Pension Accountability Act
Latest action · Mar 23, 2016 Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedNov 17, 2015
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
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.
Cosponsors 14
Members who signed on, in the order they did. Signatures ran from Nov 17, 2015 to Apr 26, 2016, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-OH | Tim Ryan | Original | Nov 17, 2015 |
| R-OH | Bill Johnson | Nov 19, 2015 | |
| D-MI | Daniel T. Kildee | Nov 19, 2015 | |
| D-OH | Marcy Kaptur | Nov 19, 2015 | |
| D-GA | David Scott | Nov 30, 2015 | |
| D-CA | John Garamendi | Dec 1, 2015 | |
| D-PA | Robert A. Brady | Dec 1, 2015 | |
| D-NE | Brad Ashford | Dec 8, 2015 | |
| R-NE | Jeff Fortenberry | Dec 8, 2015 | |
| D-MI | Debbie Dingell | Dec 18, 2015 | |
| R-VA | H. Morgan Griffith | Feb 9, 2016 | |
| D-TN | Steve Cohen | Feb 9, 2016 | |
| R-IA | David Young | Apr 26, 2016 | |
| D-CA | Pete Aguilar | Apr 26, 2016 |
Actions 3
Everything that happened, newest first.
- Mar 23, 2016Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
- Nov 17, 2015Introduced in House
- Nov 17, 2015Referred 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.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2147 | Pension Accountability Act | Identical bill | Oct 7, 2015 |
Subjects
Assigned by the Library of Congress. Policy area: Labor and Employment.
Text 1
Each version as it was printed, newest first.
- Nov 17, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.