3.0.0 547 2023-01-11T13:47:50Z 2023-01-11T13:47:50Z Senate S 2021-03-02 117 ssfi00 Finance Committee Senate Standing Referred to 2021-03-02T22:04:48Z Emergency Pension Plan Relief Act of 2021 117 409 HR 2021-01-21 Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Related bill CRS Emergency Pension Plan Relief Act of 2021 117 423 HR 2021-01-21 Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Related bill CRS 2021-03-02 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2021-03-02 Introduced in Senate IntroReferral 10000 9 Library of Congress B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH N B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI 2021-03-02 True B001267 Sen. Bennet, Michael F. [D-CO] Michael Bennet D CO 2021-03-02 True B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT 2021-03-02 True B001288 Sen. Booker, Cory A. [D-NJ] Cory Booker D NJ 2021-03-02 True C000127 Sen. Cantwell, Maria [D-WA] Maria Cantwell D WA 2021-03-02 True C001070 Sen. Casey, Robert P., Jr. [D-PA] Bob Casey D PA 2021-03-02 True C001088 Sen. Coons, Christopher A. [D-DE] Christopher Coons D DE A. 2021-03-02 True C001113 Sen. Cortez Masto, Catherine [D-NV] Catherine Cortez Masto D NV 2021-03-02 True D000622 Sen. Duckworth, Tammy [D-IL] Tammy Duckworth D IL 2021-03-02 True D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. 2021-03-02 True G000555 Sen. Gillibrand, Kirsten E. [D-NY] Kirsten Gillibrand D NY E. 2021-03-02 True H001076 Sen. Hassan, Margaret Wood [D-NH] Maggie Hassan D NH 2021-03-02 True H001046 Sen. Heinrich, Martin [D-NM] Martin Heinrich D NM T. 2021-03-02 True H001042 Sen. Hirono, Mazie K. [D-HI] Mazie Hirono D HI K. 2021-03-02 True K000384 Sen. Kaine, Tim [D-VA] Timothy Kaine D VA M. 2021-03-02 True K000383 Sen. King, Angus S., Jr. [I-ME] Angus King I ME S. 2021-03-02 True K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2021-03-02 True L000174 Sen. Leahy, Patrick J. [D-VT] Patrick Leahy D VT 2021-03-02 True L000570 Sen. Lujan, Ben Ray [D-NM] Ben Lujan D NM R. 2021-03-02 True M001183 Sen. Manchin, Joe, III [D-WV] Joseph Manchin D WV 2021-03-02 True M000133 Sen. Markey, Edward J. [D-MA] Edward Markey D MA J. 2021-03-02 True M000639 Sen. Menendez, Robert [D-NJ] Robert Menendez D NJ 2021-03-02 True M001176 Sen. Merkley, Jeff [D-OR] Jeff Merkley D OR 2021-03-02 True M001111 Sen. Murray, Patty [D-WA] Patty Murray D WA 2021-03-02 True P000145 Sen. Padilla, Alex [D-CA] Alex Padilla D CA 2021-03-02 True P000595 Sen. Peters, Gary C. [D-MI] Gary Peters D MI 2021-03-02 True R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2021-03-02 True R000608 Sen. Rosen, Jacky [D-NV] Jacklyn Rosen D NV 2021-03-02 True S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT 2021-03-02 True S001194 Sen. Schatz, Brian [D-HI] Brian Schatz D HI 2021-03-02 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2021-03-02 True S001181 Sen. Shaheen, Jeanne [D-NH] Jeanne Shaheen D NH 2021-03-02 True S001203 Sen. Smith, Tina [D-MN] Tina Smith D MN 2021-03-02 True S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2021-03-02 True T000464 Sen. Tester, Jon [D-MT] Jon Tester D MT 2021-03-02 True V000128 Sen. Van Hollen, Chris [D-MD] Chris Van Hollen D MD 2021-03-02 True W000805 Sen. Warner, Mark R. [D-VA] Mark Warner D VA R. 2021-03-02 True W000790 Sen. Warnock, Raphael G. [D-GA] Raphael Warnock D GA G. 2021-03-02 True W000817 Sen. Warren, Elizabeth [D-MA] Elizabeth Warren D MA A. 2021-03-02 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2021-03-02 True W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR 2021-03-02 True C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD 2021-03-03 False Labor and Employment Accounting and auditing Administrative law and regulatory procedures Appropriations Business records Congressional oversight Employee benefits and pensions Government information and archives Government studies and investigations Government trust funds Inflation and prices Pension Benefit Guaranty Corporation Wages and earnings Labor and Employment 00 2021-03-02 Introduced in Senate 2022-01-24T20:02:37Z Butch Lewis Emergency Pension Plan Relief Act of 2021

This bill modifies the funding rules and provides financial assistance for certain pension plans that are underfunded or insolvent.

First, the bill expands the authority of, and provides funding for, the Pension Benefit Guaranty Corporation (PBGC) to provide special partition assistance to a multiemployer pension plan that is insolvent or at risk of insolvency. The bill expands eligibility for partition assistance, provides funding for a plan to reach a projected funded ratio of 80% over a 30-year period, and does not require a plan to repay such assistance.

The bill further permits a multiemployer pension plan to elect to retain its funding zone status from the previous year for either (1) the first plan year beginning during the period from March 1, 2020, through February 28, 2021; or (2) the next succeeding plan year, as designated by the plan sponsor. A plan may also extend by five years the funding improvement or rehabilitation period if the plan is designated as in endangered or critical status for a plan year beginning in 2020 or 2021. A plan in critical and declining status may not suspend payment of plan benefits.

Additionally, the bill adjusts the minimum funding standards for a multiemployer pension plan to account for investment losses and other losses related to the COVID-19 pandemic and modifies the PBGC guarantee formula to increase the maximum potential benefits under a multiemployer pension plan.

]]> Butch Lewis Emergency Pension Plan Relief Act of 2021 Display Title Butch Lewis Emergency Pension Plan Relief Act of 2021 Official Title as Introduced A bill to provide relief for multiemployer and single employer pension plans, and for other purposes. Introduced in Senate IS Short Title(s) as Introduced Butch Lewis Emergency Pension Plan Relief Act of 2021 Introduced in Senate IS Introduced in Senate 2021-03-02T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s547is/xml/BILLS-117s547is.xml 2021-03-02 Read twice and referred to the Committee on Finance. 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.