorded action was 17117 days ago, on October 30, 1979.
Measures do not carry over. Anything the 96th Congress has not finished by January 3, 1981 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- SenateIn committee, no floor vote yet
- HouseAwaits Senate passage
- PresidentAwaits both chambers