[Congressional Record Volume 166, Number 58 (Tuesday, March 24, 2020)]
[Senate]
[Pages S2015-S2019]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                           TEXT OF AMENDMENTS

  SA 1574. Mr. CRAMER submitted an amendment intended to be proposed by 
him to the bill H.R. 748, to amend the Internal Revenue Code of 1986 to 
repeal the excise tax on high cost employer-sponsored health coverage; 
which was ordered to lie on the table; as follows:

        At the appropriate place, insert the following:

                    TITLE _--BUTCH LEWIS ACT OF 2020

     SEC. ___1. SHORT TITLE.

       This title may be cited as the ``Butch Lewis Act of 2020''.

     SEC. ___2. PENSION REHABILITATION ADMINISTRATION; 
                   ESTABLISHMENT; POWERS.

       (a) Establishment.--There is established in the Department 
     of the Treasury an agency to be known as the ``Pension 
     Rehabilitation Administration''.
       (b) Director.--
       (1) Establishment of position.--There shall be at the head 
     of the Pension Rehabilitation Administration a Director, who 
     shall be appointed by the President.
       (2) Term.--
       (A) In general.--The term of office of the Director shall 
     be 5 years.
       (B) Service until appointment of successor.--An individual 
     serving as Director at the expiration of a term may continue 
     to serve until a successor is appointed.
       (3) Powers.--
       (A) Appointment of deputy directors, officers, and 
     employees.--The Director may appoint Deputy Directors, 
     officers, and employees, including attorneys, in accordance 
     with chapter 51 and subchapter III of chapter 53 of title 5, 
     United States Code.
       (B) Contracting.--
       (i) In general.--The Director may contract for financial 
     and administrative services (including those related to 
     budget and accounting, financial reporting, personnel, and 
     procurement) with the General Services Administration, or 
     such other Federal agency as the Director determines 
     appropriate, for which payment shall be made in advance, or 
     by reimbursement, from funds of the Pension Rehabilitation 
     Administration in such amounts as may be agreed upon by the 
     Director and the head of the Federal agency providing the 
     services.
       (ii) Subject to appropriations.--Contract authority under 
     clause (i) shall be effective for any fiscal year only to the 
     extent that appropriations are available for that purpose.
       (c) Transfer of Funds.--The Secretary of the Treasury may 
     transfer for any fiscal year, from unobligated amounts 
     appropriated to the Department of the Treasury, to the 
     Pension Rehabilitation Administration such sums as may be 
     reasonably necessary for the administrative and operating 
     expenses of the Pension Rehabilitation Administration.

     SEC. __3. PENSION REHABILITATION TRUST FUND.

       (a) In General.--Subchapter A of chapter 98 of the Internal 
     Revenue Code of 1986 is amended by adding at the end the 
     following new section:

     ``SEC. 9512. PENSION REHABILITATION TRUST FUND.

       ``(a) Creation of Trust Fund.--There is established in the 
     Treasury of the United States a trust fund to be known as the 
     `Pension Rehabilitation Trust Fund' (hereafter in this 
     section referred to as the `Fund'), consisting of such 
     amounts as may be appropriated or credited to the Fund as 
     provided in this section and section 9602(b).
       ``(b) Transfers to Fund.--
       ``(1) Amounts attributable to treasury bonds.--There shall 
     be credited to the Fund the amounts transferred under the 
     Butch Lewis Act of 2020.
       ``(2) Loan interest and principal.--
       ``(A) In general.--The Director of the Pension 
     Rehabilitation Administration established under the Butch 
     Lewis Act of 2020 shall deposit in the Fund any amounts 
     received from a plan as payment of interest or principal on a 
     loan under such Act.
       ``(B) Interest.--For purposes of subparagraph (A), the term 
     `interest' includes points and other similar amounts.
       ``(3) Transfers from secretary.--The Director of the 
     Pension Rehabilitation Administration shall deposit in the 
     Fund any amounts received from the Secretary for 
     administrative and operating expenses pursuant to such Act.
       ``(4) Availability of funds.--Amounts credited to or 
     deposited in the Fund shall remain available until expended.
       ``(c) Expenditures From Fund.--Amounts in the Fund are 
     available without further appropriation to the Pension 
     Rehabilitation Administration--
       ``(1) for the purpose of making the loans described in the 
     Butch Lewis Act of 2020,
       ``(2) for the payment of principal and interest on 
     obligations issued under such Act, and
       ``(3) for administrative and operating expenses of such 
     Administration.''.
       (b) Clerical Amendment.--The table of sections for 
     subchapter A of chapter 98 of the Internal Revenue Code of 
     1986 is amended by adding at the end the following new item:


``Sec. 9512. Pension Rehabilitation Trust Fund.''.

     SEC. ___4. LOAN PROGRAM FOR MULTIEMPLOYER DEFINED BENEFIT 
                   PLANS.

