HR 4029 114th Congress House Labor and Employment Employee benefits and pensions

Pension Accountability Act

Introduced: November 17, 2015 Introduced by: Joyce, David P. Republican · Ohio See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 23, 2016

Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

Nov 17, 2015

Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, 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.

Nov 17, 2015

Introduced in House

Plain-English summary Congressional Research Service

Pension Accountability Act

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to revise rules for voting on the suspension of pension benefits under multiemployer plans in endangered or critical status. The bill changes the voting procedure for suspending plan benefits to provide that a suspension shall go into effect unless a majority of plan participants and beneficiaries who cast a vote (currently, a majority of all plan participants and beneficiaries) reject the suspension. The bill also eliminates the authority of the Department of the Treasury, in the case of systemically important plans, to override a vote of plan participants to reject a suspension. A plan is systemically important if projected financial assistance to the plan will exceed $1 billion if suspensions are not implemented.

What's happening now March 23, 2016

Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

Committees of jurisdiction 3