US SB2147 | 2015-2016 | 114th Congress
Status
Spectrum: Partisan Bill (Republican 5-0)
Status: Introduced on October 7 2015 - 25% progression, died in committee
Action: 2015-10-07 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Pending: Senate Health, Education, Labor, And Pensions Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on October 7 2015 - 25% progression, died in committee
Action: 2015-10-07 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Pending: Senate Health, Education, Labor, And Pensions Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Pension Accountability Act This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to revise rules for voting on the suspension of pension benefits under multiemployer plans in endangered or critical status. The bill changes the voting procedure for suspending plan benefits to provide that a suspension shall go into effect unless a majority of plan participants and beneficiaries who cast a vote (currently, a majority of all plan participants and beneficiaries) reject the suspension. The bill also eliminates the authority of the Department of the Treasury, in the case of systemically important plans, to override a vote of plan participants to reject a suspension. A plan is systemically important if projected financial assistance to the plan will exceed $1 billion if suspensions are not implemented.
Title
Pension Accountability Act
Sponsors
Sen. Rob Portman [R-OH] | Sen. Richard Burr [R-NC] | Sen. Deb Fischer [R-NE] | Sen. John Hoeven [R-ND] |
Sen. Mark Kirk [R-IL] |
History
Date | Chamber | Action |
---|---|---|
2015-10-07 | Senate | Read twice and referred to the Committee on Health, Education, Labor, and Pensions. |
Same As/Similar To
HB4029 (Same As) 2016-03-23 - Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Subjects
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/senate-bill/2147/all-info |
Text | https://www.congress.gov/114/bills/s2147/BILLS-114s2147is.pdf |