Title: Multi-Employer Pension Plan Partnership Act of 2017
Policy area: Labor and Employment

Summary:
Multi-Employer Pension Plan Partnership Act of 2017
This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to permit multiemployer pension plans that are in critical status and not expected to emerge from the status by the end of the rehabilitation period to adopt rules to forestall or avoid insolvency by revising the plan's terms and conditions for computing an employer's withdrawal liability.
Any such rule becomes effective 90 days after adoption unless the corporation disapproves it before the end of the 90-day period (subject to tolling while a request by the corporation for additional information is pending). A corporation may disapprove a rule only if the rule creates an unreasonable risk of loss to plan participants and beneficiaries or to the corporation.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2117 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 2117

To amend the Employee Retirement Income Security Act of 1974 to permit 
multiemployer plans in critical status to modify plan rules relating to 
             withdrawal liability, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 25, 2017

 Mr. Sessions (for himself and Mr. Pascrell) introduced the following 
    bill; which was referred to the Committee on Education and the 
                               Workforce

_______________________________________________________________________

                                 A BILL


 
To amend the Employee Retirement Income Security Act of 1974 to permit 
multiemployer plans in critical status to modify plan rules relating to 
             withdrawal liability, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Multi-Employer Pension Plan 
Partnership Act of 2017''.

SEC. 2. ALTERNATIVE METHOD OF WITHDRAWAL LIABILITY PAYMENTS.

    Section 4224 of the Employee Retirement Income Security Act (29 
U.S.C. 1404) is amended--
            (1) by striking ``A multiemployer plan'' and inserting 
        ``(a) A multiemployer plan''; and
            (2) by adding at the end the following:
    ``(b) Notwithstanding any contrary provisions of this part, in the 
case of a multiemployer plan that is in critical status within the 
meaning of subsection (b)(2) of section 305 and whose plan sponsor 
determines pursuant to subsection (e)(3)(A)(ii) of such section that 
the plan cannot be reasonably expected to emerge from critical status 
by the end of the rehabilitation period, such plan may adopt rules for 
the purpose of forestalling or avoiding insolvency that provide for 
other terms and conditions for the computation of the amount of an 
employer's withdrawal liability (not to exceed the amount that would 
otherwise be determined without regard to this subsection). Any such 
rule shall become effective at the end of a 90-day period that begins 
on the date of adoption of the rule unless the corporation disapproves 
the rule before the end of the 90-day period (except that such 90-day 
period shall be tolled during any period in which a request by the 
corporation for additional information is pending). The corporation may 
disapprove a rule under this subsection only if it reasonably 
determines that the rule creates an unreasonable risk of loss to plan 
participants and beneficiaries or to the corporation.''.
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