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     &lt;p&gt;&lt;strong&gt;Emergency Pension Plan Relief Act of 2021&lt;/strong&gt;&lt;br&gt; &lt;br&gt; This bill modifies the funding rules and provides financial assistance for certain pension plans that are underfunded or insolvent. &lt;br&gt; &lt;br&gt; First, the bill expands the authority of, and provides funding for, the Pension Benefit Guaranty Corporation (PBGC) to provide special partition assistance to a multiemployer pension plan that is insolvent or at risk of insolvency. The bill expands eligibility for partition assistance, provides funding for a plan to reach a projected funded ratio of 80% over a 30-year period, and does not require a plan to repay such assistance.&lt;/p&gt; &lt;p&gt;The bill further permits a multiemployer pension plan to elect to retain its funding zone status from the previous year for either (1) the first plan year beginning during the period from March 1, 2020, through February 28, 2021; or (2) the next succeeding plan year, as designated by the plan sponsor. A plan may also extend by five years the funding improvement or rehabilitation period if the plan is designated as in endangered or critical status for a plan year beginning in 2020 or 2021. A plan in critical and declining status may not suspend payment of plan benefits.&lt;/p&gt; &lt;p&gt;Additionally, the bill adjusts the minimum funding standards for a multiemployer pension plan to account for investment losses and other losses related to the COVID-19 pandemic and modifies the PBGC guarantee formula to increase the maximum potential benefits under a multiemployer pension plan.&lt;/p&gt; &lt;p&gt;Finally, the bill makes changes with respect to single employer pension plans, including revising the amortization rules and extending and modifying the pension funding stabilization percentages.&lt;/p&gt;
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H11100
2021-01-21
Ways and Means Committee
hswm00
2
House floor actions
Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-01-21
Education and the Workforce Committee
hsed00
2
House floor actions
Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
2021-01-21
Work and Welfare Subcommittee
hswm03
1
House committee actions
Referred to the Subcommittee on Worker and Family Support.
Committee
Intro-H
2021-01-21
9
Library of Congress
Introduced in House
IntroReferral
1000
2021-01-21
9
Library of Congress
Introduced in House
IntroReferral
2021-01-21T19:01:40Z
Referred to
House
Ways and Means Committee
2021-01-21T16:08:25Z
Referred to
Work and Welfare Subcommittee
hswm03
hswm00
Standing
2021-01-21T19:01:35Z
Referred to
House
Education and the Workforce Committee
hsed00
Standing
D000096
7
DANNY
Rep. Davis, Danny K. [D-IL-7]
DAVIS
K.
D
2021-02-02
IL
L000557
1
JOHN
Rep. Larson, John B. [D-CT-1]
LARSON
B.
D
2021-02-02
CT
S001185
7
Terri
Rep. Sewell, Terri A. [D-AL-7]
Sewell
A.
D
2021-02-02
AL
M001202
7
Stephanie
Rep. Murphy, Stephanie N. [D-FL-7]
Murphy
N.
D
2021-02-02
FL
P000096
9
WILLIAM
Rep. Pascrell, Bill, Jr. [D-NJ-9]
PASCRELL
J.
D
2021-02-02
NJ
D000617
1
Suzan
Rep. DelBene, Suzan K. [D-WA-1]
DelBene
K.
D
2021-02-02
WA
K000380
5
Daniel
Rep. Kildee, Daniel T. [D-MI-5]
Kildee
T.
D
2021-02-02
MI
S001201
3
Thomas
Rep. Suozzi, Thomas R. [D-NY-3]
Suozzi
R.
D
2021-02-02
NY
S001156
38
Linda
Rep. Sánchez, Linda T. [D-CA-38]
Sánchez
T.
D
2021-02-02
CA
S001190
10
Bradley
Rep. Schneider, Bradley Scott [D-IL-10]
Schneider
Scott
D
2021-02-02
IL
M001160
4
Gwen
Rep. Moore, Gwen [D-WI-4]
Moore
D
2021-02-02
WI
T000460
5
MIKE
Rep. Thompson, Mike [D-CA-5]
THOMPSON
D
2021-02-02
CA
E000296
3
Dwight
Rep. Evans, Dwight [D-PA-3]
Evans
D
2021-02-02
PA
B000574
3
EARL
Rep. Blumenauer, Earl [D-OR-3]
BLUMENAUER
D
2021-02-02
OR
S000510
9
ADAM
Rep. Smith, Adam [D-WA-9]
SMITH
D
2021-02-02
WA
D000624
12
Debbie
Rep. Dingell, Debbie [D-MI-12]
Dingell
D
2021-02-02
MI
S001205
5
Mary
Rep. Scanlon, Mary Gay [D-PA-5]
Scanlon
Gay
D
2021-02-02
PA
Congressional Research Service, Library of Congress
This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.
text/xml
EN
Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
2021-01-21
2021-01-21
Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
House
Labor and Employment
2021-01-21
Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
CRS
Related bill
Emergency Pension Plan Relief Act of 2021
HR
2021-03-02
Read twice and referred to the Committee on Finance.
CRS
Related bill
Butch Lewis Emergency Pension Plan Relief Act of 2021
S
N000015
1
RICHARD
Rep. Neal, Richard E. [D-MA-1]
N
NEAL
E.
