Pension Security and Transparency Act of 2005

[AI summary unavailable — showing source text] Pension Protection Act of 2005 - Amends the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code to establish new minimum funding standards for single-employer and multiemployer defined benefit pension plans. Prohibits shutdown benefits and other unpredictable contingent event benefits under single employer plans. Limits benefits under underfunded plans. Establishes additional funding rules for multiemployer plans in endangered or critical status. Requires measures to forestall insolvency. Repeals certain limitations on withdrawal liability. Sets forth interest rate assumptions for determining lump sum distributions and for applying benefit limitations to such distributions. Increases certain premiums to be paid to the Pension Benefit Guaranty Corporation. Provides for phasing-in increases of: (1) the annual flat-rate premium paid by all single-employer plans; and (2) the additional risk-based premium, which is to be paid by all underfunded plans. Revises requirements for defined benefit plan funding notices. Requires additional disclosures in annual reports and to plan participants and beneficiaries, including notice of bankruptcy filings. Allows plan spon…