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Bill > S1911


US S1911

American Miners Pension Act of 2017


summary

Introduced
10/03/2017
In Committee
10/03/2017
Crossed Over
Passed
Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

American Miners Pension Act of 2017 This bill amends the Surface Mining Control and Reclamation Act of 1977 (SMCRA) to transfer certain funds and provide loans to the 1974 United Mine Workers of America (UMWA) Pension Plan in order to provide pension benefits for retired coal miners. The bill requires the Department of the Treasury to transfer additional funds from the Abandoned Mine Reclamation Fund and the General Fund of the Treasury to the 1974 UMWA Pension Plan to pay pension benefits required under that plan if the amounts available for transfer under SMCRA's $490 million annual limit exceed the amounts required to be transferred for other purposes (including to the UMWA Health Plans). The bill prohibits the plan from making certain changes to benefits during any year in which a transfer is received. Treasury must make annual loans to the plan equal to the amount certified by the trustees of the plan as necessary to prevent insolvency. The loans may not exceed $600 million per year. The trustees must annually certify that the plan is projected to be solvent and is able to repay the loans under terms specified in the bill. The bill also establishes additional reporting requirements for the plan.

AI Summary

This bill amends the Surface Mining Control and Reclamation Act of 1977 (SMCRA) to provide additional funding and loans to the 1974 United Mine Workers of America (UMWA) Pension Plan. Specifically, the bill requires the Department of the Treasury to transfer any funds from the Abandoned Mine Reclamation Fund and the General Fund that exceed the amounts needed for other purposes under SMCRA to the 1974 UMWA Pension Plan to pay pension benefits. Additionally, the bill authorizes the Treasury to provide annual loans of up to $600 million to the plan to prevent insolvency, with favorable repayment terms. The bill also imposes restrictions on the plan's ability to increase benefits during years in which it receives transfers or loans, and establishes enhanced annual reporting requirements for the plan.

Committee Categories

Budget and Finance

Sponsors (15)

Last Action

Read twice and referred to the Committee on Finance. (on 10/03/2017)

bill text


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