[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4955 Introduced in House (IH)]

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114th CONGRESS
  2d Session
                                H. R. 4955

To amend the Employee Retirement Income Security Act of 1974 to exclude 
    the receipts and disbursements of the Pension Benefit Guaranty 
                  Corporation from the Federal budget.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 15, 2016

Mr. Renacci (for himself, Mr. Webster of Florida, Mr. Hanna, Mr. Pocan, 
 Mr. Kilmer, and Mr. Carney) introduced the following bill; which was 
    referred to the Committee on the Budget, and in addition to the 
     Committee on Education and the Workforce, 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 amend the Employee Retirement Income Security Act of 1974 to exclude 
    the receipts and disbursements of the Pension Benefit Guaranty 
                  Corporation from the Federal budget.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Pension and Budget Integrity Act of 
2016''.

SEC. 2. FINDINGS.

    Congress finds the following:
            (1) The Pension Benefit Guaranty Corporation (in this 
        section referred to as the ``PBGC'')--
                    (A) is an independent government agency that 
                insures the benefits of most private-sector pension 
                plans through an insurance model;
                    (B) becomes the trustee for the assets of failed 
                pension plans;
                    (C) is responsible for the investment and 
                disbursement of premiums and pension plan assets 
                through the PBGC revolving funds and the PBGC trust 
                fund; and
                    (D) may only use premiums paid by private-sector 
                pension plans to the PBGC to pay pension beneficiaries 
                and related PBGC operating expenses.
            (2) The Employee Retirement Income Security Act of 1974 did 
        not include the receipts and disbursements of the PBGC in the 
        Federal budget.
            (3) Section 406 of the Multiemployer Pension Plan 
        Amendments Act of 1980 (Public Law 96-364) included the 
        receipts and disbursements of the PBGC in the Federal budget 
        for the first time.
            (4) The revenues from PBGC premiums--
                    (A) are deposited into the revolving funds of the 
                PBGC and are credited to the operating budget of the 
                PBGC;
                    (B) cannot be used for any purpose other than PBGC 
                expenses; and
                    (C) are counted as revenue to the United States 
                Treasury and used to offset unrelated Federal spending.
            (5) Sound budget policy dictates that--
                    (A) crediting PBGC premium revenues to the 
                revolving funds of the PBGC and as receipts to the 
                United States Treasury constitutes double-counting;
                    (B) double-counting revenue is inconsistent with 
                sound budgetary policy and good governance; and
                    (C) excluding the receipts and disbursements of the 
                PBGC from the Federal budget will eliminate double-
                counting premium revenue.

SEC. 3. EXCLUSION OF THE RECEIPTS AND DISBURSEMENTS OF THE PENSION 
              BENEFIT GUARANTY CORPORATION FROM THE FEDERAL BUDGET.

    (a) In General.--Paragraph (2) of Section 4002(g) of the Employee 
Retirement Income Security Act of 1974 (29 U.S.C. 1302(g)) is amended 
by striking ``shall be included'' and inserting ``shall not be 
included''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to fiscal years beginning after September 30, 2016.
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