1.This Act may be cited as
the USEC Privatization Amendments Act
of 2009
.
2.Authorization
and determination of benefits for affected participants
(a)Authorization
for payment to affected participantsTo the extent provided in advance in
appropriations Acts, the Secretary of Energy (referred to in this Act as the
Secretary
)—
(1)shall establish a
program under which the Secretary shall pay any affected participant described
in subsection (b) a one-time lump sum payment in an amount to be determined by
the Secretary under subsection (c); and
(2)may contract for
the procurement of information necessary to enable the Secretary to effectively
carry out the provisions of this Act.
(b)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
(1)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 the total recoverable amount described in paragraph (2) 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 (42 U.S.C.
2297h–8(a)(2)) 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).
(2)For purposes of this subsection, the total
recoverable amount is an amount equal to the excess of—
(A)the present value
of benefits that would have been accrued or accruable by all affected
participants under the pension plan from which the transfer under section
3110(a)(2) of the USEC Privatization Act (42 U.S.C. 2297h–8(a)(2)) was made if
such transfer had not occurred and if benefit increases had occurred, in
connection with the transferred liabilities, under such plan equivalent to
benefit increases that have occurred under such plan in connection with the
other liabilities under such plan, over
(B)the present value
of benefits accrued or accruable by all such affected participants under the
pension plan to which the transfer under section 3110(a)(2) of the USEC
Privatization Act (42 U.S.C. 2297h–8(a)(2)) was made.
(3)In
determining a payment under this section, the Secretary shall consider, with
respect to the pension plan from which the transfer under section 3110(a)(2) of
the USEC Privatization Act (42 U.S.C. 2297h–8(a)(2)) was made and the pension
plan to which such transfer was made, benefits accrued as of the date of
enactment of this Act and accruable through attainment of normal retirement
age, assuming continued service under the plan until attainment of such age and
the same rate of basic pay subject to increases reflective of reasonably
anticipated increases in the cost of living.
(4)For the purposes of paragraphs (2) and (3), any reference
to the pension plan from which the transfer under section 3110(a)(2) of the
USEC Privatization Act (42 U.S.C. 2297h–8(a)(2)) was made shall include a
reference to any successor to such plan (other than the pension plan to which
the transfer required by such section was made) if such successor plan received
assets in excess of the actuarial present value of accrued benefits under such
plan upon succession.
(d)Pro rata
reduction of paymentThe
Secretary shall provide for pro rata reductions in payment amounts determined
by the Secretary under subsection (c) to affected participants described in
subsection (b) to the extent necessary to adjust for amounts provided in
appropriation Acts for purposes of the program under subsection (a).
(e)Determination
of findings of factThe
Secretary may make findings of facts and decisions as to the rights of any
affected participant applying for a payment under this Act.
(f)Not later than 60 days after the date of
enactment of this Act, the Secretary shall issue regulations to carry out this
Act. Such regulations shall provide a requirement for applicants for payments
under this Act to consent to the release of any information requested by the
Secretary.
(g)To the extent practicable, the Secretary shall provide
notice to individuals who may be eligible to receive a payment under this
Act.
(h)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 enactment of this Act;
(2)in such manner;
and
(3)containing such
information as the Secretary requires.
(i)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
(h).
(j)Election To
treat payment as rollover contribution to IRA
(1)Any affected participant who receives a payment under
this Act 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 IRAsFor purposes of the Internal Revenue Code
of 1986, if a contribution is made to 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 IRAsIf 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.
(k)Authorization
of appropriationsThere are authorized to be appropriated to the
Secretary such amounts as necessary to carry out this Act.
(l)Hearing and
Judicial review
(1)
(A)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.
(B)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.
(C)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.
(2)
(A)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.
(B)An action under
this Act 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.
(C)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.
(D)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.
(E)Any action instituted in accordance with this Act shall
survive notwithstanding any change in the person occupying the office of
Secretary or any vacancy in such office.
(m)Secretary’s
responsibility; no third party liability
(1)Secretary’s
responsibilityThe Secretary
shall be responsible for all payments and costs under this Act, for reporting
payments to affected participants and the Internal Revenue Service on Form
number 1099R (or such other form as required by the Internal Revenue Service)
for income tax purposes, and for answering questions relating to the
implementation of this Act for affected participants and applicants for
payment. In no event shall the current or former employer of an affected
participant or applicant be responsible for providing communication, making
payments, reporting payments, answering questions, or providing
calculations.
(2)Nothing in this Act
shall be deemed to impose any liability or cost, or authorize any claim against
the operator of the Department of Energy’s uranium enrichment facility in
Paducah, Kentucky, or against any person or entity other than the
Secretary.