I 

116TH CONGRESS 

1ST SESSION H. R. 1993 

To amend the Internal Revenue Code of 1986 and the Employee Retirement 

Income Security Act of 1974 to modify the rules relating to multiple 

employer plans and pooled employer plans and to modify PBGC premiums for CSEC plans. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 29, 2019 

Mr. KIND (for himself and Mr. KELLY of Pennsylvania) introduced the following bill; which was referred to the Committee on Education and 

Labor, 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 

A BILL 

To amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to modify the rules relating to multiple employer plans and 

pooled employer plans and to modify PBGC premiums 

for CSEC plans. 

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


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Providing Retirement 

3 Security to Workers in Small Businesses, Cooperatives, 

4 and Service Organizations Act of 2019’’. 

5 SEC. 2. MULTIPLE EMPLOYER PLANS; POOLED EMPLOYER 

6 PLANS. 

7 (a) QUALIFICATION REQUIREMENTS.— 

8 (1) IN GENERAL.—Section 413 of the Internal 

9 Code of 1986 is amended by adding at the end the 

10 following new subsection: 

11 ‘‘(e) APPLICATION OF QUALIFICATION REQUIRE12 MENTS FOR CERTAIN MULTIPLE EMPLOYER PLANS WITH

13 POOLED PLAN PROVIDERS.— 

14 ‘‘(1) IN GENERAL.—Except as provided in para15 graph (2), if a defined contribution plan to which 

16 subsection (c) applies— 

17 ‘‘(A) is maintained by employers which 

18 have a common interest other than having 

19 adopted the plan, or 

20 ‘‘(B) in the case of a plan not described in 

21 subparagraph (A), has a pooled plan provider, 

22 then the plan shall not be treated as failing to meet 

23 the requirements under this title applicable to a plan 

24 described in section 401(a) or to a plan that consists 

25 of individual retirement accounts described in sec26 tion 408 (including by reason of subsection (c) 


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1 thereof), whichever is applicable, merely because one 

2 or more employers of employees covered by the plan 

3 fail to take such actions as are required of such em4 ployers for the plan to meet such requirements. 

5 ‘‘(2) LIMITATIONS.— 

6 ‘‘(A) IN GENERAL.—Paragraph (1) shall 

7 not apply to any plan unless the terms of the 

8 plan provide that in the case of any employer 

9 in the plan failing to take the actions described 

10 in paragraph (1)— 

11 ‘‘(i) the assets of the plan attributable 

12 to employees of such employer (or bene13 ficiaries of such employees) will be trans14 ferred to a plan maintained only by such 

15 employer (or its successor), to an eligible 

16 retirement plan as defined in section 

17 402(c)(8)(B) for each individual whose ac18 count is transferred, or to any other ar19 rangement that the Secretary determines is 

20 appropriate, unless the Secretary deter21 mines it is in the best interests of the em22 ployees of such employer (and the bene23 ficiaries of such employees) to retain the 

24 assets in the plan, and 


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1 ‘‘(ii) such employer (and not the plan 

2 with respect to which the failure occurred 

3 or any other employer in such plan) shall, 

4 except to the extent provided by the Sec5 retary, be liable for any liabilities with re6 spect to such plan attributable to employ7 ees of such employer (or beneficiaries of 

8 such employees). 

9 ‘‘(B) FAILURES BY POOLED PLAN PRO10 VIDERS.—If the pooled plan provider of a plan 

11 described in paragraph (1)(B) does not perform 

12 substantially all of the administrative duties 

13 which are required of the provider under para14 graph (3)(A)(i) for any plan year, the Secretary 

15 may provide that the determination as to 

16 whether the plan meets the requirements under 

17 this title applicable to a plan described in sec18 tion 401(a) or to a plan that consists of indi19 vidual retirement accounts described in section 

20 408 (including by reason of subsection (c) 

21 thereof), whichever is applicable, shall be made 

22 in the same manner as would be made without 

23 regard to paragraph (1). 

