3.0.0 1492 2023-01-15T06:17:48Z 2023-01-15T06:17:48Z Senate S S 2003-07-30 108 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2003-07-30T18:10:51Z Multiemployer Pension Security Act of 2003 108 2910 HR 2003-08-13 Referred to the Subcommittee on Employer-Employee Relations. Identical bill CRS Companion bill Senate 2003-07-30 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2003-07-30 Sponsor introductory remarks on measure. (CR S10268-10269) IntroReferral B00100 9 Library of Congress 2003-07-30 Introduced in Senate IntroReferral 10000 9 Library of Congress C000286 Sen. Chambliss, Saxby [R-GA] SAXBY CHAMBLISS R GA N Labor and Employment Bankruptcy Civil actions and liability Collective bargaining Defined benefit pension plans Defined contribution plans Excise tax Finance and Financial Sector Financial statements Government Operations and Politics Government corporations Government paperwork Income tax Insurance premiums Investments Labor contracts Labor unions Law Legal fees Liability (Law) Pension Benefit Guaranty Corporation Pension funds Pension trust guaranty insurance Tax deductions Tax penalties Tax-deferred compensation plans Taxation Trusts and trustees Valuation Labor and Employment 00 2003-07-30 Introduced in Senate 2004-03-17T17:44:24Z Multiemployer Pension Security Act of 2003 - Amends the Employee Retirement Income Security Act of 1974 (ERISA), the Internal Revenue Code, the National Labor Relations Act, and the Labor Management Relations Act, 1947 with respect to teamster plans and their funding.

Defines a teamster plan as a plan: (1) to which more than one employer is required to contribute; and (2) which is maintained pursuant to one or more collective bargaining agreements between The International Brotherhood Teamsters, Chauffeurs, Warehousemen and Helpers of America or its locals and more than one employer.

Declares that a teamster plan shall not be treated as a multiemployer plan, and each employer that has an obligation to contribute to a teamster plan shall be treated as a contributing sponsor maintaining a separate single-employer plan, including with respect to partition and allocation of assets and liabilities.

Requires the assets of a teamster plan to be invested by the trustees as one master trust, and each contributing employer's share of the plan assets to be adjusted annually according to master trust accounting principles for the employer's plan contributions, benefit payments with respect to its ongoing liability and transition liability (if any), and share of investment returns and administrative expenses.

Requires the Pension Benefit Guaranty Corporation to guarantee 100 percent of the transition liabilities of each teamster plan. Defines transition liabilities as the sum of the accrued benefit liabilities under a teamster plan (as a whole, as if it were treated as a single multiemployer plan rather than a collection of single-employer plans) attributable to: (1) participants who are not employed in credited service for any employer under the plan; and (2) the credited service of other participants with an employer that does not have an obligation to contribute to the teamster plan.

Requires the premium rates for plan termination insurance charged by the Corporation for teamster plans to be the same as those charged for single-employer plans. States that each employer with an obligation to contribute to a teamster plan shall be responsible for paying the premiums attributable to the single-employer plan the employer is treated as maintaining. Requires any additional premium to phased in over ten plan years. Authorizes the Corporation to allow an employer to contribute all or part of such additional premium directly to the teamster plan, in lieu of payment to the Corporation.

Authorizes an employer with an obligation to contribute to a teamster plan to terminate its participation in either a standard or a distress termination.

Requires establishment of a funding standard account for each employer with an obligation to contribute to a teamster plan. Prescribes formulae for specified minimum funding of, and minimum contributions to, a teamster plan. Prohibits any increase in benefits unless a teamster plan is sufficiently funded.

]]> Multiemployer Pension Security Act of 2003 Display Title Multiemployer Pension Security Act of 2003 Official Title as Introduced A bill to amend the Employee Retirement Income Security Act of 1974, the Internal Revenue Code of 1986, and the Labor Management Relations Act, 1947 to provide special rules for Teamster plans relating to termination and funding. Introduced in Senate IS Short Titles as Introduced Multiemployer Pension Security Act of 2003 Introduced in Senate 2003-07-30T04:00:00Z 2003-07-30 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.