Multi-Employer Pension Plan Partnership Act of 2017

Bill: 115-hr-2117
Sponsor: full_name: Rep. Sessions, Pete [R-TX-32]
Introduced: 2017-04-25
Policy area: Labor and Employment
Subjects: Corporate finance and management

Employee benefits and pensions
Latest action: action_date: 2017-04-25
text: Referred to the House Committee on Education and the Workforce.

Summaries:
action_date: 2017-04-25
action_desc: Introduced in House
text: <p><b>Multi-Employer Pension Plan Partnership Act of 2017 </b></p> <p>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.</p> <p>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. </p>

tv_txt: I 115th CONGRESS 1st Session H. R. 2117 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.

1. Short title This Act may be cited as the Multi-Employer Pension Plan Partnership Act of 2017 . 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. .