GROW Act
Latest action · Apr 5, 2018 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.
- IntroducedFeb 13, 2018
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Giving Retirement Options to Workers Act of 2018 or the GROW Act
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.
Cosponsors 5
Members who signed on, in the order they did. Signatures ran from Feb 13, 2018 to Apr 18, 2018, with 1 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NJ | Donald Norcross | Original | Feb 13, 2018 |
| D-NJ | Frank Pallone, Jr. | Mar 5, 2018 | |
| R-PA | Ryan A. Costello | Mar 5, 2018 | |
| R-NY | Daniel M. Donovan, Jr. | Mar 22, 2018 | |
| D-TX | Henry Cuellar | Apr 18, 2018 |
Actions 3
Everything that happened, newest first.
- Apr 5, 2018Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
- Feb 13, 2018Introduced in House
- Feb 13, 2018Referred 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.
Subjects
Assigned by the Library of Congress. Policy area: Labor and Employment.
Text 1
Each version as it was printed, newest first.
- Feb 13, 2018Introduced 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.