I 
115TH CONGRESS 
2D SESSION 
H. R. 4997 
To amend the Employee Retirement Income Security Act of 1974 and the 
Internal Revenue Code of 1986 to authorize a new composite multiem-
ployer pension plan design, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 13, 2018 
Mr. ROE of Tennessee (for himself and Mr. NORCROSS) introduced the fol-
lowing bill; which was referred to the Committee on Education and the 
Workforce, 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 com-
mittee concerned 
A BILL 
To amend the Employee Retirement Income Security Act 
of 1974 and the Internal Revenue Code of 1986 to 
authorize a new composite multiemployer pension plan 
design, and for other purposes. 
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 ‘‘Giving Retirement Op-
tions to Workers Act of 2018’’ or the ‘‘GROW Act’’. 
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SEC. 2. COMPOSITE PLANS. 
(a) AMENDMENT TO THE EMPLOYEE RETIREMENT 
INCOME SECURITY ACT OF 1974.— 
(1) IN GENERAL.—Title I of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 
1001 et seq.) is amended by adding at the end the 
following: 
‘‘PART 8—COMPOSITE PLANS AND LEGACY 
PLANS 
‘‘SEC. 801. COMPOSITE PLAN DEFINED. 
‘‘(a) IN GENERAL.—For purposes of this Act, the 
term ‘composite plan’ means a pension plan— 
‘‘(1) which is a multiemployer plan that is nei-
ther a defined benefit plan nor a defined contribu-
tion plan; 
‘‘(2) the terms of which provide that the plan 
is a composite plan for purposes of this title with re-
spect to which not more than one multiemployer de-
fined benefit plan is treated as a legacy plan within 
the meaning of section 805, unless there is more 
than one legacy plan following a merger of composite 
plans under section 806; 
‘‘(3) which provides systematically for the pay-
ment of benefits— 
‘‘(A) objectively calculated pursuant to a 
formula enumerated in the plan document with 
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respect to plan participants after retirement, 
for life; and 
‘‘(B) in the form of life annuities, except 
for benefits which under section 203(e) may be 
immediately distributed without the consent of 
the participant; 
‘‘(4) for which the plan contributions for the 
first plan year are at least 120 percent of the nor-
mal cost for the plan year; 
‘‘(5) which requires— 
‘‘(A) an annual valuation of the liability of 
the plan as of a date within the plan year to 
which the valuation refers or within one month 
prior to the beginning of such year; 
‘‘(B) an annual actuarial determination of 
the plan’s current funded ratio and projected 
funded ratio under section 802(a); 
‘‘(C) corrective action through a realign-
ment program pursuant to section 803 when-
ever the plan’s projected funded ratio is below 
120 percent for the plan year; and 
‘‘(D) an annual notification to each partici-
pant describing the participant’s benefits under 
the plan and explaining that such benefits may 
be subject to reduction under a realignment 
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program pursuant to section 803 based on the 
plan’s funded status in future plan years; and 
‘‘(6) the board of trustees of which includes at 
least one retiree or beneficiary in pay status during 
each plan year following the first plan year in which 
at least 5 percent of the participants in the plan are 
retirees or beneficiaries in pay status. 
‘‘(b) TRANSITION FROM
A MULTIEMPLOYER DE-
FINED BENEFIT PLAN.— 
‘‘(1) IN GENERAL.—The plan sponsor of a de-
fined benefit plan that is a multiemployer plan may, 
subject to paragraph (2), amend the plan to incor-
porate the features of a composite plan as a compo-
nent of the multiemployer plan separate from the 
defined benefit plan component, except in the case of 
a defined benefit plan for which the plan actuary has 
certified under section 305(b)(3) that the plan is or 
will be in critical status for the plan year in which 
such amendment would become effective or for any 
of the succeeding 5 plan years. 
