II 

114TH CONGRESS 

1ST SESSION S. 2147 

To amend the Employee Retirement Income Security Act of 1974 and the 

Internal Revenue Code of 1986 with respect to participant votes on 

the suspension of benefits under multiemployer plans in critical and 

declining status. 

IN THE SENATE OF THE UNITED STATES 

OCTOBER 7, 2015 

Mr. PORTMAN (for himself and Mr. BURR) introduced the following bill; which 

was read twice and referred to the Committee on Health, Education, 

Labor, and Pensions 

A BILL 

To amend the Employee Retirement Income Security Act 

of 1974 and the Internal Revenue Code of 1986 with 

respect to participant votes on the suspension of benefits 

under multiemployer plans in critical and declining status. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Pension Accountability 

5 Act’’. 


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1 SEC. 2. BENEFIT SUSPENSIONS FOR MULTIEMPLOYER 

2 PLANS IN CRITICAL AND DECLINING STATUS. 

3 (a) ERISA AMENDMENTS.—Section 305(e)(9)(H) of 

4 the Employee Retirement Income Security Act of 1974 

5 (29 U.S.C. 1085(e)(9)(H)) is amended— 

6 (1) in clause (ii)— 

7 (A) by striking ‘‘Except as provided in 

8 clause (v), the’’ and inserting ‘‘The’’; and 

9 (B) by striking ‘‘a majority of all partici10 pants and beneficiaries of the plan’’ and insert11 ing ‘‘, of the participants and beneficiaries of 

12 the plan who cast a vote, a majority’’; 

13 (2) by striking clause (v); 

14 (3) by redesignating clause (vi) as clause (v); 

15 and 

16 (4) in clause (v), as so redesignated— 

17 (A) by striking ‘‘(or following a determina18 tion under clause (v) that the plan is a system19 ically important plan)’’; and 

20 (B) by striking ‘‘(or, in the case of a sus21 pension that goes into effect under clause (v), 

22 at a time sufficient to allow the implementation 

23 of the suspension prior to the end of the 90-day 

24 period described in clause (v)(I))’’. 

25 (b) IRC AMENDMENTS.—Section 432(e)(9)(H) of the 

26 Internal Revenue Code of 1986 is amended— 


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•S 2147 IS

1 (1) in clause (ii)— 

2 (A) by striking ‘‘Except as provided in 

3 clause (v), the’’ and inserting ‘‘The’’; and 

4 (B) by striking ‘‘a majority of all partici5 pants and beneficiaries of the plan’’ and insert6 ing ‘‘, of the participants and beneficiaries of 

7 the plan who cast a vote, a majority’’; 

8 (2) by striking clause (v); 

9 (3) by redesignating clause (vi) as clause (v); 

10 and 

11 (4) in clause (v), as so redesignated— 

12 (A) by striking ‘‘(or following a determina13 tion under clause (v) that the plan is a system14 ically important plan)’’; and 

15 (B) by striking ‘‘(or, in the case of a sus16 pension that goes into effect under clause (v), 

17 at a time sufficient to allow the implementation 

18 of the suspension prior to the end of the 90-day 

19 period described in clause (v)(I))’’. 

20 (c) EFFECTIVE DATE.—The amendments made by 

21 subsections (a) and (b) shall apply to any vote on the sus22 pension of benefits under section 305(e)(9)(H) of the Em23 ployee Retirement Income Security Act of 1974 (29 

24 U.S.C. 1085(e)(9)(H)) and section 432(e)(9)(H) of the 


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•S 2147 IS

1 Internal Revenue Code of 1986 that occurs after the date 

2 of enactment of this Act. 

Æ 


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