Emergency Pension Plan Relief Act of 2021
Latest action · Jan 21, 2021 Referred to the Committee on Education and Labor, 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.
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 21, 2021
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Emergency Pension Plan Relief Act of 2021
This bill modifies the funding rules and provides financial assistance for certain pension plans that are underfunded or insolvent.
First, the bill expands the authority of, and provides funding for, the Pension Benefit Guaranty Corporation (PBGC) to provide special partition assistance to a multiemployer pension plan that is insolvent or at risk of insolvency. The bill expands eligibility for partition assistance, provides funding for a plan to reach a projected funded ratio of 80% over a 30-year period, and does not require a plan to repay such assistance.
The bill further permits a multiemployer pension plan to elect to retain its funding zone status from the previous year for either (1) the first plan year beginning during the period from March 1, 2020, through February 28, 2021; or (2) the next succeeding plan year, as designated by the plan sponsor. A plan may also extend by five years the funding improvement or rehabilitation period if the plan is designated as in endangered or critical status for a plan year beginning in 2020 or 2021. A plan in critical and declining status may not suspend payment of plan benefits.
Additionally, the bill adjusts the minimum funding standards for a multiemployer pension plan to account for investment losses and other losses related to the COVID-19 pandemic and modifies the PBGC guarantee formula to increase the maximum potential benefits under a multiemployer pension plan.
Finally, the bill makes changes with respect to single employer pension plans, including revising the amortization rules and extending and modifying the pension funding stabilization percentages.
Cosponsors 17
Members who signed on, in the order they did. All signed on Feb 2, 2021.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-WA | Adam Smith | Feb 2, 2021 | |
| D-NJ | Bill Pascrell, Jr. | Feb 2, 2021 | |
| D-IL | Bradley Scott Schneider | Feb 2, 2021 | |
| D-MI | Daniel T. Kildee | Feb 2, 2021 | |
| D-IL | Danny K. Davis | Feb 2, 2021 | |
| D-MI | Debbie Dingell | Feb 2, 2021 | |
| D-PA | Dwight Evans | Feb 2, 2021 | |
| D-OR | Earl Blumenauer | Feb 2, 2021 | |
| D-WI | Gwen Moore | Feb 2, 2021 | |
| D-CT | John B. Larson | Feb 2, 2021 | |
| D-CA | Linda T. Sánchez | Feb 2, 2021 | |
| D-PA | Mary Gay Scanlon | Feb 2, 2021 | |
| D-CA | Mike Thompson | Feb 2, 2021 | |
| D-FL | Stephanie N. Murphy | Feb 2, 2021 | |
| D-WA | Suzan K. DelBene | Feb 2, 2021 | |
| D-AL | Terri A. Sewell | Feb 2, 2021 | |
| D-NY | Thomas R. Suozzi | Feb 2, 2021 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Jan 21, 2021 |
| Work and Welfare Subcommittee | Referred Jan 21, 2021 | |
| House | Education and Workforce Committee | Referred Jan 21, 2021 |
Actions 3
Everything that happened, newest first.
- Jan 21, 2021Introduced in House
- Jan 21, 2021Referred to the Subcommittee on Worker and Family Support.
- Jan 21, 2021Referred to the Committee on Education and Labor, 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.
In the Congressional Record 1
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 H3939 | Richard E. Neal D-MA | Mar 29, 2022 |
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.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 167, no. 12, January 21, 2021, page H225.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 423 | Emergency Pension Plan Relief Act of 2021 | Related bill | Jan 21, 2021 |
| S 547 | Butch Lewis Emergency Pension Plan Relief Act of 2021 | Related bill | Mar 2, 2021 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To provide relief for multiemployer and single employer pension plans, and for other purposes.
- Short Title(s) as Introduced
- Emergency Pension Plan Relief Act of 2021
Subjects
Assigned by the Library of Congress. Policy area: Labor and Employment.
- Accounting and auditing
- Administrative law and regulatory procedures
- Appropriations
- Business records
- Congressional oversight
- Employee benefits and pensions
- Government information and archives
- Government studies and investigations
- Government trust funds
- Inflation and prices
- Labor and Employment
- Pension Benefit Guaranty Corporation
- Wages and earnings
Text 1
Each version as it was printed, newest first.
- Jan 21, 2021Introduced 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.