       (a) Loan Authority.--
       (1) In general.--The Pension Rehabilitation Administration 
     established under this Act is authorized--
       (A) to make loans to multiemployer plans (as defined in 
     section 414(f) of the Internal Revenue Code of 1986) which 
     are defined benefit plans (as defined in section 414(j) of 
     such Code) and which--
       (i) are in critical and declining status (within the 
     meaning of section 432(b)(6) of such Code and section 
     305(b)(6) of such Act) as of the date of the enactment of 
     this Act, or with respect to which a suspension of benefits 
     has been approved under section 432(e)(9) of such Code and 
     section 305(e)(9) of such Act as of such date;
       (ii) as of such date of enactment, are in critical status 
     (within the meaning of section 432(b)(2) of such Code and 
     section

[[Page S2016]]

     305(b)(2) of such Act), have a funded percentage of less than 
     40 percent (as determined for purposes of section 432 of such 
     Code and section 305 of such Act), and have a ratio of active 
     to inactive participants which is less than 2 to 3; or
       (iii) are insolvent for purposes of section 418E of such 
     Code as of such date of enactment, if they became insolvent 
     after December 16, 2014, and have not been terminated; and
       (B) subject to subsection (b), to establish appropriate 
     terms for such loans.
       (2) Consultation.--The Director of the Pension 
     Rehabilitation Administration shall consult with the 
     Secretary of the Treasury, the Secretary of Labor, and the 
     Director of the Pension Benefit Guaranty Corporation before 
     making any loan under paragraph (1), and shall share with 
     such persons the application and plan information with 
     respect to each such loan.
       (3) Establishment of loan program.--
       (A) In general.--A program to make the loans authorized 
     under this section shall be established not later than 
     September 30, 2019, with guidance regarding such program to 
     be promulgated by the Director of the Pension Rehabilitation 
     Administration, in consultation with the Pension Benefit 
     Guaranty Corporation and the Department of Labor, not later 
     than December 31, 2019.
       (B) Loans authorized before program date.--Without regard 
     to whether the program under subparagraph (A) has been 
     established, a plan may apply for a loan under this section 
     before either date described in such subparagraph, and the 
     Pension Rehabilitation Administration shall approve the 
     application and make the loan before establishment of the 
     program if necessary to avoid any suspension of the accrued 
     benefits of participants.
       (b) Loan Terms.--
       (1) In general.--The terms of any loan made under 
     subsection (a) shall state that--
       (A) the plan shall make payments of interest on the loan 
     for a period of 29 years beginning on the date of the loan 
     (or 19 years in the case of a plan making the election under 
     subsection (c)(5));
       (B) final payment of interest and principal shall be due in 
     the 30th year after the date of the loan (except as provided 
     in an election under subsection (c)(5)); and
       (C) as a condition of the loan, the plan sponsor stipulates 
     that--
       (i) except as provided in clause (ii), the plan will not 
     increase benefits, allow any employer participating in the 
     plan to reduce its contributions, or accept any collective 
     bargaining agreement which provides for reduced contribution 
     rates, during the 30-year period described in subparagraphs 
     (A) and (B);
       (ii) in the case of a plan with respect to which a 
     suspension of benefits has been approved under section 
     432(e)(9) of the Internal Revenue Code of 1986 and section 
     305(e)(9) of the Employee Retirement Income Security Act of 
     1974, or under section 418E of such Code, before the loan, 
     the plan will reinstate the suspended benefits (or will not 
     carry out any suspension which has been approved but not yet 
     implemented);
       (iii) the plan sponsor will comply with the requirements of 
     section 6059A of the Internal Revenue Code of 1986;
       (iv) the plan will continue to pay all premiums due under 
     section 4007 of the Employee Retirement Income Security Act 
     of 1974; and
       (v) the plan and plan administrator will meet such other 
     requirements as the Director of the Pension Rehabilitation 
     Administration provides in the loan terms.
     The terms of the loan shall not make reference to whether the 
     plan is receiving financial assistance under section 4261(d) 
     of the Employee Retirement Income Security Act of 1974 (29 
     U.S.C. 1431(d)) or to any adjustment of the loan amount under 
     subsection (d)(2)(A)(ii).
       (2) Interest rate.--Except as provided in the second 
     sentence of this paragraph and subsection (c)(5), loans made 
     under subsection (a) shall have as low an interest rate as is 
     feasible. Such rate shall be determined by the Pension 
     Rehabilitation Administration and shall--
       (A) not be lower than the rate of interest on 30-year 
     Treasury securities on the first day of the calendar year in 
     which the loan is issued; and
       (B) not exceed the greater of--
       (i) a rate .2 percent higher than such rate of interest on 
     such date; or
       (ii) the rate necessary to collect revenues sufficient to 
     administer the program under this section.
       (c) Loan Application.--
       (1) In general.--In applying for a loan under subsection 
     (a), the plan sponsor shall--
       (A) demonstrate that, except as provided in subparagraph 
     (C)--
       (i) the loan will enable the plan to avoid insolvency for 
     at least the 30-year period described in subparagraphs (A) 
     and (B) of subsection (b)(1) or, in the case of a plan which 
     is already insolvent, to emerge from insolvency within and 
     avoid insolvency for the remainder of such period; and
       (ii) the plan is reasonably expected to be able to pay 
