Skip to main content
HR 4574 107th Congress House Commerce Administrative remedies Antitrust actions Antitrust law Armed Forces and National Security Business records Civil actions and liability Congress Congressional reporting requirements Corporate downsizing Corporate mergers Crime and Law Enforcement Defined benefit pension plans Department of Labor Economics and Public Finance Executive reorganization Finance and Financial Sector Fines (Penalties) Foreign Trade and International Finance Fraud

Steel Industry Legacy Relief and Transition Act of 2002

Introduced: April 24, 2002 See on congress.gov
Sign in to write a letter Sign in to watch
 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 15, 2002
Referred to the Subcommittee on Employer-Employee Relations.
May 6, 2002
Referred to the Subcommittee on Health, for a period to be subsequently determined by the Chairman.
Apr 24, 2002
Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Energy and Commerce, 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.
Apr 24, 2002
Introduced in House
 Plain-English summary Congressional Research Service
Steel Industry Legacy Relief and Transition Act of 2002 - Amends the Trade Act of 1974 to establish in the Department of Labor a Steel Industry Legacy Relief Program administered by the Secretary of Labor to provide certain post-employment retiree health benefits previously provided by qualified steel companies purchased or otherwise acquired by another qualified steel company (eligible buyer).

Prescribes procedures by which an eligible buyer may petition for transfer to the Steel Industry Legacy Relief Trust Fund (established by this Act) of all assets of the acquired company which were required to be set aside for provision of the steel retiree benefits, liability for which is relieved by operation of this Act.

Requires eligible buyers to make specified contributions to the Trust for ten years following acquisition of another steel company.

Requires the Secretary to provide for the purchase of coverage of steel retiree health benefits for eligible retirees, surviving spouses, and dependents.

Requires deposit in the Trust Fund of amounts equivalent to certain duties on imports of basic steel mill products.

Establishes the Steel Transition Board to review and approve or disapprove applications for expedited antitrust review of steel company acquisitions by eligible buyers petitioning for assistance under this Act.

Amends the Employee Retirement Income Security Act of 1974 to treat as terminated any qualified defined benefit plan maintained by the acquired company in any qualified acquisition under this Act.

What's happening now July 15, 2002

Referred to the Subcommittee on Employer-Employee Relations.

 Committees of jurisdiction 5
 Cosponsors 1
All 1 Republican 1