24 ‘‘(3) POOLED PLAN PROVIDER.— 


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1 ‘‘(A) IN GENERAL.—For purposes of this 

2 subsection, the term ‘pooled plan provider’ 

3 means, with respect to any plan, a person 

4 who— 

5 ‘‘(i) is designated by the terms of the 

6 plan as a named fiduciary (within the 

7 meaning of section 402(a)(2) of the Em8 ployee Retirement Income Security Act of 

9 1974), as the plan administrator, and as 

10 the person responsible to perform all ad11 ministrative duties (including conducting 

12 proper testing with respect to the plan and 

13 the employees of each employer in the 

14 plan) which are reasonably necessary to 

15 ensure that— 

16 ‘‘(I) the plan meets any require17 ment applicable under the Employee 

18 Retirement Income Security Act of 

19 1974 or this title to a plan described 

20 in section 401(a) or to a plan that 

21 consists of individual retirement ac22 counts described in section 408 (in23 cluding by reason of subsection (c) 

24 thereof), whichever is applicable, and 


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1 ‘‘(II) each employer in the plan 

2 takes such actions as the Secretary or 

3 such person determines are necessary 

4 for the plan to meet the requirements 

5 described in subclause (I), including 

6 providing to such person any disclo7 sures or other information which the 

8 Secretary may require or which such 

9 person otherwise determines are nec10 essary to administer the plan or to 

11 allow the plan to meet such require12 ments, 

13 ‘‘(ii) registers as a pooled plan pro14 vider with the Secretary, and provides such 

15 other information to the Secretary as the 

16 Secretary may require, before beginning 

17 operations as a pooled plan provider, 

18 ‘‘(iii) acknowledges in writing that 

19 such person is a named fiduciary (within 

20 the meaning of section 402(a)(2) of the 

21 Employee Retirement Income Security Act 

22 of 1974), and the plan administrator, with 

23 respect to the plan, and 

24 ‘‘(iv) is responsible for ensuring that 

25 all persons who handle assets of, or who 


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1 are fiduciaries of, the plan are bonded in 

2 accordance with section 412 of the Em3 ployee Retirement Income Security Act of 

4 1974. 

5 ‘‘(B) AUDITS, EXAMINATIONS AND INVES6 TIGATIONS.—The Secretary may perform au7 dits, examinations, and investigations of pooled 

8 plan providers as may be necessary to enforce 

9 and carry out the purposes of this subsection. 

10 ‘‘(C) AGGREGATION RULES.—For purposes 

11 of this paragraph, in determining whether a 

12 person meets the requirements of this para13 graph to be a pooled plan provider with respect 

14 to any plan, all persons who perform services 

15 for the plan and who are treated as a single 

16 employer under subsection (b), (c), (m), or (o) 

17 of section 414 shall be treated as one person. 

18 ‘‘(D) TREATMENT OF EMPLOYERS AS PLAN

19 SPONSORS.—Except with respect to the admin20 istrative duties of the pooled plan provider de21 scribed in subparagraph (A)(i), each employer 

22 in a plan which has a pooled plan provider shall 

23 be treated as the plan sponsor with respect to 

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1 ees of such employer (or beneficiaries of such 

2 employees). 

3 ‘‘(4) GUIDANCE.— 

4 ‘‘(A) IN GENERAL.—The Secretary shall 

5 issue such guidance as the Secretary determines 

6 appropriate to carry out this subsection, includ7 ing guidance— 

8 ‘‘(i) to identify the administrative du9 ties and other actions required to be per10 formed by a pooled plan provider under 

11 this subsection, 

12 ‘‘(ii) which describes the procedures to 

13 be taken to terminate a plan which fails to 

14 meet the requirements to be a plan de15 scribed in paragraph (1), including the 

16 proper treatment of, and actions needed to 

17 be taken by, any employer in the plan and 

18 the assets and liabilities of the plan attrib19 utable to employees of such employer (or 

20 beneficiaries of such employees), and 

21 ‘‘(iii) identifying appropriate cases to 

22 which the rules of paragraph (2)(A) will 

23 apply to employers in the plan failing to 

24 take the actions described in paragraph 

25 (1). 


