3.0.0 3157 2023-01-11T13:16:12Z 2023-01-11T13:16:12Z Senate S S 2010-03-23 111 sshr00 Health, Education, Labor, and Pensions Committee Senate Standing Referred to 2010-03-23T22:38:45Z 2010-03-23 sshr00 Health, Education, Labor, and Pensions Committee Senate Read twice and referred to the Committee on Health, Education, Labor, and Pensions. IntroReferral 2010-03-23 Introduced in Senate IntroReferral 10000 9 Library of Congress C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA N B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2010-03-23 True S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2010-03-23 True B001266 Sen. Burris, Roland [D-IL] Roland Burris D IL 2010-03-23 True F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2010-05-26 False D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2010-07-29 False Labor and Employment Congressional oversight Employee benefits and pensions Labor and Employment 00 2010-03-23 Introduced in Senate 2010-06-03T14:12:29Z Create Jobs and Save Benefits Act of 2010 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to: (1) permit multiemployer pension plans to merge or form alliances with other plans; (2) increase Pension Benefit Guaranty Corporation (PBGC) guarantees for insolvent plans to increase participant benefits; and (3) increase from $8.00 to $16.00 the annual premium rate payable to the PBGC for each individual who is a participant of a multiemployer plan after December 31, 2010.

Requires the PBGC, upon the plan sponsor's written notice of election to partition an eligible multiemployer plan in critical status and likely to become insolvent, to order the interim partition of such plan if it would significantly reduce the likelihood that the plan will become insolvent. Requires the PBGC, similarly, to order an interim partition of an eligible multiemployer plan in endangered status because it has suffered a substantial reduction in the amount of contribution base units as a result of declining employment within the industry of employers covered by the plan.

Requires a partition order to provide for transfer to a successor plan created by the partition of nonforfeitable benefits directly attributable to service with eligible partition employers as well as specified assets of the mutliemployer plan in critical or endangered status.

Prescribes requirements for payment of the withdrawal liability of an employer that completely withdraws from a plan within 60 months after a partition order.

Prohibits a plan that elects a partition from adopting, within five years after the partition order, any plan amendment that would increase liabilities by reason of any increase in benefits.

Waives certain rehabilitation plan requirements for an eligible multiemployer plan in critical status that elects a partition to the extent that any required action, option, or measure under the rehabilitation plan would adversely affect the future level of covered employment under the plan.

Establishes a fifth revolving fund to finance obligations undertaken by the PBGC to protect the assets of multiemployer plans the PBGC has partitioned.

]]> Create Jobs and Save Benefits Act of 2010 Display Title Create Jobs and Save Benefits Act of 2010 Official Title as Introduced A bill to amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to allow time for pensions to fund benefit obligations in light of economic circumstances in the financial markets of 2008, and for other purposes. Introduced in Senate IS Short Titles as Introduced Create Jobs and Save Benefits Act of 2010 Introduced in Senate 2010-03-23T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s3157is/xml/BILLS-111s3157is.xml 2010-03-23 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.