‘‘(2) REQUIREMENTS.—Any amendment pursu-
ant to paragraph (1) to incorporate the features of 
a composite plan as a component of a multiemployer 
plan shall— 
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‘‘(A) apply with respect to all collective 
bargaining agreements providing for contribu-
tions to the multiemployer plan on or after the 
effective date of the amendment; 
‘‘(B) apply with respect to all participants 
in the multiemployer plan for whom contribu-
tions are made to the multiemployer plan on or 
after the effective date of the amendment; 
‘‘(C) specify that the effective date of the 
amendment is— 
‘‘(i) the first day of a specified plan 
year following the date of the adoption of 
the amendment, except that the plan spon-
sor may alternatively provide for a sepa-
rate effective date with respect to each col-
lective bargaining agreement under which 
contributions to the multiemployer plan 
are required, which shall occur on the first 
day of the first plan year beginning after 
the termination, or if earlier, the re-open-
ing, of each such agreement, or such ear-
lier date as the parties to the agreement 
and the plan sponsor of the multiemployer 
plan shall agree to; and 
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‘‘(ii) not later than the first day of the 
fifth plan year beginning on or after the 
date of the adoption of the amendment; 
‘‘(D) specify that, as of the amendment’s 
effective date, no further benefits shall accrue 
under the defined benefit component of the 
multiemployer plan; and 
‘‘(E) specify that, as of the amendment’s 
effective date, the plan sponsor of the multiem-
ployer plan shall be the plan sponsor of both 
the composite plan component and the defined 
benefit plan component of the plan. 
‘‘(3) SPECIAL RULES.—If a multiemployer plan 
is amended pursuant to paragraph (1)— 
‘‘(A) the requirements of this title and title 
IV shall be applied to the composite plan com-
ponent and the defined benefit plan component 
of the multiemployer plan as if each such com-
ponent were maintained as a separate plan; and 
‘‘(B) the assets of the composite plan com-
ponent and the defined benefit plan component 
of the plan shall be held in a single trust form-
ing part of the plan under which the trust in-
strument expressly provides— 
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‘‘(i) for separate accounts (and appro-
priate records) to be maintained to reflect 
the interest which each of the plan compo-
nents has in the trust, including separate 
accounting for additions to the trust for 
the benefit of each plan component, dis-
bursements made from each plan compo-
nent’s account in the trust, investment ex-
perience of the trust allocable to that ac-
count, and administrative expenses (wheth-
er direct expenses or shared expenses allo-
cated proportionally), and permits, but 
does not require, the pooling of some or all 
of the assets of the two plan components 
for investment purposes; and 
‘‘(ii) that the assets of each of the two 
plan components shall be held, invested, 
reinvested, managed, administered and dis-
tributed for the exclusive benefit of the 
participants and beneficiaries of each such 
plan component, and in no event shall the 
assets of one of the plan components be 
available to pay benefits due under the 
other plan component. 
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not in critical status for that plan year and any 
of the succeeding 5 plan years. 
‘‘(6) REFERENCES TO COMPOSITE PLAN COM-
PONENT.—As used in this part, the term ‘composite 
plan’ includes a composite plan component added to 
a defined benefit plan pursuant to paragraph (1). 
‘‘(7) RULE
OF
CONSTRUCTION.—Paragraph 
(2)(A) shall not be construed as preventing the plan 
sponsor of a multiemployer plan from adopting an 
amendment pursuant to paragraph (1) because some 
collective bargaining agreements are amended to 
cease any covered employer’s obligation to contribute 
to the multiemployer plan before or after the plan 
amendment is effective. Paragraph (2)(B) shall not 
be construed as preventing the plan sponsor of a 
multiemployer plan from adopting an amendment 
pursuant to paragraph (1) because some partici-
pants cease to have contributions made to the multi-
employer plan on their behalf before or after the 
plan amendment is effective. 
‘‘(c) COORDINATION WITH FUNDING RULES.—Ex-
cept as otherwise provided in this title, sections 302, 304, 
and 305 shall not apply to a composite plan. 
‘‘(d) TREATMENT OF A COMPOSITE PLAN.—For pur-
poses of this Act (other than sections 302 and 4245), a 
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composite plan shall be treated as if it were a defined ben-
efit plan unless a different treatment is provided for under 
applicable law. 
‘‘SEC. 802. FUNDED RATIOS; ACTUARIAL ASSUMPTIONS. 
