To amend the Internal Revenue Code of 1986 to create a Pension Rehabilitation Trust Fund, to establish a Pension Rehabilitation Administration within the Department of the Treasury to make loans to multiemployer defined benefit plans, and for other purposes.

Rehabilitation for Multiemployer Pensions Act of 2019

This bill establishes the Pension Rehabilitation Administration within the Department of the Treasury and a related trust fund to make loans to certain multiemployer defined benefit pension plans.

To receive a loan, a plan must be (1) in critical and declining status, including any plan with respect to which a suspension of benefits has been approved; (2) in critical status, have a modified funded percentage of less than 40%, and have a ratio of active to inactive participants which is less than two to five; or (3) insolvent, if the plan became insolvent after December 16, 2014, and has not been terminated.

Treasury must transfer amounts, which may include proceeds from bonds and other obligations, from the general fund to the trust fund established by this bill as necessary to fund the program. The Pension Rehabilitation Administration may use the funds, without a further appropriation, to make loans, pay principal and interest on obligations, or for administrative and operating expenses.

The bill allows the sponsor of a multiemployer pension plan that is applying for a loan under this bill to also apply to the Pension Benefit Guaranty Corporation (PBGC) for financial assistance if, after receiving the loan, the plan will still become (or remain) insolvent within the 30-year period beginning on the date of the loan.

The bill also appropriates to the PBGC the funds that are necessary to provide the financial assistance required by this bill.

The bill modifies the requirements for the distribution of remaining pension benefits from certain defined contribution plans to a designated beneficiary upon death of an employee. The bill increases penalties for failure to file a tax return, and certain retirement plan returns.

Public Storage

We acquire, develop, own and operate self-storage facilities , which offer storage spaces for lease on a month-to-month basis, for personal and business use. We are the largest owner and operator of self-storage facilities in the U.S. We have direct and indirect equity interests in 2,429 self-storage facilities that we consolidate (an aggregate of 162 million net rentable square feet of space) located in 38 states within the U.S. operating under the "Public Storage" brand name.  Ancillary Operations : We reinsure policies against losses to goods stored by customers in our self-storage facilities and sell merchandise, primarily locks and cardboard boxes, at our self-storage facilities.  Inc. ("PSB"), a publicly held REIT that owns, operates, acquires and develops commercial properties, primarily multi-tenant flex, office, and industrial parks. At December 31, 201 8 , PSB owns and operates 28. 2 million rentable square feet of commercial space.  : We have a 35 % equity inter est in Shurgard Self Storage SA ("Shurgard Europe"), a publicly held company trading under Euronext Brussels under the "SHUR" symbol , which owns 232 self-storage facilities (13 million net rentable square feet) located in seven countries in Western Europe operated under the "Shurgard" brand name. We believe Shurgard Europe is the largest owner and operator of self-storage facilities in Western Europe.  We also manage 33 self-storage facilities for third parties . We are seeking to expand our third-party management operations to further increase our economies of scale and leverage our brand; however, there is no 5 assurance that we will be able to do so. We also own 0.8 million net rentable square feet of commercial space which is managed primarily by PSB .  For all periods presented herein, we have elected to be treated as a REIT, as defined in the Internal Revenue Code of 1986, as amended (the "Code") . and we expect to continue to elect and qualify as a REIT.  We believe that our customers genera lly store their goods within a three to f ive mile radius of their home or business . Our facilities compete with nearby self-storage facilities owned by other operators using marketing channels similar to ours , including Internet advertising, signage, and banners and offer services similar to ours . A s a result, competition is significant and affects the occupancy levels, rental rates, rental income and operating expenses of our facilities.  In the last three years, there has been a marked increase in development of new self-storage facilities in many of the markets we operate in, due to the favorable economics of development which we have also taken advantage of. These newly developed facilities compete with many of the facilities we own, negatively impacting our occupancies, rental rates, and rental growth. This increase in supply has been most notable in Atlanta, Austin, Charlotte, Chicago, Dallas, Denver, Houston, New York, and Portland.  Ownership and operation of self-storage facilities is highly fragmented. As the largest owner of self-storage facilities, we believe that we own approximately 7 % of the self-storage square footage in the U.S. and that collectively the five largest self-storage owners in the U.S. own approximately 15 %, with the remaining 8 5 % owned by numerous regional and local operators.  We believe that we have significant market share and concentration in major metropolitan centers, with approximately 71 % of our 201 8 same-store revenues generated in the 20 Metropolitan Statistical Areas (each, an "MSA", as defined by the U.S. Census Bureau) with the highest population levels. Industry fragmentation also provides opportunities for us to acquire additional facilities; however, we compete with a wide variety of institutions and other investors who also view self-storage facilities as attractive investments. The amount of capital available for real estate investments greatly influences the competition for ownership interests in facilities and, by extension, the yields that we can achieve on newly acquired investments.  a s well as analyze customer data and quickly change each of our individual properties