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1 The Secretary shall take into account under 

2 clause (iii) whether the failure of an employer 

3 or pooled plan provider to provide any disclo4 sures or other information, or to take any other 

5 action, necessary to administer a plan or to 

6 allow a plan to meet requirements applicable to 

7 the plan under section 401(a) or 408, whichever 

8 is applicable, has continued over a period of 

9 time that demonstrates a lack of commitment 

10 to compliance. 

11 ‘‘(B) GOOD FAITH COMPLIANCE WITH LAW

12 BEFORE GUIDANCE.—An employer or pooled 

13 plan provider shall not be treated as failing to 

14 meet a requirement of guidance issued by the 

15 Secretary under this paragraph if, before the 

16 issuance of such guidance, the employer or 

17 pooled plan provider complies in good faith with 

18 a reasonable interpretation of the provisions of 

19 this subsection to which such guidance relates. 

20 ‘‘(5) MODEL PLAN.—The Secretary shall pub21 lish model plan language which meets the require22 ments of this subsection and of paragraphs (43) and 

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1 ed in order for a plan to be treated as a plan de2 scribed in paragraph (1)(B).’’. 

3 (2) CONFORMING AMENDMENT.—Section 

4 413(c)(2) of such Code is amended by striking ‘‘sec5 tion 401(a)’’ and inserting ‘‘sections 401(a) and 

6 408(c)’’. 

7 (3) TECHNICAL AMENDMENT.—Section 408(c) 

8 of such Code is amended by inserting after para9 graph (2) the following new paragraph: 

10 ‘‘(3) There is a separate accounting for any in11 terest of an employee or member (or spouse of an 

12 employee or member) in a Roth IRA.’’. 

13 (b) NO COMMON INTEREST REQUIRED FOR POOLED

14 EMPLOYER PLANS.—Section 3(2) of the Employee Retire15 ment Income Security Act of 1974 (29 U.S.C. 1002(2)) 

16 is amended by adding at the end the following: 

17 ‘‘(C) A pooled employer plan shall be treat18 ed as— 

19 ‘‘(i) a single employee pension benefit 

20 plan or single pension plan; and 

21 ‘‘(ii) a plan to which section 210(a) 

22 applies.’’. 

23 (c) POOLED EMPLOYER PLAN AND PROVIDER DE24 FINED.— 


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1 (1) IN GENERAL.—Section 3 of the Employee 

2 Retirement Income Security Act of 1974 (29 U.S.C. 

3 1002) is amended by adding at the end the fol4 lowing: 

5 ‘‘(43) POOLED EMPLOYER PLAN.— 

6 ‘‘(A) IN GENERAL.—The term ‘pooled em7 ployer plan’ means a plan— 

8 ‘‘(i) which is an individual account 

9 plan established or maintained for the pur10 pose of providing benefits to the employees 

11 of 2 or more employers; 

12 ‘‘(ii) which is a plan described in sec13 tion 401(a) of the Internal Revenue Code 

14 of 1986 which includes a trust exempt 

15 from tax under section 501(a) of such 

16 Code or a plan that consists of individual 

17 retirement accounts described in section 

18 408 of such Code (including by reason of 

19 subsection (c) thereof); and 

20 ‘‘(iii) the terms of which meet the re21 quirements of subparagraph (B). 

22 Such term shall not include a plan maintained 

23 by employers which have a common interest 

24 other than having adopted the plan. 


