summary
Introduced
03/06/2019
03/06/2019
In Committee
03/06/2019
03/06/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Surface Mining Control and Reclamation Act of 1977 to transfer certain funds to the 1974 United Mine Workers of America Pension Plan, and for other purposes. This bill transfers certain funds to provide pension benefits for retired coal miners who have been affected by issues such as coal company bankruptcies. The Department of the Treasury must transfer additional funds to the 1974 United Mine Workers of America (UMWA) Pension Plan to pay pension benefits required under that plan if the annual limit on transfers under the Surface Mining Control and Reclamation Act of 1977 exceeds the amount required to be transferred for existing obligations of the Abandoned Mine Reclamation Fund. The bill also increases the annual limit on transfers from $490 million to $750 million. The bill also allows in-service distributions under a pension plan or governmental section 457(b) plan at age 59-1/2 (currently age 62).
AI Summary
This bill, the Miners Pension Protection Act, amends the Surface Mining Control and Reclamation Act of 1977 to transfer additional funds to the 1974 United Mine Workers of America (UMWA) Pension Plan. It increases the annual limit on transfers from $490 million to $750 million and allows the Department of the Treasury to transfer any funds in excess of the annual obligations to the 1974 UMWA Pension Plan to help pay pension benefits. The bill also requires the trustees of the 1974 UMWA Pension Plan to provide enhanced annual reporting to the Department of the Treasury and the Pension Benefit Guaranty Corporation. Additionally, the bill reduces the minimum age for allowable in-service distributions from pension plans and governmental section 457(b) plans from 62 to 59 1/2 years old.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
Read twice and referred to the Committee on Finance. (on 03/06/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/671/all-info |
| BillText | https://www.congress.gov/116/bills/s671/BILLS-116s671is.pdf |
| Bill | https://www.congress.gov/116/bills/s671/BILLS-116s671is.pdf.pdf |
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