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HR 458 114th Congress House Labor and Employment Corporate finance and management Employee benefits and pensions

To amend the Employee Retirement Income Security Act of 1974 to permit multiemployer plans in critical status to modify plan rules relating to withdrawal liability, and for other purposes.

Introduced: January 21, 2015 Introduced by: Sessions, Pete Republican · Texas See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 29, 2015
Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Jan 21, 2015
Referred to the House Committee on Education and the Workforce.
Jan 21, 2015
Introduced in House
 Plain-English summary Congressional Research Service

Amends the Employee Retirement Income Security Act (ERISA) to revise requirements permitting multiemployer plans to adopt alternative rules for computing the payment of an employer's withdrawal liability to include a plan in critical status whose plan sponsor determines it cannot be expected to emerge from that status by the end of the rehabilitation period.

Requires any such rule to become effective 90 days after adoption unless the corporation disapproves it before the end of the 90-day period (subject to tolling while a request by the corporation for additional information is pending).

Authorizes a corporation to disapprove a rule only if it creates an unreasonable risk of loss to plan participants and beneficiaries or to the corporation.

What's happening now April 29, 2015

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

 Committees of jurisdiction 2