S. 1063 would amend the USEC Privatization Act to authorize the Secretary of Energy to pay affected participants under a pension plan referred to in the USEC Privatization Act for benefit increases not received.
Detailed Summary
USEC Privatization Amendments Act of 2009 - Directs the Secretary of Energy to establish a program for paying certain affected participants a one-time lump sum payment.
Defines affected participants as persons who retired from active employment at one of the gaseous diffusion plants of the United States Enrichment Corporation (USEC), or are employed by USEC's operating contractor, on or before its privatization date as vested participants in a pension plan maintained either by USEC's operating contractor or by a contractor employed prior to July 1, 1993, by the Department of Energy to operate a gaseous diffusion plant.
Prescribes a formula for the determination of such payments, based on the total recoverable amount of accrued pension benefits.
Authorizes any affected participant who receives such a payment to make one or more rollover contributions up to the payment amount to a regular (non-Roth) individual retirement account (IRA), which shall be excluded from gross income for tax purposes under the Internal Revenue Code. Includes in gross income any such rollover into a Roth IRA.
Status of the Legislation
Latest Major Action: 5/18/2009: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.
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