H.R. 566: To amend title IV of the Employee Retirement Income Security Act of 1974 to provide for a guarantee ...

...by the Pension Benefit Guaranty Corporation for qualified preretirement survivor annuities under insolvent or terminated multiemployer pension pl

113th Congress, 2013–2015. Text as of Feb 06, 2013 (Introduced).

Status & Summary | PDF | Source: GPO and Cato Institute Deepbills

I

113th CONGRESS

1st Session

H. R. 566

IN THE HOUSE OF REPRESENTATIVES

February 6, 2013

(for himself and Mr. Andrews) introduced the following bill; which was referred to the Committee on Education and the Workforce

A BILL

To amend title IV of the Employee Retirement Income Security Act of 1974 to provide for a guarantee by the Pension Benefit Guaranty Corporation for qualified preretirement survivor annuities under insolvent or terminated multiemployer pension plans.

1.

Guarantee for pre-retirement survivor annuities under multiemployer pension plans

(a)

In general

Section 4022A(b) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1322a(b)) is amended by adding at the end the following new paragraph:

(3)

For purposes of subsection (a), a qualified preretirement survivor annuity (as defined in section 205(e)(1)) with respect to a participant under a multiemployer plan which becomes insolvent under section 4245(b) or 4281(d)(2) or is terminated shall not be treated as forfeitable solely because the participant has not died as of the date on which the plan became so insolvent or the termination date.

.

(b)

Retroactive application

The amendment made by this section shall apply with respect to multiemployer plan benefit payments becoming payable on or after December 31, 1984.