     benefits and the interest on the loan during such period and 
     to accumulate sufficient funds to repay the principal when 
     due;
       (B) provide the plan's most recently filed Form 5500 as of 
     the date of application and any other information necessary 
     to determine the loan amount under subsection (d);
       (C) stipulate whether the plan is also applying for 
     financial assistance under section 4261(d) of the Employee 
     Retirement Income Security Act of 1974 (29 U.S.C. 1431(d)) in 
     combination with the loan to enable the plan to avoid 
     insolvency and to pay benefits, or is already receiving such 
     financial assistance as a result of a previous application;
       (D) state in what manner the loan proceeds will be invested 
     pursuant to subsection (d), the person from whom any annuity 
     contracts under such subsection will be purchased, and the 
     person who will be the investment manager for any portfolio 
     implemented under such subsection; and
       (E) include such other information and certifications as 
     the Director of the Pension Rehabilitation Administration 
     shall require.
       (2) Standard for accepting actuarial and plan sponsor 
     determinations and demonstrations in the application.--In 
     evaluating the plan sponsor's application, the Director of 
     the Pension Rehabilitation Administration shall accept the 
     determinations and demonstrations in the application unless 
     the Director, in consultation with the Director of the 
     Pension Benefit Guaranty Corporation and the Secretary of 
     Labor, concludes that the determinations and demonstrations 
     in the application are unreasonable or are inconsistent with 
     any rules issued by the Director pursuant to subsection (g).
       (3) Required actions; deemed approval.--The Director of the 
     Pension Rehabilitation Administration shall approve or deny 
     any application under this subsection within 90 days after 
     the submission of such application. An application shall be 
     deemed approved unless, within such 90 days, the Director 
     notifies the plan sponsor of the denial of such application 
     and the reasons for such denial. Any approval or denial of an 
     application by the Director of the Pension Rehabilitation 
     Administration shall be treated as a final agency action for 
     purposes of section 704 of title 5, United States Code. The 
     Pension Rehabilitation Administration shall make the loan 
     pursuant to any application promptly after the approval of 
     such application.
       (4) Certain plans required to apply.--The plan sponsor of 
     any plan with respect to which a suspension of benefits has 
     been approved under section 432(e)(9) of the Internal Revenue 
     Code of 1986 and section 305(e)(9) of the Employee Retirement 
     Income Security Act of 1974 or under section 418E of such 
     Code, before the date of the enactment of this Act shall 
     apply for a loan under this section. The Director of the 
     Pension Rehabilitation Administration shall provide for such 
     plan sponsors to use the simplified application under 
     subsection (d)(2)(B).
       (5) Incentive for early repayment.--The plan sponsor may 
     elect at the time of the application to repay the loan 
     principal, along with the remaining interest, over the 10-
     year period beginning with the 21st year after the date of 
     the loan. In the case of a plan making this election, the 
     interest on the loan shall be reduced by 0.5 percent.
       (d) Loan Amount and Use.--
       (1) Amount of loan.--
       (A) In general.--Except as provided in subparagraphs (B) 
     and (C) and paragraph (2), the amount of any loan under 
     subsection (a) shall be, as demonstrated by the plan sponsor 
     on the application under subsection (c), the amount needed to 
     purchase annuity contracts or to implement a portfolio 
     described in paragraph (3)(C) (or a combination of the two) 
     sufficient to provide benefits of participants and 
     beneficiaries of the plan in pay status, and terminated 
     vested benefits, at the time the loan is made.
       (B) Limitation based on ability to repay.--If at the time 
     of the application under subsection (c) the plan sponsor 
     determines that, based on a repayment schedule that would 
     provide for repayment of the full amount determined under 
     subparagraph (A) or (C)(ii) within the 30-year period 
     described in subsection (b)(1), making payments would cause 
     the plan to be within 18 months of becoming insolvent at any 
     point during such period, the loan amount shall be such 
     lesser amount as the plan sponsor determines the plan will be 
     able to repay without becoming within 18 months of 
     insolvency.
       (C) Plans with suspended benefits.--In the case of a plan 
     with respect to which a suspended benefits has been approved 
     under section 432(e)(9) of the Internal Revenue Code of 1986 
     and section 305(e)(9) of the Employee Retirement Income 
     Security Act of 1974 (29 U.S.C. 1085(e)(9)) or under section 
     418E of such Code--
       (i) the suspension of benefits shall not be taken into 
     account in applying subparagraph (A); and
       (ii) except as provided in subparagraph (B), the loan 
     amount shall be the amount sufficient to provide benefits of 
     participants and beneficiaries of the plan in pay status and 
     terminated vested benefits at the time the loan is made, 
     determined without regard to the suspension, including 
     retroactive payment of benefits which would otherwise have 
     been payable during the period of the suspension.
       (2) Coordination with pbgc financial assistance.--
       (A) In general.--In the case of a plan which is also 
     applying for financial assistance under section 4261(d) of 
     the Employee Retirement Income Security Act of 1974 (29 
     U.S.C. 1431(d))--
       (i) the plan sponsor shall submit the loan application and 
     the application for financial assistance jointly to the 
     Pension Rehabilitation Administration and the Pension Benefit 
     Guaranty Corporation with the information

