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.
Cosponsors 209
Members who signed on, in the order they did. Signatures ran from Jan 9, 2019 to Jul 18, 2019; 9 are original cosponsors, there from 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 |
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Education and Workforce Committee | Referred Jan 9, 2019Markup Jun 11, 2019Reported Jul 19, 2019 |
| House | Ways and Means Committee | Referred Jan 9, 2019Markup Jul 10, 2019Reported Jul 18, 2019 |
| Work and Welfare Subcommittee | Referred Mar 1, 2019 | |
| House | Appropriations Committee | Referred Jan 9, 2019Discharged Jul 19, 2019 |
Actions 29
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 under the provisions of rule H. Res. 509. (consideration: CR H7318-7335)
- Jul 24, 2019Rule provides for consideration of H.R. 397 and H.R. 3239. Resolution provides for consideration of both H.R. 397 and H.R. 3239 under structured rules. Resolution also provides that it shall be in order on the legislative day of July 25, 2019 or July 26, 2019 that the House suspend the rules. Resolution additionally provides for proceedings from the period from July 29, 2019 through September 6, 2019.
In the Congressional Record 10
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H20, H52, H60 | Haley M. Stevens D-MI, Marcy Kaptur D-OH | Jan 8, 2020 |
| House | Debate and remarks H6, H8 | Marcy Kaptur D-OH, Robert C. "Bobby" Scott D-VA | Jan 7, 2020 |
| Senate | Debate and remarks S7170 | Mitch McConnell R-KY | Dec 19, 2019 |
| Senate | Debate and remarks S7165, S7166 | James Lankford R-OK | Dec 18, 2019 |
| Extensions | Debate and remarks E1601 | Gwen Moore D-WI | Dec 17, 2019 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Committee reports
Congressional Budget Office cost estimates 3
- Sep 6, 2019Potential Effects of H.R. 397, Rehabilitation for Multiemployer Pensions Act of 2019Letter to the Honorable Mike Enzi
- Jul 23, 2019H.R. 397, Rehabilitation for Multiemployer Pensions Act of 2019As published in Rules Committee Print 116-24 on July 19, 2019
- Jul 9, 2019H.R. 397, Rehabilitation for Multiemployer Pensions Act of 2019As posted by the House Committee on Ways and Means on July 8, 2019
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 165, no. 4, January 9, 2019, page H360.
Printed hearings 3
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| Serial No. 116-8 | KEEPING OUR PROMISE TO AMERICA'S SENIORS: RETIREMENT SECURITY IN THE 21ST CENTURY244 pages | Budget Committee | May 15, 2019 |
| Serial No. 116-20 | HEARING ON EXAMINING THE POLICIES AND PRIORITIES OF THE U.S. DEPARTMENT OF LABOR228 pages | Education and Workforce Committee | May 1, 2019 |
| Serial No. 116-7 | THE COST OF INACTION: WHY CONGRESS MUST ADDRESS THE MULTIEMPLOYER PENSION CRISIS168 pages | Education and Workforce Committee | Mar 7, 2019 |
CRS reports 3
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
About this bill 1
Products that name it in their title: its number, its law number or one of its short titles.
| Product | Title | Kind | Published |
|---|---|---|---|
| IF11144 | H.R. 397 (116th Congress), the Rehabilitation for Multiemployer Pensions Act Archived | Resource | Jul 19, 2019 |
Also cite it 2
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R45311 | Policy Options for Multiemployer Defined Benefit Pension Plans Archived | Report | Oct 14, 2020 |
| R44722 | Proposed Multiemployer Composite Plans: Background and Analysis Archived | Report | Jul 7, 2020 |
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 4
Companion bills and other measures the record links to this one.
Titles 5
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- 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 multiemployer defined benefit plans, and for other purposes.
- Short Title(s) as Introduced
- Rehabilitation for Multiemployer Pensions Act
- Short Title(s) as Reported to House
- Rehabilitation for Multiemployer Pensions Act of 2019
- Short Title(s) as Passed House
- Rehabilitation for Multiemployer Pensions Act of 2019
- Short Title(s) from PCS (Placed on Senate Calendar) bill text
- Rehabilitation for Multiemployer Pensions Act of 2019
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