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1 ‘‘(B) REQUIREMENTS FOR PLAN TERMS.— 

2 The requirements of this subparagraph are met 

3 with respect to any plan if the terms of the 

4 plan— 

5 ‘‘(i) designate a pooled plan provider 

6 and provide that the pooled plan provider 

7 is a named fiduciary of the plan; 

8 ‘‘(ii) designate one or more trustees 

9 meeting the requirements of section 

10 408(a)(2) of the Internal Revenue Code of 

11 1986 (other than an employer in the plan) 

12 to be responsible for collecting contribu13 tions to, and holding the assets of, the 

14 plan and require such trustees to imple15 ment written contribution collection proce16 dures that are reasonable, diligent, and 

17 systematic; 

18 ‘‘(iii) provide that each employer in 

19 the plan retains fiduciary responsibility 

20 for— 

21 ‘‘(I) the selection and monitoring 

22 in accordance with section 404(a) of 

23 the person designated as the pooled 

24 plan provider and any other person 

25 who, in addition to the pooled plan 


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1 provider, is designated as a named fi2 duciary of the plan; and 

3 ‘‘(II) to the extent not otherwise 

4 delegated to another fiduciary by the 

5 pooled plan provider and subject to 

6 the provisions of section 404(c), the 

7 investment and management of the 

8 portion of the plan’s assets attrib9 utable to the employees of the em10 ployer (or beneficiaries of such em11 ployees); 

12 ‘‘(iv) provide that employers in the 

13 plan, and participants and beneficiaries, 

14 are not subject to unreasonable restric15 tions, fees, or penalties with regard to 

16 ceasing participation, receipt of distribu17 tions, or otherwise transferring assets of 

18 the plan in accordance with section 208 or 

19 paragraph (44)(C)(i)(II); 

20 ‘‘(v) require— 

21 ‘‘(I) the pooled plan provider to 

22 provide to employers in the plan any 

23 disclosures or other information which 

24 the Secretary may require, including 

25 any disclosures or other information 


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1 to facilitate the selection or any moni2 toring of the pooled plan provider by 

3 employers in the plan; and 

4 ‘‘(II) each employer in the plan 

5 to take such actions as the Secretary 

6 or the pooled plan provider determines 

7 are necessary to administer the plan 

8 or for the plan to meet any require9 ment applicable under this Act or the 

10 Internal Revenue Code of 1986 to a 

11 plan described in section 401(a) of 

12 such Code or to a plan that consists 

13 of individual retirement accounts de14 scribed in section 408 of such Code 

15 (including by reason of subsection (c) 

16 thereof), whichever is applicable, in17 cluding providing any disclosures or 

18 other information which the Secretary 

19 may require or which the pooled plan 

20 provider otherwise determines are nec21 essary to administer the plan or to 

22 allow the plan to meet such require23 ments; and 

24 ‘‘(vi) provide that any disclosure or 

25 other information required to be provided 


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1 under clause (v) may be provided in elec2 tronic form and will be designed to ensure 

3 only reasonable costs are imposed on 

4 pooled plan providers and employers in the 

5 plan. 

6 ‘‘(C) EXCEPTIONS.—The term ‘pooled em7 ployer plan’ does not include— 

8 ‘‘(i) a multiemployer plan; or 

9 ‘‘(ii) a plan established before the 

10 date of the enactment of the Setting Every 

11 Community Up for Retirement Enhance12 ment Act of 2019 unless the plan adminis13 trator elects that the plan will be treated 

14 as a pooled employer plan and the plan 

15 meets the requirements of this title appli16 cable to a pooled employer plan established 

17 on or after such date. 

18 ‘‘(D) TREATMENT OF EMPLOYERS AS PLAN

19 SPONSORS.—Except with respect to the admin20 istrative duties of the pooled plan provider de21 scribed in paragraph (44)(A)(i), each employer 

22 in a pooled employer plan shall be treated as 

23 the plan sponsor with respect to the portion of 

24 the plan attributable to employees of such em25 ployer (or beneficiaries of such employees). 