‘‘(a) CERTIFICATION OF FUNDED RATIOS.— 
‘‘(1) IN
GENERAL.—Not later than the one- 
hundred twentieth day of each plan year of a com-
posite plan, the plan actuary of the composite plan 
shall certify to the Secretary, the Secretary of the 
Treasury, and the plan sponsor the plan’s current 
funded ratio and projected funded ratio for the plan 
year. 
‘‘(2) DETERMINATION
OF
CURRENT
FUNDED 
RATIO AND PROJECTED FUNDED RATIO.—For pur-
poses of this section: 
‘‘(A) CURRENT FUNDED RATIO.—The cur-
rent funded ratio is the ratio (expressed as a 
percentage) of— 
‘‘(i) the value of the plan’s assets as 
of the first day of the plan year; to 
‘‘(ii) the plan actuary’s best estimate 
of the present value of the plan liabilities 
as of the first day of the plan year. 
‘‘(B) PROJECTED
FUNDED
RATIO.—The 
projected funded ratio is the current funded 
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ratio projected to the first day of the fifteenth 
plan year following the plan year for which the 
determination is being made. 
‘‘(3) CONSIDERATION OF CONTRIBUTION RATE 
INCREASES.—For purposes of projections under this 
subsection, the plan sponsor may anticipate con-
tribution rate increases beyond the term of the cur-
rent collective bargaining agreement and any agreed- 
to supplements, up to a maximum of 2.5 percent per 
year, compounded annually, unless it would be un-
reasonable under the circumstances to assume that 
contributions would increase by that amount. 
‘‘(b) ACTUARIAL ASSUMPTIONS
AND METHODS.— 
For purposes of this part: 
‘‘(1) IN GENERAL.—All costs, liabilities, rates 
of interest and other factors under the plan shall be 
determined for a plan year on the basis of actuarial 
assumptions and methods— 
‘‘(A) each of which is reasonable (taking 
into account the experience of the plan and rea-
sonable expectations); 
‘‘(B) which, in combination, offer the actu-
ary’s best estimate of anticipated experience 
under the plan; and 
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‘‘(C) with respect to which any change 
from the actuarial assumptions and methods 
used in the previous plan year shall be certified 
by the plan actuary and the actuarial rationale 
for such change provided in the annual report 
required by section 103. 
‘‘(2) FAIR MARKET VALUE OF ASSETS.—The 
value of the plan’s assets shall be taken into account 
on the basis of their fair market value. 
‘‘(3) DETERMINATION OF NORMAL COST AND 
PLAN LIABILITIES.—A plan’s normal cost and liabil-
ities shall be based on the most recent actuarial 
valuation required under section 801(a)(5)(A) and 
the unit credit funding method. 
‘‘(4) TIME
WHEN
CERTAIN
CONTRIBUTIONS 
DEEMED MADE.—Any contributions for a plan year 
made by an employer after the last day of such plan 
year, but not later than two and one-half months 
after such day, shall be deemed to have been made 
on such last day. For purposes of this paragraph, 
such two and one-half month period may be ex-
tended for not more than six months under regula-
tions prescribed by the Secretary of the Treasury. 
‘‘(5) ADDITIONAL ACTUARIAL ASSUMPTIONS.— 
Except where otherwise provided in this part, the 
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provisions of section 305(b)(3)(B) shall apply to any 
determination or projection under this part. 
‘‘SEC. 803. REALIGNMENT PROGRAM. 
‘‘(a) REALIGNMENT PROGRAM.— 
‘‘(1) ADOPTION.—In any case in which the plan 
actuary certifies under section 802(a) that the plan’s 
projected funded ratio is below 120 percent for the 
plan year, the plan sponsor shall adopt a realign-
ment program under paragraph (2) not later than 
210 days after the due date of the certification re-
quired under such section 802(a). The plan sponsor 
shall adopt an updated realignment program for 
each succeeding plan year for which a certification 
described in the preceding sentence is made. 
‘‘(2) CONTENT OF REALIGNMENT PROGRAM.— 
‘‘(A) IN
GENERAL.—A realignment pro-
gram adopted under this paragraph is a written 
program which consists of all reasonable meas-
ures, including options or a range of options to 
be undertaken by the plan sponsor or proposed 
to the bargaining parties, formulated, based on 
reasonably anticipated experience and reason-
able actuarial assumptions, to enable the plan 
to achieve a projected funded ratio of at least 
120 percent for the following plan year. 