[[Page S2017]]

     necessary to determine the eligibility for and amount of the 
     loan under this section and the financial assistance under 
     section 4261(d) of such Act; and
       (ii) if such financial assistance is granted, the amount of 
     the loan under subsection (a) shall not exceed an amount 
     equal to the excess of--

       (I) the amount determined under paragraph (1)(A) or 
     (1)(C)(ii) (whichever is applicable), without regard to 
     paragraph (1)(B); over
       (II) the amount of such financial assistance.

       (B) Plans already receiving pbgc assistance.--The Director 
     of the Pension Rehabilitation Administration shall provide 
     for a simplified application for the loan under this section 
     which may be used by an insolvent plan which has not been 
     terminated and which is already receiving financial 
     assistance (other than under section 4261(d) of such Act) 
     from the Pension Benefit Guaranty Corporation at the time of 
     the application for the loan under this section.
       (3) Use of loan funds.--
       (A) In general.--The loan received under subsection (a) 
     shall be used to purchase annuity contracts which meet the 
     requirements of subparagraph (B) or to implement a portfolio 
     described in subparagraph (C) (or a combination of the two) 
     to provide the benefits described in paragraph (1).
       (B) Annuity contract requirements.--The annuity contracts 
     purchased under subparagraph (A) shall be issued by an 
     insurance company which is licensed to do business under the 
     laws of any State and which is rated A or better by a 
     nationally recognized statistical rating organization, and 
     the purchase of such contracts shall meet all applicable 
     fiduciary standards under the Employee Retirement Income 
     Security Act of 1974.
       (C) Portfolio.--
       (i) In general.--A portfolio described in this subparagraph 
     is--

       (I) a cash matching portfolio or duration matching 
     portfolio consisting of investment grade (as rated by a 
     nationally recognized statistical rating organization) fixed 
     income investments, including United States dollar-
     denominated public or private debt obligations issued or 
     guaranteed by the United States or a foreign issuer, which 
     are tradeable in United States currency and are issued at 
     fixed or zero coupon rates; or
       (II) any other portfolio prescribed by the Secretary of the 
     Treasury in regulations which has a similar risk profile to 
     the portfolios described in subclause (I) and is equally 
     protective of the interests of participants and 
     beneficiaries.

     Once implemented, such a portfolio shall be maintained until 
     all liabilities to participants and beneficiaries in pay 
     status at the time of the loan are satisfied.
       (ii) Fiduciary duty.--Any investment manager of a portfolio 
     under this subparagraph shall acknowledge in writing that 
     such person is a fiduciary under the Employee Retirement 
     Income Security Act of 1974 with respect to the plan.
       (iii) Treatment of participants and beneficiaries.--
     Participants and beneficiaries covered by a portfolio under 
     this subparagraph shall continue to be treated as 
     participants and beneficiaries of the plan, including for 
     purposes of title IV of the Employee Retirement Income 
     Security Act of 1974.
       (D) Accounting.--
       (i) In general.--Annuity contracts purchased and portfolios 
     implemented under this paragraph shall be used solely to 
     provide the benefits described in paragraph (1) until all 
     such benefits have been paid and shall be accounted for 
     separately from the other assets of the plan.
       (ii) Oversight of non-annuity investments.--

       (I) In general.--Any portfolio implemented under this 
     paragraph shall be subject to oversight by the Pension 
     Rehabilitation Administration, including a mandatory 
     triennial review of the adequacy of the portfolio to provide 
     the benefits described in paragraph (1) and approval (to be 
     provided within a reasonable period of time) of any decision 
     by the plan sponsor to change the investment manager of the 
     portfolio.
       (II) Remedial action.--If the triennial review under 
     subclause (I) determines an inadequacy, the plan sponsor 
     shall take remedial action to ensure that the inadequacy will 
     be cured within 5 years of the review.