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1 ‘‘(44) POOLED PLAN PROVIDER.— 

2 ‘‘(A) IN GENERAL.—The term ‘pooled plan 

3 provider’ means a person who— 

4 ‘‘(i) is designated by the terms of a 

5 pooled employer plan as a named fiduciary, 

6 as the plan administrator, and as the per7 son responsible for the performance of all 

8 administrative duties (including conducting 

9 proper testing with respect to the plan and 

10 the employees of each employer in the 

11 plan) which are reasonably necessary to 

12 ensure that— 

13 ‘‘(I) the plan meets any require14 ment applicable under this Act or the 

15 Internal Revenue Code of 1986 to a 

16 plan described in section 401(a) of 

17 such Code or to a plan that consists 

18 of individual retirement accounts de19 scribed in section 408 of such Code 

20 (including by reason of subsection (c) 

21 thereof), whichever is applicable; and 

22 ‘‘(II) each employer in the plan 

23 takes such actions as the Secretary or 

24 pooled plan provider determines are 

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1 quirements described in subclause (I), 

2 including providing the disclosures 

3 and information described in para4 graph (43)(B)(v)(II); 

5 ‘‘(ii) registers as a pooled plan pro6 vider with the Secretary, and provides to 

7 the Secretary such other information as 

8 the Secretary may require, before begin9 ning operations as a pooled plan provider; 

10 ‘‘(iii) acknowledges in writing that 

11 such person is a named fiduciary, and the 

12 plan administrator, with respect to the 

13 pooled employer plan; and 

14 ‘‘(iv) is responsible for ensuring that 

15 all persons who handle assets of, or who 

16 are fiduciaries of, the pooled employer plan 

17 are bonded in accordance with section 412. 

18 ‘‘(B) AUDITS, EXAMINATIONS AND INVES19 TIGATIONS.—The Secretary may perform au20 dits, examinations, and investigations of pooled 

21 plan providers as may be necessary to enforce 

22 and carry out the purposes of this paragraph 

23 and paragraph (43). 

24 ‘‘(C) GUIDANCE.—The Secretary shall 

25 issue such guidance as the Secretary determines 


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1 appropriate to carry out this paragraph and 

2 paragraph (43), including guidance— 

3 ‘‘(i) to identify the administrative du4 ties and other actions required to be per5 formed by a pooled plan provider under ei6 ther such paragraph; and 

7 ‘‘(ii) which requires in appropriate 

8 cases that if an employer in the plan fails 

9 to take the actions required under sub10 paragraph (A)(i)(II)— 

11 ‘‘(I) the assets of the plan attrib12 utable to employees of such employer 

13 (or beneficiaries of such employees) 

14 are transferred to a plan maintained 

15 only by such employer (or its suc16 cessor), to an eligible retirement plan 

17 as defined in section 402(c)(8)(B) of 

18 the Internal Revenue Code of 1986 

19 for each individual whose account is 

20 transferred, or to any other arrange21 ment that the Secretary determines is 

22 appropriate in such guidance; and 

23 ‘‘(II) such employer (and not the 

24 plan with respect to which the failure 

25 occurred or any other employer in 


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1 such plan) shall, except to the extent 

2 provided in such guidance, be liable 

3 for any liabilities with respect to such 

4 plan attributable to employees of such 

5 employer (or beneficiaries of such em6 ployees). 

7 The Secretary shall take into account 

8 under clause (ii) whether the failure of an 

9 employer or pooled plan provider to provide 

10 any disclosures or other information, or to 

11 take any other action, necessary to admin12 ister a plan or to allow a plan to meet re13 quirements described in subparagraph 

14 (A)(i)(II) has continued over a period of 

15 time that demonstrates a lack of commit16 ment to compliance. The Secretary may 

17 waive the requirements of subclause (ii)(I) 

18 in appropriate circumstances if the Sec19 retary determines it is in the best interests 

20 of the employees of the employer referred 

21 to in such clause (and the beneficiaries of 

22 such employees) to retain the assets in the 

23 plan with respect to which the employer’s 

24 failure occurred. 


