[Congressional Record Volume 162, Number 52 (Wednesday, April 6, 2016)]
[Senate]
[Pages S1763-S1764]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
SA 3497. Mr. MANCHIN (for himself and Mrs. Capito) submitted an
amendment intended to be proposed by him to the bill H.R. 636, to amend
the Internal Revenue Code of 1986 to permanently extend increased
expensing limitations, and for other purposes; which was ordered to lie
on the table; as follows:
At the appropriate place, insert the following:
SEC. ___. INCLUSION OF CERTAIN RETIREES IN THE MULTIEMPLOYER
HEALTH BENEFIT PLAN.
Section 402 of the Surface Mining Control and Reclamation
Act of 1977 (30 U.S.C. 1232) is amended--
(1) in subsection (h)(2)(C)--
(A) by striking ``A transfer'' and inserting the following:
``(i) Transfer to the plan.--A transfer'';
(B) by redesignating clauses (i) and (ii) as subclauses (I)
and (II), respectively, and moving such subclauses 2 ems to
the right; and
(C) by striking the matter following such subclause (II)
(as so redesignated) and inserting the following:
``(ii) Calculation of excess.--The excess determined under
clause (i) shall be calculated by taking into account only--
``(I) those beneficiaries actually enrolled in the Plan as
of the date of the enactment of the Federal Aviation
Administration Reauthorization Act of 2016, who are eligible
to receive health benefits under the Plan on the first day of
the calendar year for which the transfer is made; and
``(II) those beneficiaries whose health benefits, defined
as those benefits payable directly following death or
retirement or upon a finding of disability by an employer in
the bituminous coal industry under a coal wage agreement
(defined in section 9701(b)(1) of the Internal Revenue Code
of 1986), would be denied or reduced as a result of a
bankruptcy proceeding commenced in 2012 or 2015.
``(iii) Eligibility of certain retirees.--Individuals
referred to in clause (ii)(II) shall be treated as eligible
to receive health benefits under the Plan.
``(iv) Requirements for transfer.--The amount of the
transfer otherwise determined under this subparagraph for a
fiscal year shall be reduced by any amount transferred for
the fiscal year to the Plan, to pay benefits required under
the Plan, from a voluntary employees' beneficiary association
established as a result of the bankruptcy proceeding
described in clause (ii).
``(v) VEBA transfer.--The administrator of such voluntary
employees' beneficiary association shall transfer to the Plan
any amounts received as a result of such bankruptcy
proceeding, reduced by an amount for administrative costs of
such association.''; and
(2) in subsection (i)--
(A) by redesignating paragraph (4) as paragraph (5); and
(B) 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(i)(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) 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.
``(E) 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 Federal Aviation
Administration Reauthorization Act of 2016.
``(F) Enhanced annual reporting.--
``(i) In general.--Not later than the 90th day of each plan
year beginning after the date of enactment of the Federal
Aviation Administration Reauthorization Act of 2016, the
trustees of the 1974 UMWA Pension Plan shall file with the
Pension Benefit Guaranty Corporation a report (including
appropriate documentation and actuarial certifications from
the plan actuary, as required by the Secretary of Labor) 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(i)(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;
[[Page S1764]]
``(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 Labor or the
Secretary of the Treasury may require by request to such
Corporation.
``(ii) Electronic submission.--The report required under
clause (i) shall be submitted electronically.
``(iii) Information sharing.--The Pension Benefit Guaranty
Corporation shall share the information in the report under
clause (i) with the Secretary of the Treasury and the
Secretary of Labor.
``(iv) Excise tax.--If the report required under clause (i)
is not filed as of the date described in such clause, there
shall be a tax on the 1974 UMWA Pension Plan in the amount of
$100 for each day occurring after such date and before the
date on which such report is actually filed. The preceding
sentence shall not apply if the Pension Benefit Guaranty
Corporation determines that reasonable diligence has been
exercised by the trustees of such plan in attempting to
timely file such report.
``(G) 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.''.
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