I 

114TH CONGRESS 

2D SESSION H. R. 4955 

To amend the Employee Retirement Income Security Act of 1974 to exclude 

the receipts and disbursements of the Pension Benefit Guaranty Corporation from the Federal budget. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 15, 2016 

Mr. RENACCI (for himself, Mr. WEBSTER of Florida, Mr. HANNA, Mr. POCAN, 

Mr. KILMER, and Mr. CARNEY) introduced the following bill; which was 

referred to the Committee on the Budget, and in addition to the Committee on Education and the Workforce, 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 

A BILL 

To amend the Employee Retirement Income Security Act 

of 1974 to exclude the receipts and disbursements of 

the Pension Benefit Guaranty Corporation from the Federal budget. 

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 and Budget 

5 Integrity Act of 2016’’. 


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1 SEC. 2. FINDINGS. 

2 Congress finds the following: 

3 (1) The Pension Benefit Guaranty Corporation 

4 (in this section referred to as the ‘‘PBGC’’)— 

5 (A) is an independent government agency 

6 that insures the benefits of most private-sector 

7 pension plans through an insurance model; 

8 (B) becomes the trustee for the assets of 

9 failed pension plans; 

10 (C) is responsible for the investment and 

11 disbursement of premiums and pension plan as12 sets through the PBGC revolving funds and the 

13 PBGC trust fund; and 

14 (D) may only use premiums paid by pri15 vate-sector pension plans to the PBGC to pay 

16 pension beneficiaries and related PBGC oper17 ating expenses. 

18 (2) The Employee Retirement Income Security 

19 Act of 1974 did not include the receipts and dis20 bursements of the PBGC in the Federal budget. 

21 (3) Section 406 of the Multiemployer Pension 

22 Plan Amendments Act of 1980 (Public Law 96–364) 

23 included the receipts and disbursements of the 

24 PBGC in the Federal budget for the first time. 

25 (4) The revenues from PBGC premiums— 


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1 (A) are deposited into the revolving funds 

2 of the PBGC and are credited to the operating 

3 budget of the PBGC; 

4 (B) cannot be used for any purpose other 

5 than PBGC expenses; and 

6 (C) are counted as revenue to the United 

7 States Treasury and used to offset unrelated 

8 Federal spending. 

9 (5) Sound budget policy dictates that— 

10 (A) crediting PBGC premium revenues to 

11 the revolving funds of the PBGC and as re12 ceipts to the United States Treasury constitutes 

13 double-counting; 

14 (B) double-counting revenue is inconsistent 

15 with sound budgetary policy and good govern16 ance; and 

17 (C) excluding the receipts and disburse18 ments of the PBGC from the Federal budget 

19 will eliminate double-counting premium revenue. 

20 SEC. 3. EXCLUSION OF THE RECEIPTS AND DISBURSE21 MENTS OF THE PENSION BENEFIT GUARANTY 

22 CORPORATION FROM THE FEDERAL BUDGET. 

23 (a) IN GENERAL.—Paragraph (2) of Section 4002(g) 

24 of the Employee Retirement Income Security Act of 1974 


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1 (29 U.S.C. 1302(g)) is amended by striking ‘‘shall be in2 cluded’’ and inserting ‘‘shall not be included’’. 

3 (b) EFFECTIVE DATE.—The amendment made by 

4 subsection (a) shall apply to fiscal years beginning after 

5 September 30, 2016. 

Æ 


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