II
116th CONGRESS
1st Session
S. 833
IN THE SENATE OF THE UNITED STATES
March 14, 2019
Mr. Portman (for himself, Mr. Brown, and Mrs. Fischer) introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions
A BILL
To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 with respect to participant votes on the suspension of benefits under multiemployer plans in critical and declining status.
Short title
This Act may be cited as the
Pension Accountability Act
.
Benefit suspensions for multiemployer plans in critical and declining status
ERISA amendments
Section 305(e)(9)(H) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1085(e)(9)(H)) is amended—
in clause (ii)—
by striking Except as provided in clause (v), the
and inserting The
; and
by striking a majority of all participants and beneficiaries of the plan
and inserting , of the participants and beneficiaries of the plan who cast a vote, a majority
;
by striking clause (v);
by redesignating clause (vi) as clause (v); and
in clause (v), as so redesignated—
by striking (or following a determination under clause (v) that the plan is a systemically important plan)
; and
by striking (or, in the case of a suspension that goes into effect under clause (v), at a time sufficient to
allow the implementation of the suspension prior to the end of the 90-day
period described in clause (v)(I))
.
IRC amendments
Section 432(e)(9)(H) of the Internal Revenue Code of 1986 is amended—
in clause (ii)—
by striking Except as provided in clause (v), the
and inserting The
; and
by striking a majority of all participants and beneficiaries of the plan
and inserting , of the participants and beneficiaries of the plan who cast a vote, a majority
;
by striking clause (v);
by redesignating clause (vi) as clause (v); and
in clause (v), as so redesignated—
by striking (or following a determination under clause (v) that the plan is a systemically important plan)
; and
by striking (or, in the case of a suspension that goes into effect under clause (v), at a time sufficient to
allow the implementation of the suspension prior to the end of the 90-day
period described in clause (v)(I))
.
Effective date
The amendments made by subsections (a) and (b) shall apply to any vote on the suspension of benefits under section 305(e)(9)(H) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1085(e)(9)(H)) and section 432(e)(9)(H) of the Internal Revenue Code of 1986 that occurs after the date of enactment of this Act.
