Rehabilitation for Multiemployer Pensions Act of 2019
Latest action · Dec 19, 2019 Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 390.
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.
- IntroducedJan 9, 2019
- Passed HouseJul 24, 2019
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Rehabilitation for Multiemployer Pensions Act of 2019
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 (1) in critical and declining status, including any plan with respect to which a suspension of benefits has been approved; (2) in critical status, have a modified funded percentage of less than 40%, and have a ratio of active to inactive participants which is less than two to five; or (3) insolvent, if the plan became insolvent after December 16, 2014, and has not been terminated.
Treasury must transfer amounts, which may include proceeds from bonds and other obligations, from the general fund to the trust fund established by this bill as necessary to fund the program. The Pension Rehabilitation Administration may use the funds, without a further appropriation, to make loans, pay principal and interest on obligations, or for administrative and operating expenses.
The bill allows 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.
The bill modifies the requirements for the distribution of remaining pension benefits from certain defined contribution plans to a designated beneficiary upon death of an employee.
The bill increases penalties for failure to file
- a tax return, and
- certain retirement plan returns.
Recorded votes 3
Newest first. Open one to see how every member voted.
| Roll call | Question | Result | Date |
|---|---|---|---|
| House 505 | On Passage | Passed264–169 | Jul 24, 2019 |
| House 504 | On Motion to Recommit with Instructions | Failed200–232 | Jul 24, 2019 |
| House 503 | On Agreeing to the Amendment | Failed186–245 | Jul 24, 2019 |
Cosponsors 209
Members who signed on, in the order they did. Signatures ran from Jan 9, 2019 to Jul 18, 2019, with 9 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NJ | Christopher H. Smith | Original | Jan 9, 2019 |
| D-MI | Debbie Dingell | Original | Jan 9, 2019 |
| R-AK | Don Young | Original | Jan 9, 2019 |
| D-NJ | Donald Norcross | Original | Jan 9, 2019 |
| R-NE | Jeff Fortenberry | Original | Jan 9, 2019 |
| R-NY | John Katko | Original | Jan 9, 2019 |
| D-OH | Marcy Kaptur | Original | Jan 9, 2019 |
| R-NY | Peter T. King | Original | Jan 9, 2019 |
| D-VA | Robert C. "Bobby" Scott | Original | Jan 9, 2019 |
| R-MI | Bill Huizenga | Jan 18, 2019 | |
| D-MO | Emanuel Cleaver | Jan 18, 2019 | |
| D-WI | Gwen Moore | Jan 18, 2019 | |
| D-IL | Janice D. Schakowsky | Jan 18, 2019 | |
| D-MA | Stephen F. Lynch | Jan 18, 2019 | |
| D-OH | Tim Ryan | Jan 18, 2019 |
Actions 30
Everything that happened, newest first.
- Dec 19, 2019Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 390.
- Dec 18, 2019Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
- Jul 25, 2019Received in the Senate.
- Jul 24, 2019Considered as unfinished business. (consideration: CR H7345, H7347-7348)
- Jul 24, 2019Considered under the provisions of rule H. Res. 509. (consideration: CR H7318-7335)
Amendments 2
Amendments offered to this bill.
| Amendment | Description | Offered by | Status |
|---|---|---|---|
| HAmdt 599 | Pursuant to the provisions of H. Res. 509, the amendment in the nature of a substitute consisting of the text of Rules Committee Print 116-24 is considered as adopted. | Rules Committee | On agreeing to the Rules amendment (A003) Agreed to by voice vote. |
| HAmdt 600 | Amendment sought to set the loan interest rates at 5% per annum for the first 5 years and 9% per annum thereafter. | David P. Roe R-TN | On agreeing to the Roe, David P. amendment (A004) Failed by recorded vote: 186 - 245 (Roll no. 503). |
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HRES 509 | Providing for consideration of the bill (H.R. 397) to amend the Internal Revenue Code of 1986 to create a Pension Rehabilitation Trust Fund, to establish a Pension Rehabilitation Administration within the Department of the Treasury to make loans to multie | Related bill | Jul 24, 2019 |
| S 2254 | Butch Lewis Act of 2019 | Related bill | Jul 24, 2019 |
| HR 6379 | Workforce Emergency Response Act of 2020 | Related bill | Mar 23, 2020 |
Subjects
Assigned by the Library of Congress. Policy area: Labor and Employment.
Text 5
Each version as it was printed, newest first.
- Dec 19, 2019Placed on Calendar Senate
- Jul 25, 2019Received in Senate
- Jul 24, 2019Engrossed in House
- Jul 19, 2019Reported in House
- Jan 9, 2019Introduced 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.