Butch Lewis Act of 2017
Latest action · Jan 30, 2018 Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-161.
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 16, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Butch Lewis Act of 2017
This bill establishes the Pension Rehabilitation Administration within the Department of the Treasury and a related trust fund to make loans to certain multiemployer defined benefit pension plans.
To receive a loan, a plan must be either in critical and declining status (including any plan with respect to which a suspension of benefits has been approved) or insolvent, if the plan became insolvent after December 16, 2014, and has not been terminated.
Treasury must issue bonds to fund the loan program and transfer amounts equal to the proceeds to the trust fund established by this bill. The Pension Rehabilitation Administration may use the funds, without a further appropriation, to make loans, pay principal and interest on the bonds, or for administrative and operating expenses.
The bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to allow the sponsor of a multiemployer pension plan that is applying for a loan under this bill to also apply to the Pension Benefit Guaranty Corporation (PBGC) for financial assistance if, after receiving the loan, the plan will still become (or remain) insolvent within the 30-year period beginning on the date of the loan.
The bill also appropriates to the PBGC the funds that are necessary to provide the financial assistance required by this bill.
Cosponsors 24
Members who signed on, in the order they did. Signatures ran from Nov 16, 2017 to Nov 29, 2018, with 11 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-MN | Al Franken | Original | Nov 16, 2017 |
| D-MN | Amy Klobuchar | Original | Nov 16, 2017 |
| D-MO | Claire McCaskill | Original | Nov 16, 2017 |
| D-MI | Debbie Stabenow | Original | Nov 16, 2017 |
| D-MI | Gary C. Peters | Original | Nov 16, 2017 |
| D-ND | Heidi Heitkamp | Original | Nov 16, 2017 |
| D-IN | Joe Donnelly | Original | Nov 16, 2017 |
| I-WV | Joe Manchin III | Original | Nov 16, 2017 |
| D-IL | Richard J. Durbin | Original | Nov 16, 2017 |
| D-WI | Tammy Baldwin | Original | Nov 16, 2017 |
| D-IL | Tammy Duckworth | Original | Nov 16, 2017 |
| D-FL | Bill Nelson | Dec 1, 2017 | |
| D-PA | Robert P. Casey Jr. | Dec 20, 2017 | |
| D-MN | Tina Smith | Jan 18, 2018 | |
| D-AL | Doug Jones | Jan 30, 2018 |
Actions 3
Everything that happened, newest first.
- Jan 30, 2018Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-161.
- Nov 16, 2017Introduced in Senate
- Nov 16, 2017Read twice and referred to the Committee on Finance.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 4444 | Rehabilitation for Multiemployer Pensions Act | Related bill | Nov 16, 2017 |
Subjects
Assigned by the Library of Congress. Policy area: Labor and Employment.
Text 1
Each version as it was printed, newest first.
- Nov 16, 2017Introduced in Senate
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.