US Congress Senate Bill 489 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 4-0)
Status: Introduced on March 2 2017 - 25% progression, died in committee
Action: 2017-03-02 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Pending: Senate Health, Education, Labor, And Pensions Committee
Text: Latest bill text (Introduced) [PDF]

Pension Accountability Act This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to revise rules for voting on the suspension of pension benefits under multiemployer plans in endangered or critical 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.

Pension Accountability Act

Sen. Rob Portman [R-OH]

Sen. Deb Fischer [R-NE]

Sen. Richard Burr [R-NC]

Sen. John Hoeven [R-ND]

Date	Chamber	Action
2017-03-02	Senate	Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/489/all-info
Text	https://www.congress.gov/115/bills/s489/BILLS-115s489is.pdf