       (E) Ombudsperson.--The Participant and Plan Sponsor 
     Advocate established under section 4004 of the Employee 
     Retirement Income Security Act of 1974 shall act as 
     ombudsperson for participants and beneficiaries on behalf of 
     whom annuity contracts are purchased or who are covered by a 
     portfolio under this paragraph.
       (e) Collection of Repayment.--Except as provided in 
     subsection (f), the Pension Rehabilitation Administration 
     shall make every effort to collect repayment of loans under 
     this section in accordance with section 3711 of title 31, 
     United States Code.
       (f) Loan Default.--If a plan is unable to make any payment 
     on a loan under this section when due, the Pension 
     Rehabilitation Administration shall negotiate with the plan 
     sponsor revised terms for repayment (including installment 
     payments over a reasonable period or forgiveness of a portion 
     of the loan principal), but only to the extent necessary to 
     avoid insolvency in the subsequent 18 months.
       (g) Authority To Issue Rules, etc.--The Director of the 
     Pension Rehabilitation Administration, in consultation with 
     the Pension Benefit Guaranty Corporation and the Department 
     of Labor, is authorized to issue rules regarding the form, 
     content, and process of applications for loans under this 
     section, actuarial standards and assumptions to be used in 
     making estimates and projections for purposes of such 
     applications, and assumptions regarding interest rates, 
     mortality, and distributions with respect to a portfolio 
     described in subsection (d)(3)(C).
       (h) Coordination With Taxation of Unrelated Business 
     Income.--Subparagraph (A) of section 514(c)(6) of the 
     Internal Revenue Code of 1986 is amended--
       (1) by striking ``or'' at the end of clause (i);
       (2) by striking the period at the end of clause (ii)(II) 
     and inserting ``, or''; and
       (3) by adding at the end the following new clause:
       ``(iii) indebtedness with respect to a multiemployer plan 
     under a loan made by the Pension Rehabilitation 
     Administration pursuant to the Butch Lewis Act of 2020.''.

     SEC. ___5. COORDINATION WITH WITHDRAWAL LIABILITY AND FUNDING 
                   RULES.

       (a) Amendment to Internal Revenue Code of 1986.--Section 
     432 of the Internal Revenue Code of 1986 is amended by adding 
     at the end the following new subsection:
       ``(k) Special Rules for Plans Receiving Pension 
     Rehabilitation Loans.--
       ``(1) Determination of withdrawal liability.--
       ``(A) In general.--If any employer participating in a plan 
     at the time the plan receives a loan under the Butch Lewis 
     Act of 2020 withdraws from the plan before the end of the 30-
     year period beginning on the date of the loan, the withdrawal 
     liability of such employer shall be determined under the 
     Employee Retirement Income Security Act of 1974--
       ``(i) by applying section 4219(c)(1)(D) of the Employee 
     Retirement Income Security Act of 1974 as if the plan were 
     terminating by the withdrawal of every employer from the 
     plan, and
       ``(ii) by determining the value of nonforfeitable benefits 
     under the plan at the time of the deemed termination by using 
     the interest assumptions prescribed for purposes of section 
     4044 of the Employee Retirement Income Security Act of 1974, 
     as prescribed in the regulations under section 4281 of the 
     Employee Retirement Income Security Act of 1974 in the case 
     of such a mass withdrawal.
       ``(B) Annuity contracts and investment portfolios purchased 
     with loan funds.--Annuity contracts purchased and portfolios 
     implemented using loan funds received under the Butch Lewis 
     Act of 2020 shall not be taken into account in determining 
     the withdrawal liability of any employer under subparagraph 
     (A), but the amount equal to the greater of--
       ``(i) the benefits provided under such contracts or 
     portfolios to participants and beneficiaries, or
       ``(ii) the remaining payments due on the loan under such 
     Act,
     shall be so taken into account.
       ``(2) Coordination with funding requirements.--In the case 
     of a plan which receives a loan under the Butch Lewis Act of 
     2020--
       ``(A) annuity contracts purchased and portfolios 
     implemented using loan funds received under such Act, and the 
     benefits provided to participants and beneficiaries under 
     such contracts or portfolios, shall not be taken into account 
     in determining minimum required contributions under section 
     412,
       ``(B) payments on the interest and principal under the 
     loan, and any benefits owed in excess of those provided under 
     such contracts or portfolios, shall be taken into account as 
     liabilities for purposes of such section, and
       ``(C) if such a portfolio is projected due to unfavorable 
     investment or actuarial experience to be unable to fully 
     satisfy the liabilities which it covers, the amount of the 
     liabilities projected to be unsatisfied shall be taken into 
     account as liabilities for purposes of such section.''.
       (b) Amendment to Employee Retirement Income Security Act of 
     1974.--Section 305 of the Employee Retirement Income Security 
     Act of 1974 (29 U.S.C. 1085) is amended by adding at the end 
     the following new subsection:
       ``(k) Special Rules for Plans Receiving Pension 
     Rehabilitation Loans.--
       ``(1) Determination of withdrawal liability.--
       ``(A) In general.--If any employer participating in a plan 
     at the time the plan receives a loan under the Butch Lewis 
     Act of 2020 withdraws from the plan before the end of the 30-
     year period beginning on the date of the loan, the withdrawal 
     liability of such employer shall be determined--
       ``(i) by applying section 4219(c)(1)(D) as if the plan were 
     terminating by the withdrawal of every employer from the 
     plan, and
       ``(ii) by determining the value of nonforfeitable benefits 
     under the plan at the time of the deemed termination by using 
     the interest assumptions prescribed for purposes of section 
     4044, as prescribed in the regulations under section 4281 in 
     the case of such a mass withdrawal.
       ``(B) Annuity contracts and investment portfolios purchased 
     with loan funds.--Annuity contracts purchased and portfolios 
     implemented using loan funds received under the Butch Lewis 
     Act of 2020 shall not be taken into account in determining 
     the withdrawal liability of any employer under subparagraph 
     (A), but the amount equal to the greater of--
       ``(i) the benefits provided under such contracts or 
     portfolios to participants and beneficiaries, or

