US Congress House Bill 4997 (Prior Session Legislation)

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Sponsorship: Bipartisan Bill
Status: Introduced on February 13 2018 - 25% progression, died in committee
Action: 2018-04-05 - 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]

GROW Act Giving Retirement Options to Workers Act of 2018 This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to authorize a new composite multiemployer pension plan, which combines features of defined benefit and defined contribution pension plans. Under a composite plan, employer contributions are set at a fixed rate. Benefits are based on a formula, are paid to participants in the form of life annuities (except for benefits that may be immediately distributed from certain plans with a low value), and may be reduced based on the plan's funded status. The plan sponsor must take corrective actions through a realignment program whenever the plan's projected funded ratio is below 120% for the plan year. The realignment program may include measures such as benefit reductions or proposed contribution increases. A composite plan is not covered by the Pension Benefit Guaranty Corporation (PBGC) or required to pay PBGC premiums. The plan sponsors are also not subject to liability for withdrawing from the plan.

GROW Act Giving Retirement Options to Workers Act of 2018

Rep. David Roe [R-TN]	Rep. Donald Norcross [D-NJ]	Rep. Ryan Costello [R-PA]	Rep. Frank Pallone [D-NJ]
Rep. Daniel Donovan [R-NY]	Rep. Henry Cuellar [D-TX]

Date	Chamber	Action
2018-04-05	House	Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
2018-02-13	House	Referred to the Committee on Education and the Workforce, 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.
2018-02-13	House	Referred to the Committee on Education and the Workforce, 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.
2018-02-13	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/house-bill/4997/all-info
Text	https://www.congress.gov/115/bills/hr4997/BILLS-115hr4997ih.pdf