HR.458 - To Amend The Employee Retirement Income Security Act Of 1974 To Permit Multiemployer Plans In Critical Status To Modify Plan Rules Relating To Withdrawal Liability, And For Other Purposes.

[congressional bills 114th congress]
[from the u.s. government printing office]
[h.r. 458 introduced in house (ih)]

114th congress
  1st session
                                h. r. 458

to amend the employee retirement income security act of 1974 to permit 
multiemployer plans in critical status to modify plan rules relating to 
             withdrawal liability, and for other purposes.


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                    in the house of representatives

                            january 21, 2015

 mr. sessions (for himself and mr. pascrell) introduced the following 
    bill; which was referred to the committee on education and the 
                               workforce

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                                 a bill


 
to amend the employee retirement income security act of 1974 to permit 
multiemployer plans in critical status to modify plan rules relating to 
             withdrawal liability, and for other purposes.

    be it enacted by the senate and house of representatives of the 
united states of america in congress assembled,

section 1. alternative method of withdrawal liability payments.

    section 4224 of the employee retirement income security act (29 
u.s.c. 1404) is amended--
            (1) by striking ``a multiemployer plan'' and inserting 
        ``(a) a multiemployer plan''; and
            (2) by adding at the end the following:
    ``(b) notwithstanding any contrary provisions of this part, in the 
case of a multiemployer plan that is in critical status within the 
meaning of section 305(b)(2) and whose plan sponsor determines that the 
plan can not be reasonably expected to emerge from critical status by 
the end of the rehabilitation period, such plan may adopt rules 
providing for other terms and conditions for the computation of an 
employer's withdrawal liability. any such rule shall become effective 
at the end of a 90-day period that begins on the date of adoption of 
the rule unless the corporation disapproves the rule before the end of 
the 90-day period (except that such 90-day period shall be tolled 
during any period in which a request by the corporation for additional 
information is pending). the corporation may disapprove a rule under 
this subsection only if it reasonably determines that the rule creates 
an unreasonable risk of loss to plan participants and beneficiaries or 
to the corporation.''.
                                 
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