A bill to amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1954 to improve retirement income security under private multiemployer pension plans and encourage employer participation in these plans by modifying the rules respecting funding, premium rates, asset sales, and employer withdrawal liability, and for other purposes.
Multiemployer Retirement Income Protection Act of 1982 - Title I: Amendments to the Employee Employee Retirement Income Security Act of 1974 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to add special funding rules for multiemployer plans.
Revises provisions relating to risk-related premiums. Requires that a single standard premium rate be prescribed for all multiemployer plans, with specified exceptions.
Revises provisions for an annual premium rate payable for any plan year to the Pension Benefit Guaranty Corporation by all plans for guaranteed basic benefits.
Revises provisions relating to contributions and benefits payable following plan termination.
Revises provisions relating to the sale of assets.
Provides an exemption for employers from liability for withdrawals from fully funded plans.
Revises provisions relating to actuarial assumptions and methods.
Provides an exemption for certain involuntary withdrawals.
Revises provisions relating to payment of liability. Limits the amount of the withdrawal liability payment, during the first two years of required annual payments, to 120 percent of the product of the last plan year's number of contribution units and contribution rate.
Revises provisions relating to dispute resolution. Revises provisions for deadlines for either party's initiation of arbitration. Permits the parties to jointly agree in writing to extend the time limits for initiating arbitration. Requires that arbitration proceedings be conducted under specified rules, until certain regulations are promulgated. Declares that arbitrators shall not be liable for arbitration decisions under such dispute resolution provisions. Provides that where the employer and plan sponsor disagree on the choice of an arbitrator, the arbitrator shall be chosen by the plan sponsor and the employer alternately striking names from a list of arbitrators. Sets a 15-day deadline for payments after the employer's receipt of a final decision of the arbitrator.
Revises provisions for notice of withdrawal liability to set deadlines by which a plan sponsor must furnish an employer the information necessary for the employer to estimate its withdrawal liability and the plan sponsor's estimate of such liability. Provides that receipt of such information or estimate shall not preclude the employer from subsequently challenging its validity.
Provides for the reduction of an employer's liability for certain withdrawals from multiemployer plans, in cases involving the decertification of, change of, or specified agreements with a collective bargaining representative.
Provides for a limit on contribution increases for insolvent plans and plans in reorganization.
Revises provisions relating to specified effective dates under ERISA and under the Multiemployer Pension Plan Amendments Act of 1980. Provides for the elimination of retroactive withdrawal liability under specified circumstances.
Title II: Amendments to the Internal Revenue Code of 1954 - Amends the Internal Revenue Code to add special funding rules for multiemployer plans.
Provides for a limit on contribution increases for insolvent plans and plans in reorganization.
Introduced in House
Introduced in House
Referred to House Committee on Education and Labor.
Referred to House Committee on Ways and Means.
Referred to Subcommittee on Labor-Management Relations.
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