[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 2788 Introduced in Senate (IS)]
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116th CONGRESS
1st Session
S. 2788
To amend the Surface Mining Control and Reclamation Act of 1977 to
transfer certain funds to the 1974 United Mine Workers of America
Pension Plan, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
November 6, 2019
Mr. Manchin (for himself, Mrs. Capito, Mr. McConnell, Mr. Jones, Mr.
Kaine, Ms. Duckworth, Mr. Brown, Mr. Casey, Mr. Durbin, Mr. Warner, Mr.
Portman, Ms. Sinema, and Mr. Van Hollen) introduced the following bill;
which was read twice and referred to the Committee on Finance
_______________________________________________________________________
A BILL
To amend the Surface Mining Control and Reclamation Act of 1977 to
transfer certain funds to the 1974 United Mine Workers of America
Pension Plan, and for other purposes.
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 ``Bipartisan American Miners Act of
2019''.
SEC. 2. TRANSFERS TO 1974 UMWA PENSION PLAN.
(a) In General.--Subsection (i) of section 402 of the Surface
Mining Control and Reclamation Act of 1977 (30 U.S.C. 1232) is
amended--
(1) in paragraph (3)(A), by striking ``$490,000,000'' and
inserting ``$750,000,000'';
(2) by redesignating paragraph (4) as paragraph (5); and
(3) by inserting after paragraph (3) the following:
``(4) Additional amounts.--
``(A) Calculation.--If the dollar limitation
specified in paragraph (3)(A) exceeds the aggregate
amount required to be transferred under paragraphs (1)
and (2) for a fiscal year, the Secretary of the
Treasury shall transfer an additional amount equal to
the difference between such dollar limitation and such
aggregate amount to the trustees of the 1974 UMWA
Pension Plan to pay benefits required under that plan.
``(B) Cessation of transfers.--The transfers
described in subparagraph (A) shall cease as of the
first fiscal year beginning after the first plan year
for which the funded percentage (as defined in section
432(j)(2) of the Internal Revenue Code of 1986) of the
1974 UMWA Pension Plan is at least 100 percent.
``(C) Prohibition on benefit increases, etc.--
During a fiscal year in which the 1974 UMWA Pension
Plan is receiving transfers under subparagraph (A), no
amendment of such plan which increases the liabilities
of the plan by reason of any increase in benefits, any
change in the accrual of benefits, or any change in the
rate at which benefits become nonforfeitable under the
plan may be adopted unless the amendment is required as
a condition of qualification under part I of subchapter
D of chapter 1 of the Internal Revenue Code of 1986.
``(D) Critical status to be maintained.--Until such
time as the 1974 UMWA Pension Plan ceases to be
eligible for the transfers described in subparagraph
(A)--
``(i) the Plan shall be treated as if it
were in critical status for purposes of
sections 412(b)(3), 432(e)(3), and
4971(g)(1)(A) of the Internal Revenue Code of
1986 and sections 302(b)(3) and 305(e)(3) of
the Employee Retirement Income Security Act;
``(ii) the Plan shall maintain and comply
with its rehabilitation plan under section
432(e) of such Code and section 305(e) of such
Act, including any updates thereto; and
``(iii) the provisions of subsections (c)
and (d) of section 432 of such Code and
subsections (c) and (d) of section 305 of such
Act shall not apply.
``(E) Treatment of transfers for purposes of
withdrawal liability under erisa.--The amount of any
transfer made under subparagraph (A) (and any earnings
attributable thereto) shall be disregarded in
determining the unfunded vested benefits of the 1974
UMWA Pension Plan and the allocation of such unfunded
vested benefits to an employer for purposes of
determining the employer's withdrawal liability under
section 4201 of the Employee Retirement Income Security
Act of 1974.
``(F) Requirement to maintain contribution rate.--A
transfer under subparagraph (A) shall not be made for a
fiscal year unless the persons that are obligated to
contribute to the 1974 UMWA Pension Plan on the date of
the transfer are obligated to make the contributions at
rates that are no less than those in effect on the date
which is 30 days before the date of enactment of the
Bipartisan American Miners Act of 2019.