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1 ‘‘(D) GOOD FAITH COMPLIANCE WITH LAW

2 BEFORE GUIDANCE.—An employer or pooled 

3 plan provider shall not be treated as failing to 

4 meet a requirement of guidance issued by the 

5 Secretary under subparagraph (C) if, before the 

6 issuance of such guidance, the employer or 

7 pooled plan provider complies in good faith with 

8 a reasonable interpretation of the provisions of 

9 this paragraph, or paragraph (43), to which 

10 such guidance relates. 

11 ‘‘(E) AGGREGATION RULES.—For purposes 

12 of this paragraph, in determining whether a 

13 person meets the requirements of this para14 graph to be a pooled plan provider with respect 

15 to any plan, all persons who perform services 

16 for the plan and who are treated as a single 

17 employer under subsection (b), (c), (m), or (o) 

18 of section 414 of the Internal Revenue Code of 

19 1986 shall be treated as one person.’’. 

20 (2) BONDING REQUIREMENTS FOR POOLED EM21 PLOYER PLANS.—The last sentence of section 412(a) 

22 of the Employee Retirement Income Security Act of 

23 1974 (29 U.S.C. 1112(a)) is amended by inserting 

24 ‘‘or in the case of a pooled employer plan (as defined 

25 in section 3(43))’’ after ‘‘section 407(d)(1))’’. 


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1 (3) CONFORMING AND TECHNICAL AMEND2 MENTS.—Section 3 of the Employee Retirement In3 come Security Act of 1974 (29 U.S.C. 1002) is 

4 amended— 

5 (A) in paragraph (16)(B)— 

6 (i) by striking ‘‘or’’ at the end of 

7 clause (ii); and 

8 (ii) by striking the period at the end 

9 and inserting ‘‘, or (iv) in the case of a 

10 pooled employer plan, the pooled plan pro11 vider.’’; and 

12 (B) by striking the second paragraph (41). 

13 (d) POOLED EMPLOYER AND MULTIPLE EMPLOYER

14 PLAN REPORTING.— 

15 (1) ADDITIONAL INFORMATION.—Section 103 

16 of the Employee Retirement Income Security Act of 

17 1974 (29 U.S.C. 1023) is amended— 

18 (A) in subsection (a)(1)(B), by striking 

19 ‘‘applicable subsections (d), (e), and (f)’’ and 

20 inserting ‘‘applicable subsections (d), (e), (f), 

21 and (g)’’; and 

22 (B) by amending subsection (g) to read as 

23 follows: 

24 ‘‘(g) ADDITIONAL INFORMATION WITH RESPECT TO

25 POOLED EMPLOYER AND MULTIPLE EMPLOYER


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1 PLANS.—An annual report under this section for a plan 

2 year shall include— 

3 ‘‘(1) with respect to any plan to which section 

4 210(a) applies (including a pooled employer plan), a 

5 list of employers in the plan and a good faith esti6 mate of the percentage of total contributions made 

7 by such employers during the plan year and the ag8 gregate account balances attributable to each em9 ployer in the plan (determined as the sum of the ac10 count balances of the employees of such employer 

11 (and the beneficiaries of such employees)); and 

12 ‘‘(2) with respect to a pooled employer plan, the 

13 identifying information for the person designated 

14 under the terms of the plan as the pooled plan pro15 vider.’’. 

16 (2) SIMPLIFIED ANNUAL REPORTS.—Section 

17 104(a) of the Employee Retirement Income Security 

18 Act of 1974 (29 U.S.C. 1024(a)) is amended by 

19 striking paragraph (2)(A) and inserting the fol20 lowing: 

21 ‘‘(2)(A) With respect to annual reports required 

22 to be filed with the Secretary under this part, the 

23 Secretary may by regulation prescribe simplified an24 nual reports for any pension plan that— 

25 ‘‘(i) covers fewer than 100 participants; or 


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1 ‘‘(ii) is a plan described in section 210(a) 

2 that covers fewer than 1,000 participants, but 

3 only if no single employer in the plan has 100 

4 or more participants covered by the plan.’’. 

