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S. 833 (116th): Pension Accountability Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Mar 14, 2019.

Pension Accountability Act

This bill revises the rules for voting on the suspension of pension benefits under multiemployer plans in critical and declining status. The bill changes the voting procedure for suspending plan benefits to provide that a suspension shall go into effect unless a majority of plan participants and beneficiaries who cast a vote (currently, a majority of all plan participants and beneficiaries) reject the suspension.

The bill also eliminates the authority of the Department of the Treasury, in the case of systemically important plans, to override a vote of plan participants to reject a suspension. A plan is systemically important if projected financial assistance to the plan will exceed $1 billion if suspensions are not implemented.