``(G) Enhanced annual reporting.--
``(i) In general.--Not later than the 90th
day of each plan year beginning after the date
of enactment of the Bipartisan American Miners
Act of 2019, the trustees of the 1974 UMWA
Pension Plan shall file with the Secretary of
the Treasury or the Secretary's delegate and
the Pension Benefit Guaranty Corporation a
report (including appropriate documentation and
actuarial certifications from the plan actuary,
as required by the Secretary of the Treasury or
the Secretary's delegate) that contains--
``(I) whether the plan is in
endangered or critical status under
section 305 of the Employee Retirement
Income Security Act of 1974 and section
432 of the Internal Revenue Code of
1986 as of the first day of such plan
year;
``(II) the funded percentage (as
defined in section 432(j)(2) of such
Code) as of the first day of such plan
year, and the underlying actuarial
value of assets and liabilities taken
into account in determining such
percentage;
``(III) the market value of the
assets of the plan as of the last day
of the plan year preceding such plan
year;
``(IV) the total value of all
contributions made during the plan year
preceding such plan year;
``(V) the total value of all
benefits paid during the plan year
preceding such plan year;
``(VI) cash flow projections for
such plan year and either the 6 or 10
succeeding plan years, at the election
of the trustees, and the assumptions
relied upon in making such projections;
``(VII) funding standard account
projections for such plan year and the
9 succeeding plan years, and the
assumptions relied upon in making such
projections;
``(VIII) the total value of all
investment gains or losses during the
plan year preceding such plan year;
``(IX) any significant reduction in
the number of active participants
during the plan year preceding such
plan year, and the reason for such
reduction;
``(X) a list of employers that
withdrew from the plan in the plan year
preceding such plan year, and the
resulting reduction in contributions;
``(XI) a list of employers that
paid withdrawal liability to the plan
during the plan year preceding such
plan year and, for each employer, a
total assessment of the withdrawal
liability paid, the annual payment
amount, and the number of years
remaining in the payment schedule with
respect to such withdrawal liability;
``(XII) any material changes to
benefits, accrual rates, or
contribution rates during the plan year
preceding such plan year;
``(XIII) any scheduled benefit
increase or decrease in the plan year
preceding such plan year having a
material effect on liabilities of the
plan;
``(XIV) details regarding any
funding improvement plan or
rehabilitation plan and updates to such
plan;
``(XV) the number of participants
and beneficiaries during the plan year
preceding such plan year who are active
participants, the number of
participants and beneficiaries in pay
status, and the number of terminated
vested participants and beneficiaries;
``(XVI) the information contained
on the most recent annual funding
notice submitted by the plan under
section 101(f) of the Employee
Retirement Income Security Act of 1974;
``(XVII) the information contained
on the most recent Department of Labor
Form 5500 of the plan; and
``(XVIII) copies of the plan
document and amendments, other
retirement benefit or ancillary benefit
plans relating to the plan and
contribution obligations under such
plans, a breakdown of administrative
expenses of the plan, participant
census data and distribution of
benefits, the most recent actuarial
valuation report as of the plan year,
copies of collective bargaining
agreements, and financial reports, and
such other information as the Secretary
of the Treasury or the Secretary's
delegate, in consultation with the
Secretary of Labor and the Director of
the Pension Benefit Guaranty
Corporation, may require.
``(ii) Electronic submission.--The report
required under clause (i) shall be submitted
electronically.
``(iii) Information sharing.--The Secretary
of the Treasury or the Secretary's delegate
shall share the information in the report under
clause (i) with the Secretary of Labor.
``(iv) Penalty.--Any failure to file the
report required under clause (i) on or before
the date described in such clause shall be
treated as a failure to file a report required
to be filed under section 6058(a) of the
Internal Revenue Code of 1986, except that
section 6652(e) of such Code shall be applied
with respect to any such failure by
substituting `$100' for `$25'. The preceding
sentence shall not apply if the Secretary of
the Treasury or the Secretary's delegate
determines that reasonable diligence has been
exercised by the trustees of such plan in
attempting to timely file such report.
``(H) 1974 umwa pension plan defined.--For purposes
of this paragraph, the term `1974 UMWA Pension Plan'
has the meaning given the term in section 9701(a)(3) of
the Internal Revenue Code of 1986, but without regard
to the limitation on participation to individuals who
retired in 1976 and thereafter.''.
(b) Effective Dates.--
(1) In general.--The amendments made by this section shall
apply to fiscal years beginning after September 30, 2016.
(2) Reporting requirements.--Section 402(i)(4)(G) of the
Surface Mining Control and Reclamation Act of 1977 (30 U.S.C.
1232(i)(4)(G)), as added by this section, shall apply to plan
years beginning after the date of the enactment of this Act.
SEC. 3. INCLUSION IN MULTIEMPLOYER HEALTH BENEFIT PLAN.
Section 402(h)(2)(C) of the Surface Mining Control and Reclamation
Act of 1977 (30 U.S.C. 1232(h)(2)(C)) is amended--
(1) by striking ``the Health Benefits for Miners Act of
2017'' both places it appears in clause (ii) and inserting
``the Bipartisan American Miners Act of 2019'';
(2) by striking ``, would be denied or reduced as a result
of a bankruptcy proceeding commenced in 2012 or 2015'' in
clause (ii)(II) and inserting ``or a related coal wage
agreement, would be denied or reduced as a result of a
bankruptcy proceeding commenced in 2012, 2015, 2018, or 2019'';
(3) by striking ``and'' at the end of clause (ii)(I), by
striking the period at the end of clause (ii)(II) and inserting
``; and'', and by inserting after clause (ii)(II) the following
new subclause:
``(III) the cost of administering
the resolution of disputes process
administered (as of the date of the
enactment of the Bipartisan American
Miners Act of 2019) by the Trustees of
the Plan.'',
(4) by striking ``January 1, 2017'' in clause (ii) and
inserting ``January 1, 2019''; and
(5) by adding at the end the following new clause:
``(vi) Related coal wage agreement.--For
purposes of clause (ii), the term `related coal
wage agreement' means an agreement between the
United Mine Workers of America and an employer
in the bituminous coal industry that--
``(I) is a signatory operator; or
``(II) is or was a debtor in a
bankruptcy proceeding that was
consolidated, administratively or
otherwise, with the bankruptcy
proceeding of a signatory operator or a
related person to a signatory operator
(as those terms are defined in section
9701(c) of the Internal Revenue Code of
1986).''.
SEC. 4. REDUCTION IN MINIMUM AGE FOR ALLOWABLE IN-SERVICE
DISTRIBUTIONS.
(a) In General.--Section 401(a)(36) of the Internal Revenue Code of
1986 is amended by striking ``age 62'' and inserting ``age 59\1/2\''.
(b) Application to Governmental Section 457(b) Plans.--Clause (i)
of section 457(d)(1)(A) of the Internal Revenue Code of 1986 is amended
by inserting ``(in the case of a plan maintained by an employer
described in subsection (e)(1)(A), age 59\1/2\)'' before the comma at
the end.
(c) Effective Date.--The amendments made by this section shall
apply to plan years beginning after December 31, 2019.
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