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
Placed on the Union Calendar, Calendar No. 123.
Rules Committee Resolution H. Res. 509 Reported to House. Rule provides for consideration of H.R. 397 and H.R. 3239. Resolution provides for consideration of both H.R. 397 and H.R. 3239 under structured rules. Resolution also provides that it shall be in order on the legislative day of July 25, 2019 or July 26, 2019 that the House suspend the rules. Resolution additionally provides for proceedings from the period from July 29, 2019 through September 6, 2019.
Considered under the provisions of rule H. Res. 509. (consideration: CR H7318-7335)
Rule provides for consideration of H.R. 397 and H.R. 3239. Resolution provides for consideration of both H.R. 397 and H.R. 3239 under structured rules. Resolution also provides that it shall be in order on the legislative day of July 25, 2019 or July 26, 2019 that the House suspend the rules. Resolution additionally provides for proceedings from the period from July 29, 2019 through September 6, 2019.
DEBATE - The House proceeded with one hour of debate on H.R. 397.
DEBATE - Pursuant to the provisions of H. Res. 509, the House proceeded with 10 minutes of debate on the David P. Roe amendment No. 1.
The previous question was ordered pursuant to the rule.
POSTPONED 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.
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Considered as unfinished business. (consideration: CR H7345, H7347-7348)
UNFINISHED 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.
Mr. Mast moved to recommit with instructions to the Committee on Education and Labor. (text: CR H7346)
Floor 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.
The previous question on the motion to recommit with instructions was ordered without objection.
On motion to recommit with instructions Failed by recorded vote: 200 - 232 (Roll no. 504).
Roll Call #504 (House)Passed/agreed to in House: On passage Passed by recorded vote: 264 - 169 (Roll no. 505).(text: CR H7318-7323)
Roll Call #505 (House)On passage Passed by recorded vote: 264 - 169 (Roll no. 505). (text: CR H7318-7323)
Roll Call #505 (House)Motion to reconsider laid on the table Agreed to without objection.
Received in the Senate.
Read the first time. Placed on Senate Legislative Calendar under Read the First Time.
Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 390.