I 
115TH CONGRESS 
1ST SESSION H. R. 2384 
To amend the Employee Retirement Income Security Act of 1974 and the 
Internal Revenue Code of 1986 to modify certain provisions relating 
to multiemployer pensions, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MAY 4, 2017 
Mr. NOLAN introduced the following bill; which was referred to the Committee 
on Education and the Workforce, and in addition to the Committees on 
Ways and Means, and the Judiciary, for a period to be subsequently de-
termined 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 and the Internal Revenue Code of 1986 to 
modify certain provisions relating to multiemployer pen-
sions, 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 ‘‘Keeping America’s 
Pension Promises Act’’. 
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SEC. 2. RESTORING ANTI-CUTBACK PROVISIONS. 
Section 201 of the Multiemployer Pension Reform 
Act of 2014 (division O of Public Law 113–235) and the 
amendments made by such section are repealed, and the 
Employee Retirement Income Security Act of 1974 and 
the Internal Revenue Code of 1986 shall be applied as if 
such section and amendments had never been enacted. 
SEC. 3. PARTITIONS OF ELIGIBLE MULTIEMPLOYER PLANS. 
(a) IN GENERAL.—Section 4233 of the Employee Re-
tirement Income Security Act of 1974 (29 U.S.C. 1413), 
as amended by section 122 of the Multiemployer Pension 
Reform Act of 2014 (division O of Public Law 113–235), 
is amended to read as follows: 
‘‘SEC. 4233. PARTITIONS OF ELIGIBLE MULTIEMPLOYER 
PLANS. 
‘‘(a)(1) Upon the application by the plan sponsor of 
an eligible multiemployer plan for a partition of the plan, 
the corporation may order a partition of the plan in ac-
cordance with this section. The corporation shall make a 
determination regarding the application, in accordance 
with regulations promulgated by the corporation, not later 
than 270 days after— 
‘‘(A) the date such application was filed; or 
‘‘(B) if later, the date such application was 
completed. 
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‘‘(2) At least 14 days before submitting an applica-
tion for partition of a plan under paragraph (1), the plan 
sponsor of the plan shall notify all participants and bene-
ficiaries of such application, in the form and manner pre-
scribed by regulations issued by the corporation. 
‘‘(b) For purposes of this section, a multiemployer 
plan is an eligible multiemployer plan if— 
‘‘(1) the plan is in critical status and is pro-
jected to become insolvent within the meaning of 
section 4245— 
‘‘(A) during the current plan year or any 
of the 14 succeeding plan years; or 
‘‘(B) during the current plan year or any 
of the 19 succeeding plan years, if the plan has 
a ratio of inactive participants to active partici-
pants that exceeds 2 to 1 and the funded per-
centage of the plan is less than 80 percent; 
‘‘(2) the corporation determines, after consulta-
tion with the Participant and Plan Sponsor Advo-
cate selected under section 4004, that the plan spon-
sor has taken (or is taking concurrently with an ap-
plication for partition) all reasonable measures de-
scribed in section 432(e)(3)(A) of the Internal Rev-
enue Code of 1986, and has made (or is making) 
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benefit adjustments under section 432(e)(8) of such 
Code to reduce the risk of insolvency; 
‘‘(3) 20 percent or more of the amount by 
which the liabilities of the plan exceed the value of 
plan assets is attributable to the service of partici-
pants whose employers— 
‘‘(A) withdrew from the plan prior to the 
date of enactment of the Keeping America’s 
Pension Promises Act; and 
‘‘(B) failed to pay (or are delinquent with 
respect to paying) the full amount of the em-
ployer’s withdrawal liability under section 
4201(b)(1) or as otherwise determined under 
an agreement with the plan; 
‘‘(4) the corporation reasonably expects that— 
‘‘(A) a partition of the plan will reduce the 
corporation’s expected long-term loss with re-
spect to the plan; and 
‘‘(B) a partition of the plan is necessary 
for the plan to remain or become solvent; and 
‘‘(5) the corporation certifies to Congress that 
after partition the corporation will continue to have 
the ability to meet existing financial assistance obli-
gations to other plans (including any liabilities asso-
ciated with multiemployer plans that are insolvent or 
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