US Congress House Bill 458 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Introduced on January 21 2015 - 25% progression, died in committee
Action: 2015-04-29 - 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]

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. 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. 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). 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.

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.

Rep. Pete Sessions [R-TX]

Rep. Bill Pascrell [D-NJ]

Date	Chamber	Action
2015-04-29	House	Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
2015-01-21	House	Referred to the House Committee on Education and the Workforce.
2015-01-21	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/458/all-info
Text	https://www.congress.gov/114/bills/hr458/BILLS-114hr458ih.pdf