Bill > HR4029

Introduced Session

Pension Accountability Act This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to revise rules for voting on the suspension of pension benefits under multiemployer plans in endangered or critical status. The bill changes the voting procedure for suspending plan benefits to provide that a suspension shall go into effect unless a majority of plan participants and beneficiaries who cast a vote (currently, a majority of all plan participants and beneficiaries) reject the suspension. The bill also eliminates the authority of the Department of the Treasury, in the case of systemically important plans, to override a vote of plan participants to reject a suspension. A plan is systemically important if projected financial assistance to the plan will exceed $1 billion if suspensions are not implemented.

Committee Categories

Dave Joyce (R)*,  Pete Aguilar (D),  Brad Ashford (D),  Robert Brady (D),  Steve Cohen (D),  Debbie Dingell (D),  Jeff Fortenberry (R),  John Garamendi (D),  Morgan Griffith (R),  Bill Johnson (R),  Marcy Kaptur (D),  Dan Kildee (D),  Tim Ryan (D),  David Scott (D),  David Young (R), 

Referred to the Subcommittee on Health, Employment, Labor, and Pensions. (on 03/23/2016)

Official Document