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‘‘(B) INITIAL PROGRAM ELEMENTS.—Rea-
sonable measures under a realignment program 
described in subparagraph (A) may include any 
of the following: 
‘‘(i) Proposed contribution increases. 
‘‘(ii) A reduction in the rate of future 
benefit accruals, so long as the resulting 
rate is not less than 1 percent of the con-
tributions on which benefits are based as 
of the start of the plan year (or the equiva-
lent standard accrual rate as described in 
section 305(e)(6)). 
‘‘(iii) A modification or elimination of 
adjustable benefits of participants that are 
not in pay status before the date of the no-
tice required under subsection (b)(1). 
‘‘(iv) Any other lawfully available 
measures not specifically described in this 
subparagraph or subparagraph (C) or (D) 
that the plan sponsor determines are rea-
sonable. 
‘‘(C) ADDITIONAL PROGRAM ELEMENTS.— 
If the plan sponsor has determined that all rea-
sonable measures available under subparagraph 
(B) will not enable the plan to achieve a pro-
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provided that such reductions shall be equitably 
distributed across the participant and bene-
ficiary population, taking into account factors, 
with respect to participants and beneficiaries 
and their benefits, that may include one or 
more of the factors listed in subclauses (I) 
through (X) of section 305(e)(9)(D)(vi), to the 
extent necessary to enable the plan to achieve 
a projected funded ratio of at least 120 percent 
for the following plan year, or at the election of 
the plan sponsor, a projected funded ratio of at 
least 100 percent for the following plan year 
and a current funded ratio of at least 90 per-
cent. 
‘‘(3) ADJUSTABLE
BENEFIT
DEFINED.—For 
purposes of this part, the term ‘adjustable benefit’ 
means— 
‘‘(A) benefits, rights, and features under 
the plan, including post-retirement death bene-
fits, 60-month guarantees, disability benefits 
not yet in pay status, and similar benefits; 
‘‘(B) any early retirement benefit or retire-
ment-type subsidy (within the meaning of sec-
tion 204(g)(2)(A)) and any benefit payment op-
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tion (other than the qualified joint and survivor 
annuity); and 
‘‘(C) benefit increases that were adopted 
(or, if later, took effect) less than 60 months 
before the first day such realignment program 
took effect. 
‘‘(4) CORE BENEFIT DEFINED.—For purposes 
of this part, the term ‘core benefit’ means a partici-
pant’s accrued benefit payable in the normal form of 
an annuity commencing at normal retirement age, 
determined without regard to— 
‘‘(A) any early retirement benefits, retire-
ment-type subsidies, or other benefits, rights, or 
features that may be associated with that ben-
efit; and 
‘‘(B) any cost-of-living adjustments or ben-
efit increases effective after the date of retire-
ment. 
‘‘(5) COORDINATION WITH CONTRIBUTION IN-
CREASES.— 
‘‘(A) IN
GENERAL.—A realignment pro-
gram may provide that some or all of the ben-
efit modifications described in the program will 
only take effect if the bargaining parties fail to 
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agree to specified levels of increases in contribu-
tions to the plan, effective as of specified dates. 
‘‘(B) INDEPENDENT
BENEFIT
MODIFICA-
TIONS.—If a realignment program adopts any 
changes to the benefit formula that are inde-
pendent of potential contribution increases, 
such changes shall take effect not later than 
180 days after the first day of the first plan 
year that begins following the adoption of the 
realignment program. 
‘‘(C) CONDITIONAL
BENEFIT
MODIFICA-
TIONS.—If a realignment program adopts any 
changes to the benefit formula that take effect 
only if the bargaining parties fail to agree to 
contribution increases, such changes shall take 
effect not later than the first day of the first 
plan year beginning after the third anniversary 
of the date of adoption of the realignment pro-
gram. 
