Bill > HR5773

This bill extends certain provisions related to multiemployer defined benefit pension plans, which are retirement plans typically established by multiple employers in the same industry to provide a fixed monthly income to retirees. Specifically, it amends the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 (ERISA), a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry. The bill pushes back the expiration date for an automatic extension of amortization periods, which is a method for spreading out the funding of pension plan deficits over time, from December 31, 2014, to December 31, 2015. It also extends rules for funding improvement and rehabilitation plans, which are designed to help financially troubled pension plans recover, by adjusting related dates from December 31, 2014, and January 1, 2015, to December 31, 2015, and January 1, 2016, respectively. These changes are intended to provide continued stability and flexibility for these types of pension plans.