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 Corpora-
tion 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 Com-
mittee on Education and the Workforce, for a period to be subsequently 
determined by the Speaker, in each case for consideration of such provi-
sions 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 Fed-
eral budget. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Pension and Budget 
Integrity Act of 2016’’. 
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SEC. 2. FINDINGS. 
Congress finds the following: 
(1) The Pension Benefit Guaranty Corporation 
(in this section referred to as the ‘‘PBGC’’)— 
(A) is an independent government agency 
that insures the benefits of most private-sector 
pension plans through an insurance model; 
(B) becomes the trustee for the assets of 
failed pension plans; 
(C) is responsible for the investment and 
disbursement of premiums and pension plan as-
sets through the PBGC revolving funds and the 
PBGC trust fund; and 
(D) may only use premiums paid by pri-
vate-sector pension plans to the PBGC to pay 
pension beneficiaries and related PBGC oper-
ating expenses. 
(2) The Employee Retirement Income Security 
Act of 1974 did not include the receipts and dis-
bursements of the PBGC in the Federal budget. 
(3) Section 406 of the Multiemployer Pension 
Plan Amendments Act of 1980 (Public Law 96–364) 
included the receipts and disbursements of the 
PBGC in the Federal budget for the first time. 
(4) The revenues from PBGC premiums— 
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(A) are deposited into the revolving funds 
of the PBGC and are credited to the operating 
budget of the PBGC; 
(B) cannot be used for any purpose other 
than PBGC expenses; and 
(C) are counted as revenue to the United 
States Treasury and used to offset unrelated 
Federal spending. 
(5) Sound budget policy dictates that— 
(A) crediting PBGC premium revenues to 
the revolving funds of the PBGC and as re-
ceipts to the United States Treasury constitutes 
double-counting; 
(B) double-counting revenue is inconsistent 
with sound budgetary policy and good govern-
ance; and 
(C) excluding the receipts and disburse-
ments of the PBGC from the Federal budget 
will eliminate double-counting premium revenue. 
SEC. 3. EXCLUSION OF THE RECEIPTS AND DISBURSE-
MENTS OF THE PENSION BENEFIT GUARANTY 
CORPORATION FROM THE FEDERAL BUDGET. 
(a) IN GENERAL.—Paragraph (2) of Section 4002(g) 
of the Employee Retirement Income Security Act of 1974 
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(29 U.S.C. 1302(g)) is amended by striking ‘‘shall be in-
cluded’’ and inserting ‘‘shall not be included’’. 
(b) EFFECTIVE DATE.—The amendment made by 
subsection (a) shall apply to fiscal years beginning after 
September 30, 2016. 
Æ 
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