‘‘(D) REVOCATION OF CERTAIN BENEFIT 
MODIFICATIONS.—Benefit 
modifications 
de-
scribed in subparagraph (C) may be revoked, in 
whole or in part, and retroactively or prospec-
tively, when contributions to the plan are in-
creased, as specified in the realignment pro-
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gram, including any amendments thereto. The 
preceding sentence shall not apply unless the 
contribution increases are to be effective not 
later than the fifth anniversary of the first day 
of the first plan year that begins after the 
adoption of the realignment program. 
‘‘(b) NOTICE.— 
‘‘(1) IN GENERAL.—In any case in which it is 
certified under section 802(a) that the projected 
funded ratio is less than 120 percent, the plan spon-
sor shall, not later than 30 days after the date of 
the certification, provide notification of the current 
and projected funded ratios to the participants and 
beneficiaries, the bargaining parties, and the Sec-
retary. Such notice shall include— 
‘‘(A) an explanation that contribution rate 
increases or benefit reductions may be nec-
essary; 
‘‘(B) a description of the types of benefits 
that might be reduced; and 
‘‘(C) an estimate of the contribution in-
creases and benefit reductions that may be nec-
essary to achieve a projected funded ratio of 
120 percent. 
‘‘(2) NOTICE OF BENEFIT MODIFICATIONS.— 
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‘‘(A) IN GENERAL.—No modifications may 
be made that reduce the rate of future benefit 
accrual or that reduce core benefits or adjust-
able benefits unless notice of such reduction has 
been given at least 180 days before the general 
effective date of such reduction for all partici-
pants and beneficiaries to— 
‘‘(i) plan participants and bene-
ficiaries; 
‘‘(ii) each employer who has an obliga-
tion to contribute to the composite plan; 
and 
‘‘(iii) 
each 
employee 
organization 
which, for purposes of collective bar-
gaining, represents plan participants em-
ployed by such employers. 
‘‘(B) CONTENT
OF
NOTICE.—The notice 
under subparagraph (A) shall contain— 
‘‘(i) sufficient information to enable 
participants and beneficiaries to under-
stand the effect of any reduction on their 
benefits, including an illustration of any 
affected benefit or subsidy, on an annual 
or monthly basis that a participant or ben-
eficiary would otherwise have been eligible 
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for as of the general effective date de-
scribed in subparagraph (A); and 
‘‘(ii) information as to the rights and 
remedies of plan participants and bene-
ficiaries as well as how to contact the De-
partment of Labor for further information 
and assistance, where appropriate. 
‘‘(C) FORM
AND
MANNER.—Any notice 
under subparagraph (A)— 
‘‘(i) shall be provided in a form and 
manner prescribed in regulations of the 
Secretary of Labor; 
‘‘(ii) shall be written in a manner so 
as to be understood by the average plan 
participant. 
‘‘(3) MODEL NOTICES.—The Secretary shall— 
‘‘(A) prescribe model notices that the plan 
sponsor of a composite plan may use to satisfy 
the notice requirements under this subsection; 
and 
‘‘(B) by regulation enumerate any details 
related to the elements listed in paragraph (1) 
that any notice under this subsection must in-
clude. 
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‘‘(4) DELIVERY
METHOD.—Any notice under 
this part shall be provided in writing and may also 
be provided in electronic form to the extent that the 
form is reasonably accessible to persons to whom the 
notice is provided. 
‘‘SEC. 804. LIMITATION ON INCREASING BENEFITS. 
‘‘(a) LEVEL OF CURRENT FUNDED RATIOS.—Except 
as provided in subsections (c), (d), and (e), no plan 
amendment increasing benefits or establishing new bene-
fits under a composite plan may be adopted for a plan 
year unless— 
‘‘(1) the plan’s current funded ratio is at least 
110 percent (without regard to the benefit increase 
or new benefits); 
‘‘(2) taking the benefit increase or new benefits 
into account, the current funded ratio is at least 100 
percent and the projected funded ratio for the cur-
rent plan year is at least 120 percent; 
‘‘(3) in any case in which, after taking the ben-
efit increase or new benefits into account, the cur-
rent funded ratio is less than 140 percent and the 
projected funded ratio is less than 140 percent, the 
benefit increase or new benefits are projected by the 
plan actuary to increase the present value of the 
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