U.S. Representative Susan Brooks (R-Indiana) and U.S. Representative Ron Kind (D-Wisconsin) submitted the bill, which is known as the Charitable Pension Flexibility Act. Developed in collaboration with Girl Scouts of the USA, the bill would enable Girl Scouts and similar charities with affiliates, such as universities and nonprofit hospitals, to opt-in early starting next year to the pension funding rules that cover corporate plans.
“As a former Girl Scout, I am pleased to support charitable organizations like the Girl Scouts as they seek a level playing field with corporate America when it comes to pension funding requirements,” said Brooks. “This common sense legislation provides much needed flexibility allowing organizations such as the Girl Scouts to continue serving communities in Indiana and across our nation. Helping local Girl Scout councils succeed ensures millions of girls continue benefiting from the lifelong leadership lessons the organization provides.”
The Charitable Pension Flexibility Act applies to charity pension plans with multiple entities that are exempt from normal pension funding rules until 2017. This bill would permit such plans to elect into the normal rules in 2014. A technical correction that previously passed the Senate would have permitted this same option.
The text of this bill, as well as others, can be found on the Library of Congress’ THOMAS website.