HOUSE 397116th CongressRead the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 390.

Rehabilitation for Multiemployer Pensions Act of 2019

Last Action: 12/19/2019

Actions

2019-12-19Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 390.
2019-12-18Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
2019-07-25Received in the Senate.
2019-07-24Motion to reconsider laid on the table Agreed to without objection.
2019-07-24On passage Passed by recorded vote: 264 - 169 (Roll no. 505). (text: CR H7318-7323)
2019-07-24Passed/agreed to in House: On passage Passed by recorded vote: 264 - 169 (Roll no. 505).(text: CR H7318-7323)
2019-07-24On motion to recommit with instructions Failed by recorded vote: 200 - 232 (Roll no. 504).
2019-07-24The previous question on the motion to recommit with instructions was ordered without objection.
2019-07-24Floor summary: DEBATE - The House proceeded with 10 minutes of debate on the Mast motion to recommit with instructions. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to insert a new clause in section 4(b)(1)(c) of the bill stating that pension plans will not knowingly engage in a commerce-related or investment-related boycott, divestment, or sanctions activity intended to undermine the existence of, penalize, inflict economic harm on, or otherwise limit commercial relations with Israel.
2019-07-24Mr. Mast moved to recommit with instructions to the Committee on Education and Labor. (text: CR H7346)
2019-07-24UNFINISHED BUSINESS - The Chair announced that the unfinished business was the question on adoption of the amendment offered by Mr. Roe (TN), which had been debated earlier and on which further proceedings had been postponed.
2019-07-24Considered as unfinished business. (consideration: CR H7345, H7347-7348)
2019-07-24POSTPONED PROCEEDINGS - At the conclusion of debate on the Roe amendment, the Chair put the question on the amendment and by voice vote, announced that the ayes had prevailed. Mr. Scotts (VA) demanded a recorded vote and the Chair postponed further proceedings on agreeing to the amendment until a time to be announced.
2019-07-24The previous question was ordered pursuant to the rule.
2019-07-24DEBATE - Pursuant to the provisions of H. Res. 509, the House proceeded with 10 minutes of debate on the David P. Roe amendment No. 1.

Showing 15 of 20 actions. Full history on Congress.gov.

CRS Summary

As of 2019-07-24 (53)

Rehabilitation for Multiemployer Pensions Act of 2019

This bill establishes the Pension Rehabilitation Administration within the Department of the Treasury and a related trust fund to make loans to certain multiemployer defined benefit pension plans.

To receive a loan, a plan must be (1) in critical and declining status, including any plan with respect to which a suspension of benefits has been approved; (2) in critical status, have a modified funded percentage of less than 40%, and have a ratio of active to inactive participants which is less than two to five; or (3) insolvent, if the plan became insolvent after December 16, 2014, and has not been terminated.

Treasury must transfer amounts, which may include proceeds from bonds and other obligations, from the general fund to the trust fund established by this bill as necessary to fund the program. The Pension Rehabilitation Administration may use the funds, without a further appropriation, to make loans, pay principal and interest on obligations, or for administrative and operating expenses.

The bill allows the sponsor of a multiemployer pension plan that is applying for a loan under this bill to also apply to the Pension Benefit Guaranty Corporation (PBGC) for financial assistance if, after receiving the loan, the plan will still become (or remain) insolvent within the 30-year period beginning on the date of the loan.

The bill also appropriates to the PBGC the funds that are necessary to provide the financial assistance required by this bill.

The bill modifies the requirements for the distribution of remaining pension benefits from certain defined contribution plans to a designated beneficiary upon death of an employee.

The bill increases penalties for failure to file

a tax return, and
certain retirement plan returns.

Cosponsors (20)

PETER KING (R-NY)
Robert Scott (D-VA)
DON YOUNG (R-AK)
Debbie Dingell (D-MI)
CHRISTOPHER SMITH (R-NJ)
Donald Norcross (D-NJ)
John Katko (R-NY)
MARCY KAPTUR (D-OH)
Jeff Fortenberry (R-NE)
Gwen Moore (D-WI)
Emanuel Cleaver (D-MO)
Stephen Lynch (D-MA)
JANICE SCHAKOWSKY (D-IL)
Bill Huizenga (R-MI)
TIM RYAN (D-OH)
Sean Maloney (D-NY)
Brian Fitzpatrick (R-PA)
Robin Kelly (D-IL)
BETTY MCCOLLUM (D-MN)
Julia Brownley (D-CA)

Subjects

Accounting and auditing
Department of the Treasury
Employee benefits and pensions
Executive agency funding and structure
Federal officials
Government lending and loan guarantees
Government trust funds
Securities

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