[[Page S2018]]

       ``(ii) the remaining payments due on the loan under such 
     Act,
     shall be so taken into account.
       ``(2) Coordination with funding requirements.--In the case 
     of a plan which receives a loan under the Butch Lewis Act of 
     2020--
       ``(A) annuity contracts purchased and portfolios 
     implemented using loan funds received under such Act, and the 
     benefits provided to participants and beneficiaries under 
     such contracts or portfolios, shall not be taken into account 
     in determining minimum required contributions under section 
     302,
       ``(B) payments on the interest and principal under the 
     loan, and any benefits owed in excess of those provided under 
     such contracts or portfolios, shall be taken into account as 
     liabilities for purposes of such section, and
       ``(C) if such a portfolio is projected due to unfavorable 
     investment or actuarial experience to be unable to fully 
     satisfy the liabilities which it covers, the amount of the 
     liabilities projected to be unsatisfied shall be taken into 
     account as liabilities for purposes of such section.''.

     SEC. ___6. ISSUANCE OF TREASURY BONDS.

       The Secretary of the Treasury (in consultation with the 
     Director of the Pension Rehabilitation Administration 
     established under this Act) shall from time to time transfer 
     from the general fund of the Treasury to the Pension 
     Rehabilitation Trust Fund established under section 9512 of 
     the Internal Revenue Code of 1986 such amounts as are 
     necessary to fund the loan program under this Act, including 
     from proceeds from the Secretary's issuance of obligations 
     under chapter 31 of title 31, United States Code.

     SEC. ___7. REPORTS OF PLANS RECEIVING PENSION REHABILITATION 
                   LOANS.

       (a) In General.--Subpart E of part III of subchapter A of 
     chapter 61 of the Internal Revenue Code of 1986 is amended by 
     adding at the end the following new section:

     ``SEC. 6059A. REPORTS OF PLANS RECEIVING PENSION 
                   REHABILITATION LOANS.

       ``(a) In General.--In the case of a plan receiving a loan 
     under the Butch Lewis Act of 2020, with respect to the first 
     plan year beginning after the date of the loan and each of 
     the 29 succeeding plan years, not later than the 90th day of 
     each such plan year the plan sponsor shall file with the 
     Secretary a report (including appropriate documentation and 
     actuarial certifications from the plan actuary, as required 
     by the Secretary) that contains--
       ``(1) the funded percentage (as defined in section 
     432(i)(2)) as of the first day of such plan year, and the 
     underlying actuarial value of assets (determined with regard, 
     and without regard, to annuity contracts purchased and 
     portfolios implemented with proceeds of such loan) and 
     liabilities (including any amounts due with respect to such 
     loan) taken into account in determining such percentage,
       ``(2) the market value of the assets of the plan 
     (determined as provided in paragraph (1)) as of the last day 
     of the plan year preceding such plan year,
       ``(3) the total value of all contributions made by 
     employers and employees during the plan year preceding such 
     plan year,
       ``(4) the total value of all benefits paid during the plan 
     year preceding such plan year,
       ``(5) cash flow projections for such plan year and the 9 
     succeeding plan years, and the assumptions used in making 
     such projections,
       ``(6) funding standard account projections for such plan 
     year and the 9 succeeding plan years, and the assumptions 
     relied upon in making such projections,
       ``(7) the total value of all investment gains or losses 
     during the plan year preceding such plan year,
       ``(8) any significant reduction in the number of active 
     participants during the plan year preceding such plan year, 
     and the reason for such reduction,
       ``(9) a list of employers that withdrew from the plan in 
     the plan year preceding such plan year, and the resulting 
     reduction in contributions,
       ``(10) 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,
       ``(11) any material changes to benefits, accrual rates, or 
     contribution rates during the plan year preceding such plan 
     year, and whether such changes relate to the terms of the 
     loan,
       ``(12) details regarding any funding improvement plan or 
     rehabilitation plan and updates to such plan,
       ``(13) 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,
       ``(14) the amount of any financial assistance received 
     under section 4261 of the Employee Retirement Income Security 
     Act of 1974 to pay benefits during the preceding plan year, 
     and the total amount of such financial assistance received 
     for all preceding years,
       ``(15) 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,
       ``(16) the information contained on the most recent annual 
     return under section 6058 and actuarial report under section 
     6059 of the plan, and
       ``(17) 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, in consultation with 
     the Director of the Pension Rehabilitation Administration, 
     may require.
       ``(b) Electronic Submission.--The report required under 
     subsection (a) shall be submitted electronically.
       ``(c) Information Sharing.--The Secretary shall share the 
     information in the report under subsection (a) with the 
     Secretary of Labor and the Director of the Pension Benefit 
     Guaranty Corporation.
       ``(d) Report to Participants, Beneficiaries, and 
     Employers.--Each plan sponsor required to file a report under 
     subsection (a) shall, before the expiration of the time 
     prescribed for the filing of such report, also provide a 
     summary (written in a manner so as to be understood by the 
     average plan participant) of the information in such report 
     to participants and beneficiaries in the plan and to each 
     employer with an obligation to contribute to the plan.''.
       (b) Penalty.--Subsection (e) of section 6652 of the 
     Internal Revenue Code of 1986 is amended--
       (1) by inserting ``, 6059A (relating to reports of plans 
     receiving pension rehabilitation loans)'' after ``deferred 
     compensation)'';
       (2) by inserting ``($100 in the case of failures under 
     section 6059A)'' after ``$25''; and
       (3) by adding at the end the following: ``In the case of a 
     failure with respect to section 6059A, the amount imposed 
     under this subsection shall not be paid from the assets of 
     the plan.''.
       (c) Clerical Amendment.--The table of sections for subpart 
     E of part III of subchapter A of chapter 61 of the Internal 
     Revenue Code of 1986 is amended by adding at the end the 
     following new item:

