US HB3936 | 2009-2010 | 111th Congress
Status
Spectrum: Moderate Partisan Bill (Democrat 49-9)
Status: Introduced on October 27 2009 - 25% progression, died in committee
Action: 2009-12-08 - Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Pending: House Subcommittee on Health, Employment, Labor, and Pensions Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on October 27 2009 - 25% progression, died in committee
Action: 2009-12-08 - Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Pending: House Subcommittee on Health, Employment, Labor, and Pensions Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Preserve Benefits and Jobs Act of 2009 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to: (1) allow a sponsor of a single-employer defined benefit pension plan to elect in 2009 or 2010 extended amortization periods (9 or 15 years) for investment losses incurred in prior years; (2) allow an increase in the valuation range of plan assets; (3) use the funded status of a plan in 2008 to determine benefit restrictions in 2009 and 2010 and prohibit the use of credit balances by pension plans that are under 80% funded in the prior year; (4) exclude plan-related administrative expenses (including investment expenses) from normal cost targets; (5) delay until 2012 the application of certain benefit restrictions to collectively bargained plans; and (6) require a 120% funding target for plans adopting ad hoc amendments that allow lump sum benefits payments and increased plan liabilities. Revises rules relating to information reporting and reportable events. Calculates the amount of any pension plan guarantee by the Pension Benefit Guaranty Corporation (PBGC) using the date of plan termination rather than the date of a plan bankruptcy filing. Amends ERISA provisions relating to multiemployer pension plans to: (1) allow such plans to elect alternative amortization plans and valuation methods in 2009 and 2010 for investment losses; (2) extend by five years the funding improvement period for plans in endangered or critical status; (3) permit multiemployer plans to merge or form alliances with other plans; and (4) increase PBGC guarantees for insolvent plans to increase participant benefits.
Title
Preserve Benefits and Jobs Act of 2009
Sponsors
History
| Date | Chamber | Action |
|---|---|---|
| 2009-12-08 | Referred to the Subcommittee on Health, Employment, Labor, and Pensions. | |
| 2009-10-27 | Referred to House Ways and Means | |
| 2009-10-27 | Referred to House Education and Labor | |
| 2009-10-27 | Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. |
Subjects
Bankruptcy
Business investment and capital
Employee benefits and pensions
Financial services and investments
Income tax deductions
Labor and employment
Business investment and capital
Employee benefits and pensions
Financial services and investments
Income tax deductions
Labor and employment
US Congress State Sources
| Type | Source |
|---|---|
| Summary | https://www.congress.gov/bill/111th-congress/house-bill/3936/all-info |
| Text | https://www.congress.gov/111/bills/hr3936/BILLS-111hr3936ih.pdf |
