3.0.0 589 2023-01-11T13:47:48Z 2023-01-11T13:47:48Z Senate S 2021-03-04 117 ssfi00 Finance Committee Senate Standing Referred to 2021-03-04T17:43:47Z 2021-03-04 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2021-03-04 Introduced in Senate IntroReferral 10000 9 Library of Congress G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. N Labor and Employment Accounting and auditing Administrative remedies Civil actions and liability Corporate finance and management Crimes against property Disability and paralysis Employee benefits and pensions Financial services and investments Government corporations and government-sponsored enterprises Interest, dividends, interest rates Pension Benefit Guaranty Corporation Labor and Employment 00 2021-03-04 Introduced in Senate 2022-03-01T16:15:00Z Chris Allen Multiemployer Pension Recapitalization and Reform Act of 2021

This bill makes various changes with respect to the administration of multiemployer pension plans.

Among other provisions, the bill allows qualified multiemployer plans to apply for special partition assistance from the Pension Benefit Guaranty Corporation (PBGC). Partition assistance generally authorizes the PBGC to take financial responsibility for a portion of the liabilities of a plan at risk of insolvency. Subject to certain exceptions and conditions, special partition assistance expands eligibility for partition assistance and does not require plans to repay the amount of assistance received.

The bill also revises the PBGC rules for determining whether a plan is insolvent and the procedures for terminating a plan that fails to meet certain standards.

Additionally, the bill sets forth the discount rates used to estimate a plan's future benefit payment obligations, which affect an employer's minimum contribution to the plan. It also establishes a stable funding status and an unrestricted funding status and revises the criteria for plans that are in endangered, critical, and critical and declining statuses.

Finally, the bill establishes rules for new composite plans. Composite plans provide annuity benefits to plan participants, establish fixed contributions from employers, and require realignment measures if the plan's projected funded ratio falls below 120%. A composite plan's projected funded ratio is the actuarial projection of the plan's assets compared to liabilities as of the first plan day of the 15th plan year following a given plan year.

]]> Chris Allen Multiemployer Pension Recapitalization and Reform Act of 2021 Display Title Chris Allen Multiemployer Pension Recapitalization and Reform Act of 2021 Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to reform the treatment of multiemployer plans, to ensure the ability of the Pension Benefit Guaranty Corporation to provide guaranteed benefits of retirees, and for other purposes. Introduced in Senate IS Short Title(s) as Introduced Chris Allen Multiemployer Pension Recapitalization and Reform Act of 2021 Introduced in Senate IS Introduced in Senate 2021-03-04T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s589is/xml/BILLS-117s589is.xml 2021-03-04 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.