``Sec. 6059A. Reports of plans receiving pension rehabilitation 
              loans.''.

     SEC. ___8. PBGC FINANCIAL ASSISTANCE.

       (a) In General.--Section 4261 of the Employee Retirement 
     Income Security Act of 1974 (29 U.S.C. 1431) is amended by 
     adding at the end the following new subsection:
       ``(d)(1) The plan sponsor of a multiemployer plan--
       ``(A) which is in critical and declining status (within the 
     meaning of section 305(b)(6)) as of the date of the enactment 
     of this subsection, or with respect to which a suspension of 
     benefits has been approved under section 305(e)(9) as of such 
     date;
       ``(B) which, as of such date of enactment, is in critical 
     status (within the meaning of section 305(b)(2)), has a 
     funded percentage of less than 40 percent (as determined for 
     purposes of section 305), and has a ratio of active to 
     inactive participants which is less than 2 to 3; or
       ``(C) which is insolvent for purposes of section 418E of 
     the Internal Revenue Code of 1986 as of such date of 
     enactment, if the plan became insolvent after December 16, 
     2014, and has not been terminated,
     and which is applying for a loan under the Butch Lewis Act of 
     2020 may also apply to the corporation for financial 
     assistance under this subsection, by jointly submitting such 
     applications in accordance with the rules of such Act. The 
     application for financial assistance under this subsection 
     shall demonstrate, based on projections by the plan actuary, 
     that after the receipt of the anticipated loan amount under 
     such Act, the plan will still become (or remain) insolvent 
     within the 30-year period beginning on the date of the loan.
       ``(2) In reviewing an application under paragraph (1), the 
     corporation shall review the demonstrations and assumptions 
     submitted with the loan application under the Butch Lewis Act 
     of 2020 and provide guidance regarding such assumptions prior 
     to approving any application for financial assistance under 
     this subsection. The corporation may deny any application if 
     the assumptions and determinations are unreasonable, or 
     inconsistent with rules issued by the corporation, and the 
     plan and the corporation are unable to reach agreement on 
     such assumptions and determinations.
       ``(3) In the case of a plan described in paragraph (1)(A) 
     or (1)(B), the financial assistance provided pursuant to such 
     application under this subsection shall be the amount 
     (determined by the plan actuary and submitted on the 
     application) equal to the sum of--
       ``(A) the percentage of benefits of participants and 
     beneficiaries of the plan in pay status at the time of the 
     application; and
       ``(B) the percentage of future benefits to which 
     participants who have separated from service but are not yet 
     in pay status are entitled,
     which, if such percentage were paid by the corporation in 
     combination with the loan, would allow the plan to avoid 
     projected insolvency. Such amount shall not exceed the 
     maximum guaranteed benefit with respect to all participants 
     and beneficiaries of the plan under sections 4022A and 4022B. 
     For this purpose, the maximum guaranteed benefit amount shall 
     be determined by disregarding any loan available from the 
     Pension Rehabilitation Administration and shall be determined 
     as if the plan were insolvent on the

