To amend the Employee Retirement Income Security Act of 1974 to clarify the obligation of the Pension Benefit Guarantee Corporation to reclaim any overpayment of special financial assistance payment under the American Rescue Plan Act of 2021, including amounts paid on behalf of a deceased participant or beneficiary, and for other purposes.
About This Bill
Committee
Latest Action · January 30, 2024
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
The GHOST Act directs the Pension Benefit Guaranty Corporation to recover overpayments of special financial assistance that were distributed to multiemployer pension plans under the American Rescue Plan Act of 2021. The bill specifically addresses situations where benefits were paid to or on behalf of deceased participants or beneficiaries, which the legislation deems automatic overpayments. Plans receiving overpayment determinations must repay the full amount plus interest within 30 days. The Pension Benefit Guaranty Corporation is required to audit all eligible plans within six months of the bill's enactment to identify payments made for deceased individuals by cross-checking census data against Social Security Administration death records, with plans having an opportunity for a hearing to demonstrate a beneficiary is alive before overpayments are finalized. Any recovered funds are directed to the U.S. Treasury's general fund.
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