Retiree Health Benefits and Pension Preservation Act of 1988

[AI summary unavailable — showing source text] Retiree Health Benefits and Pension Preservation Act of 1988 - Title I: Expansion of Post-Retirement Health Care and Long-Term Care Benefits Which May be Provided by Pension Plans - Amends the Internal Revenue Code to allow pension plans to provide long-term care benefits for retired employees and their families. Includes among such benefits the costs of medically necessary non-emergency diagnostic, preventive, therapeutic, rehabilitative, maintenance, or personal care services. Requires that a medical expense benefits account and a long-term care expense benefits account be established for each employee. Permits the treatment of any pension plan as a profit-sharing plan if the employer contributes to accounts funding retiree medical and long-term care benefits. Increases from ten percent to 100 percent the tax on any employer reversion of qualified pension plan assets. Exempts reversion amounts transferred to accounts funding retiree medical and long-term care benefits. Prohibits transfers that would reduce plan assets below 125 percent of the plan's current liability. Treats amounts that remain in the expense account after seven years as employer reversions. Amends the Omnibus Bu…