To amend title IV of the Employee Retirement Income Security Act of 1974 to provide for a guarantee by the Pension Benefit Guaranty Corporation for qualified preretirement survivor annuities under insolvent or terminated multiemployer pension plans.

Bill: 113-hr-566
Sponsor: full_name: Rep. Petri, Thomas E. [R-WI-6]
Introduced: 2013-02-06
Policy area: Labor and Employment
Subjects: Employee benefits and pensions
Latest action: action_date: 2013-04-23
text: Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

Summaries:
action_date: 2013-02-06
action_desc: Introduced in House
text: <p>Amends the Employee Retirement Income Security Act of 1974 (ERISA) to declare that a qualified preretirement survivor annuity with respect to a participant under a multiemployer plan which becomes insolvent or is terminated shall not be treated as forfeitable solely because the participant has not died as of the date on which the plan became so insolvent or the termination date. (Thus guarantees, in the absence of other disqualifying factors, the payment by the Pension Benefit Guaranty Corporation [PBGC] of a qualified preretirement survivor annuity to a participant of a multiemployer pension plan which becomes insolvent or is terminated.)</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 566 IN THE HOUSE OF REPRESENTATIVES February 6, 2013 Mr. Petri (for himself and Mr. Andrews ) introduced the following bill; which was referred to the Committee on Education and the Workforce A BILL To amend title IV of the Employee Retirement Income Security Act of 1974 to provide for a guarantee by the Pension Benefit Guaranty Corporation for qualified preretirement survivor annuities under insolvent or terminated multiemployer pension plans.

1. Guarantee for pre-retirement survivor annuities under multiemployer pension plans (a) In general Section 4022A(b) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1322a(b) ) is amended by adding at the end the following new paragraph: (3) For purposes of subsection (a), a qualified preretirement survivor annuity (as defined in section 205(e)(1)) with respect to a participant under a multiemployer plan which becomes insolvent under section 4245(b) or 4281(d)(2) or is terminated shall not be treated as forfeitable solely because the participant has not died as of the date on which the plan became so insolvent or the termination date. . (b) Retroactive application The amendment made by this section shall apply with respect to multiemployer plan benefit payments becoming payable on or after December 31, 1984.