5 (e) EFFECTIVE DATE.— 

6 (1) IN GENERAL.—The amendments made by 

7 this section shall apply to plan years beginning after 

8 December 31, 2020. 

9 (2) RULE OF CONSTRUCTION.—Nothing in the 

10 amendments made by subsection (a) shall be con11 strued as limiting the authority of the Secretary of 

12 the Treasury or the Secretary’s delegate (determined 

13 without regard to such amendment) to provide for 

14 the proper treatment of a failure to meet any re15 quirement applicable under the Internal Revenue 

16 Code of 1986 with respect to one employer (and its 

17 employees) in a multiple employer plan. 

18 SEC. 3. MODIFICATION OF PBGC PREMIUMS FOR CSEC 

19 PLANS. 

20 (a) FLAT RATE PREMIUM.—Subparagraph (A) of 

21 section 4006(a)(3) of the Employee Retirement Income 

22 Security Act of 1974 (29 U.S.C. 1306(a)(3)) is amend23 ed— 


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1 (1) in clause (i), by striking ‘‘plan,’’ and insert2 ing ‘‘plan other than a CSEC plan (as defined in 

3 section 210(f)(1))’’; 

4 (2) in clause (v), by striking ‘‘or’’ at the end; 

5 (3) in clause (vi), by striking the period at the 

6 end and inserting ‘‘, or’’; and 

7 (4) by adding at the end the following new 

8 clause: 

9 ‘‘(vii) in the case of a CSEC plan (as 

10 defined in section 210(f)(1)), for plan 

11 years beginning after December 31, 2018, 

12 for each individual who is a participant in 

13 such plan during the plan year an amount 

14 equal to the sum of— 

15 ‘‘(I) the additional premium (if 

16 any) determined under subparagraph 

17 (E), and 

18 ‘‘(II) $19.’’. 

19 (b) VARIABLE RATE PREMIUM.— 

20 (1) UNFUNDED VESTED BENEFITS.— 

21 (A) IN GENERAL.—Subparagraph (E) of 

22 section 4006(a)(3) of the Employee Retirement 

23 Income Security Act of 1974 (29 U.S.C. 

24 1306(a)(3)) is amended by adding at the end 

25 the following new clause: 


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1 ‘‘(v) For purposes of clause (ii), in the 

2 case of a CSEC plan (as defined in section 

3 210(f)(1)), the term ‘unfunded vested ben4 efits’ means, for plan years beginning after 

5 December 31, 2018, the excess (if any) 

6 of— 

7 ‘‘(I) the funding liability of the 

8 plan as determined under section 

9 306(j)(5)(C) for the plan year by only 

10 taking into account vested benefits, 

11 over 

12 ‘‘(II) the fair market value of 

13 plan assets for the plan year which 

14 are held by the plan on the valuation 

15 date.’’. 

16 (B) CONFORMING AMENDMENT.—Clause 

17 (iii) of section 4006(a)(3)(E) of such Act (29 

18 U.S.C. 1306(a)(3)(E)) is amended by striking 

19 ‘‘For purposes’’ and inserting ‘‘Except as pro20 vided in clause (v), for purposes’’. 

21 (2) APPLICABLE DOLLAR AMOUNT.— 

22 (A) IN GENERAL.—Paragraph (8) of sec23 tion 4006(a) of such Act (29 U.S.C. 1306(a)) 

24 is amended by adding at the end the following 

25 new subparagraph: 


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1 ‘‘(E) CSEC PLANS.—In the case of a 

2 CSEC plan (as defined in section 210(f)(1)), 

3 the applicable dollar amount shall be $9.’’. 

4 (B) CONFORMING AMENDMENT.—Subpara5 graph (A) of section 4006(a)(8) of such Act (29 

6 U.S.C. 1306(a)(8)) is amended by striking ‘‘(B) 

7 and (C)’’ and inserting ‘‘(B), (C), and (E)’’. 

Æ 


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