A bill to amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to reform the treatment of multiemployer plans, to ensure the ability of the Pension Benefit Guaranty Corporation to provide guaranteed benefits of retirees, and for other purposes.
About This Bill
Committee
Latest Action · December 17, 2020
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S7592-7593; text: CR S7593-7634)
Chris Allen Multiemployer Pension Recapitalization and Reform Act of 2020
This bill makes various changes with respect to the administration of multiemployer pension plans. Among other provisions, the bill allows qualified plans to apply for special partition assistance from the Pension Benefit Guaranty Corporation, revises the criteria for plans that are in endangered or critical status, and establishes rules for new composite plans that have certain attributes of both defined benefit and defined contribution plans.
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