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.

Bill: 114-hr-458
Sponsor: full_name: Rep. Sessions, Pete [R-TX-32]
Introduced: 2015-01-21
Policy area: Labor and Employment
Subjects: Corporate finance and management

Employee benefits and pensions
Latest action: action_date: 2015-04-29
text: Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

Summaries:
action_date: 2015-01-21
action_desc: Introduced in House
text: <p>Amends the Employee Retirement Income Security Act (ERISA) to revise requirements permitting multiemployer plans to adopt alternative rules for computing the payment of an employer's withdrawal liability to include a plan in critical status whose plan sponsor determines it cannot be expected to emerge from that status by the end of the rehabilitation period.</p> <p>Requires any such rule to become 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).</p> <p>Authorizes a corporation to disapprove a rule only if it creates an unreasonable risk of loss to plan participants and beneficiaries or to the corporation.</p>

tv_txt: I 114th CONGRESS 1st Session H. R. 458 IN THE HOUSE OF REPRESENTATIVES January 21, 2015 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.

1. 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 section 305(b)(2) and whose plan sponsor determines that the plan can not be reasonably expected to emerge from critical status by the end of the rehabilitation period, such plan may adopt rules providing for other terms and conditions for the computation of an employer's withdrawal liability. 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. .