110 HR 7195 IH: To entitle affected participants under a pension plan U.S. House of Representatives 2008-09-27 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.

I 110th CONGRESS 2d Session H. R. 7195 IN THE HOUSE OF REPRESENTATIVES September 27, 2008 Mr. Whitfield of Kentucky introduced the following bill; which was referred to the Committee on Energy and Commerce, 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 A BILL To entitle affected participants under a pension plan referred to in the USEC Privatization Act to payment for benefit increases not received.

1.

Entitlement and determination of benefits for affected participants

(a)

Entitlement of affected participants

Any affected participant described in subsection (b) is entitled to a one-time lump sum payment to be determined by the Secretary of Energy (hereinafter referred to as the Secretary) under subsection (c). (b)

Affected participant

For the purposes of this Act, an affected participant is a person described under section 3110(a)(6)(B) of the USEC Privatization Act (42 U.S.C. 2297h–8(a)(6)(B)). (c)

Determination of payment for affected participants

The Secretary shall pay an affected participant, pursuant to an application timely filed by such participant, a one-time lump sum payment equal to an amount which bears the same ratio to $48,700,000 as the actuarial present value of the accrued benefits of the affected participant under the pension plan from which a transfer of plan assets and liabilities required under section 3110(a)(2) of the USEC Privatization Act was made (as of immediately before the transfer) bears to the actuarial present value of the accrued benefits of all affected participants under the pension plan from which the transfer under such section was made (as of immediately before the transfer). (d)

Determination of findings of fact

The Secretary is directed to make findings of facts and decisions as to the rights of any affected participant applying for a payment under this Act. (e)

Rulemaking

Not later than 60 days after the date of the enactment of this Act, the Secretary shall issue regulations to carry out this Act. (f)

Public notice

To the extent practicable, the Secretary shall provide notice to individuals who may be eligible to receive a payment under this Act. (g)

Application for payment

To be eligible for a payment under this Act, an affected participant shall prepare and submit to the Secretary an application— (1)not later than 240 days after the date of the enactment of this Act; (2)in such manner; and (3)containing such information as the Secretary requires. (h)

Timely payments

To the extent practicable, the Secretary shall determine and make a payment to an affected participant not later than 180 days after such participant’s submission of an application for payment under subsection (g). (i)

Election to treat payment as rollover contribution to IRA

(1)

In general

Any affected participant who receives a payment under this section may, at any time during the 1-year period beginning on the day after the date on which such payment was received, make one or more contributions in an aggregate amount not to exceed the amount of such payment to an individual retirement plan (as defined by section 7701(a)(37) of the Internal Revenue Code of 1986). (2)

Treatment of contributions to IRAs

For purposes of the Internal Revenue Code of 1986, if a contribution is made an individual retirement plan pursuant to paragraph (1), then— (A)except as provided in paragraph (3), such contribution shall not be included in gross income, and (B)to the extent of the amount of such contribution, such contribution shall be treated— (i)as a distribution described in section 408(d)(3) of such Code, and (ii)as having been transferred to the individual retirement account in a direct trustee to trustee transfer within 60 days of the distribution. (3)

Special rule for Roth IRAs

If a contribution is made under paragraph (1) to a Roth IRA, such contribution shall be includible in gross income and, unless the taxpayer elects not to have this clause apply, such contribution shall be so included ratably over the 2-taxable-year period beginning with the first taxable year in which such contribution is made. (j)

Administrative Expenses

There is authorized to be appropriated to the Secretary $1,300,000 to carry out this Act.

2.

Hearing and Judicial review

(a)

Hearing

(1)

In general

Upon request by any affected participant applying for a payment under this Act, who makes a showing in writing that such participant’s rights may have been prejudiced by any decision the Secretary has rendered, the Secretary shall give such participant reasonable notice and opportunity for a hearing with respect to such decision, and, if a hearing is held, shall, on the basis of evidence adduced at the hearing, affirm, modify, or reverse the Secretary’s findings of fact and such decision. (2)

Request for hearing

Any request for a hearing under this subsection must be filed within 60 days after notice of a decision by the Secretary is received by the affected participant making such a request. (3)

Secretary

The Secretary is further authorized, on the Secretary’s own motion, to hold such hearings and to conduct such investigations and other proceedings as the Secretary may deem necessary or proper for the administration of this Act. (b)

Judicial Review

(1)

In general

Any affected participant, after any final decision of the Secretary made after a hearing to which such participant was a party, irrespective of the amount in controversy, may obtain a review of such decision by a civil action commenced within 60 days after the mailing to such participant of notice of such decision or within such further time as the Secretary may allow. (2)

Jurisdiction and Venue

An action under this section shall be brought in the district court of the United States for the judicial district in which the affected participant plaintiff resides, or where such plaintiff has a principal place of business, or, if such plaintiff does not reside or have a principal place of business within any such judicial district, in the United States District Court for the District of Columbia. (3)

Judicial determination

The court shall have power to enter, upon the pleadings and transcript of the record, a judgment affirming, modifying, or reversing the decision of the Secretary, with or without remanding the cause for a rehearing. (4)

Final judgment

The judgment of the court shall be final, except that it shall be subject to review in the same manner as a judgment in other civil actions. (5)

Change in Secretary

Any action instituted in accordance with this section shall survive notwithstanding any change in the person occupying the office of Secretary or any vacancy in such office.

3.

Certification for Payment

(a)

In General

Upon final decision of the Secretary, or upon final judgment of any court of competent jurisdiction, that any affected participant is entitled to any payment under this Act, the Secretary shall certify to the Secretary of the Treasury the name and address of the person entitled to receive such payment, the amount of such payment, and the time at which such payment should be made, and the Secretary of the Treasury shall make payment in accordance with the certification of the Secretary. (b)

Payment while Decision is under review

Where a review of the Secretary’s decision is or may be sought under section 2, the Secretary may withhold certification of payment pending such review.