[[Page S2019]]

     date of the application. Further, the present value of the 
     maximum guaranteed benefit amount with respect to such 
     participants and beneficiaries may be calculated in the 
     aggregate, rather than by reference to the benefit of each 
     such participant or beneficiary.
       ``(4) In the case of a plan described in paragraph (1)(C), 
     the financial assistance provided pursuant to such 
     application under this subsection shall be the amount 
     (determined by the plan actuary and submitted on the 
     application) which, if such amount were paid by the 
     corporation in combination with the loan and any other 
     assistance being provided to the plan by the corporation at 
     the time of the application, would enable the plan to emerge 
     from the projected insolvency.
       ``(5)(A) Except as provided in subparagraph (B), the 
     corporation shall provide the financial assistance under this 
     subsection only in such amounts as the corporation 
     determines, at the time of approval and at the beginning of 
     each plan year beginning thereafter during the period of 
     assistance, are necessary for the plan to avoid insolvency 
     during the 5 plan year period beginning with the current plan 
     year.
       ``(B) In the case of a plan described in paragraph (1)(C), 
     the financial assistance under this subsection shall be 
     provided in a lump sum if deemed necessary by the 
     corporation, and in no case later than December 31, 2020.
       ``(6) Subsections (b) and (c) shall apply to financial 
     assistance under this subsection as if it were provided under 
     subsection (a), except that the terms for repayment under 
     subsection (b)(2) shall not require the financial assistance 
     to be repaid before the date on which the loan under the 
     Butch Lewis Act of 2020 is repaid in full.
       ``(7) The corporation may forgo repayment of the financial 
     assistance provided under this subsection if necessary to 
     avoid any suspension of the accrued benefits of 
     participants.''.
       (b) Appropriations.--There is appropriated to the Director 
     of the Pension Benefit Guaranty Corporation such sums as may 
     be necessary for each fiscal year to provide the financial 
     assistance described in section 4261(d) of the Employee 
     Retirement Income Security Act of 1974 (29 U.S.C. 1431(d)) 
     (as added by this section) (including necessary 
     administrative and operating expenses relating to such 
     assistance).
                                 ______
                                 
  SA 1575. Mr. MORAN submitted an amendment intended to be proposed by 
him to the bill H.R. 748, to amend the Internal Revenue Code of 1986 to 
repeal the excise tax on high cost employer-sponsored health coverage; 
which was ordered to lie on the table; as follows:

        At the appropriate place, insert the following:

     SEC. ____. PAID SICK AND FAMILY LEAVE PAYROLL CREDITS ALLOWED 
                   FOR STATE AND LOCAL AGENCIES PROVIDING HEALTH 
                   CARE.

       (a) Paid Sick Leave.--Section 7001(e)(4) of the Families 
     First Coronavirus Response Act is amended by adding at the 
     end the following: ``The preceding sentence shall not apply 
     to any agency or instrumentality of a State or political 
     subdivision thereof if such agency or instrumentality 
     primarily employs health care providers (as defined in 
     section 101 of the Family and Medical Leave Act of 1993 (29 
     U.S.C. 203).''.
       (b) Paid Family Leave.--Section 7003(e)(4) of such Act is 
     amended by adding at the end the following: ``The preceding 
     sentence shall not apply to any agency or instrumentality of 
     a State or political subdivision thereof if such agency or 
     instrumentality primarily employs health care providers (as 
     defined in section 101 of the Family and Medical Leave Act of 
     1993 (29 U.S.C. 203).''.
                                 ______
                                 
  SA 1576. Mr. SASSE (for himself and Mrs. Capito) submitted an 
amendment intended to be proposed by him to the bill H.R. 748, to amend 
the Internal Revenue Code of 1986 to repeal the excise tax on high cost 
employer-sponsored health coverage; which was ordered to lie on the 
table; as follows:

       Strike subparagraphs (C) and (D) of section 3215(a)(2) and 
     insert the following:
       (C) in the course of providing health care services that 
     are within the scope of the license, registration, or 
     certification of the volunteer, as defined by--
       (i) the State in which the medical services are received or 
     in which the act or omission occurs; or
       (ii) in the case of medical services received in, or an act 
     or omission that occurs in, a State other than the State in 
     which the health care professional is licensed, registered, 
     or certified, the State in which such professional is 
     licensed, registered or certified; and
       (D) in a good faith belief that the individual being 
     treated is in need of health care services.
       (b) Out-of-State Providers.--Notwithstanding any other 
     provision of law, a health care provider may provide health 
     care services in a State, even though the provider is not 
     licensed in such State to provide such services, if--
       (1) such services are offered and provided solely on a 
     volunteer basis; and
       (2) such provider is licensed, registered, or certified to 
     practice in any other State, and such services are within the 
     scope of practice of such provider (as defined by the State 
     of licensure, registration, or certification).

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