HR 4444 115th Congress House Labor and Employment Accounting and auditing Department of the Treasury Employee benefits and pensions Executive agency funding and structure Federal officials Government lending and loan guarantees Government trust funds Securities

Rehabilitation for Multiemployer Pensions Act

Introduced: May 8, 2018 Introduced by: Neal, Richard E. Democratic · Massachusetts See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Nov 16, 2017

Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and Appropriations, 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 16, 2017

Introduced in House

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Plain-English summary Congressional Research Service

Rehabilitation for Multiemployer Pensions Act

This bill establishes the Pension Rehabilitation Administration within the Department of the Treasury and a related trust fund to make loans to certain multiemployer defined benefit pension plans.

To receive a loan, a plan must be either in critical and declining status (including any plan with respect to which a suspension of benefits has been approved) or insolvent, if the plan became insolvent after December 16, 2014, and has not been terminated.

Treasury must issue bonds to fund the loan program and transfer amounts equal to the proceeds to the trust fund established by this bill. The Pension Rehabilitation Administration may use the funds, without a further appropriation, to make loans, pay principal and interest on the bonds, or for administrative and operating expenses.

The bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to allow the sponsor of a multiemployer pension plan that is applying for a loan under this bill to also apply to the Pension Benefit Guaranty Corporation (PBGC) for financial assistance if, after receiving the loan, the plan will still become (or remain) insolvent within the 30-year period beginning on the date of the loan.