D
MA
Accounting and auditing Administrative law and regulatory procedures Appropriations Business records Congressional oversight Employee benefits and pensions Government information and archives Government studies and investigations Government trust funds Inflation and prices Pension Benefit Guaranty Corporation Wages and earnings
2021-01-21
Introduced in House
 <p><strong>Emergency Pension Plan Relief Act of 2021</strong><br> <br> This bill modifies the funding rules and provides financial assistance for certain pension plans that are underfunded or insolvent. <br> <br> First, the bill expands the authority of, and provides funding for, the Pension Benefit Guaranty Corporation (PBGC) to provide special partition assistance to a multiemployer pension plan that is insolvent or at risk of insolvency. The bill expands eligibility for partition assistance, provides funding for a plan to reach a projected funded ratio of 80% over a 30-year period, and does not require a plan to repay such assistance.</p> <p>The bill further permits a multiemployer pension plan to elect to retain its funding zone status from the previous year for either (1) the first plan year beginning during the period from March 1, 2020, through February 28, 2021; or (2) the next succeeding plan year, as designated by the plan sponsor. A plan may also extend by five years the funding improvement or rehabilitation period if the plan is designated as in endangered or critical status for a plan year beginning in 2020 or 2021. A plan in critical and declining status may not suspend payment of plan benefits.</p> <p>Additionally, the bill adjusts the minimum funding standards for a multiemployer pension plan to account for investment losses and other losses related to the COVID-19 pandemic and modifies the PBGC guarantee formula to increase the maximum potential benefits under a multiemployer pension plan.</p> <p>Finally, the bill makes changes with respect to single employer pension plans, including revising the amortization rules and extending and modifying the pension funding stabilization percentages.</p>
2022-01-05T16:01:31Z
00
2021-01-21T05:00:00Z
Introduced in House
https://www.govinfo.gov/content/pkg/BILLS-117hr409ih/xml/BILLS-117hr409ih.xml
Emergency Pension Plan Relief Act of 2021
Emergency Pension Plan Relief Act of 2021
Display Title
IH
Introduced in House
To provide relief for multiemployer and single employer pension plans, and for other purposes.
Official Title as Introduced
IH
Introduced in House
Emergency Pension Plan Relief Act of 2021
Short Title(s) as Introduced
HR
2023-01-11T13:43:31Z
2023-01-11T13:43:31Z
3.0.0
2021-01-21
Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
CRS
Related bill
Emergency Pension Plan Relief Act of 2021
HR
2021-03-02
Read twice and referred to the Committee on Finance.
CRS
Related bill
Butch Lewis Emergency Pension Plan Relief Act of 2021
S
H11100
2021-01-21
Ways and Means Committee
hswm00
2
House floor actions
Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
H11100
2021-01-21
Education and the Workforce Committee
hsed00
2
House floor actions
Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
IntroReferral
2021-01-21
Work and Welfare Subcommittee
hswm03
1
House committee actions
Referred to the Subcommittee on Worker and Family Support.
Committee
Intro-H
2021-01-21
9
Library of Congress
Introduced in House
IntroReferral
1000
2021-01-21
9
Library of Congress
Introduced in House
IntroReferral
N000015
1
RICHARD
Rep. Neal, Richard E. [D-MA-1]
N
NEAL
E.
D
MA
D000096
7
DANNY
Rep. Davis, Danny K. [D-IL-7]
DAVIS
K.
D
2021-02-02
IL
L000557
1
JOHN
Rep. Larson, John B. [D-CT-1]
LARSON
B.
D
2021-02-02
CT
S001185
7
Terri
Rep. Sewell, Terri A. [D-AL-7]
Sewell
A.
D
2021-02-02
AL
M001202
7
Stephanie
Rep. Murphy, Stephanie N. [D-FL-7]
Murphy
N.
D
2021-02-02
FL
P000096
9
WILLIAM
Rep. Pascrell, Bill, Jr. [D-NJ-9]
PASCRELL
J.
D
2021-02-02
NJ
D000617
1
Suzan
Rep. DelBene, Suzan K. [D-WA-1]
DelBene
K.
D
2021-02-02
WA
K000380
5
Daniel
Rep. Kildee, Daniel T. [D-MI-5]
Kildee
T.
D
2021-02-02
MI
S001201
3
Thomas
Rep. Suozzi, Thomas R. [D-NY-3]
Suozzi
R.
D
2021-02-02
NY
S001156
38
Linda
Rep. Sánchez, Linda T. [D-CA-38]
Sánchez
T.
D
2021-02-02
CA
S001190
10
Bradley
Rep. Schneider, Bradley Scott [D-IL-10]
Schneider
Scott
D
2021-02-02
IL
M001160
4
Gwen
Rep. Moore, Gwen [D-WI-4]
Moore
D
2021-02-02
WI
T000460
5
MIKE
Rep. Thompson, Mike [D-CA-5]
THOMPSON
D
2021-02-02
CA
E000296
3
Dwight
Rep. Evans, Dwight [D-PA-3]
Evans
D
2021-02-02
PA
B000574
3
EARL
Rep. Blumenauer, Earl [D-OR-3]
BLUMENAUER
D
2021-02-02
OR
S000510
9
ADAM
Rep. Smith, Adam [D-WA-9]
SMITH
D
2021-02-02
WA
D000624
12
Debbie
Rep. Dingell, Debbie [D-MI-12]
Dingell
D
2021-02-02
MI
S001205
5
Mary
Rep. Scanlon, Mary Gay [D-PA-5]
Scanlon
Gay
D
2021-02-02
PA
Accounting and auditing Administrative law and regulatory procedures Appropriations Business records Congressional oversight Employee benefits and pensions Government information and archives Government studies and investigations Government trust funds Inflation and prices Pension Benefit Guaranty Corporation Wages and earnings
2021-01-21
Introduced in House
 <p><strong>Emergency Pension Plan Relief Act of 2021</strong><br> <br> This bill modifies the funding rules and provides financial assistance for certain pension plans that are underfunded or insolvent. <br> <br> First, the bill expands the authority of, and provides funding for, the Pension Benefit Guaranty Corporation (PBGC) to provide special partition assistance to a multiemployer pension plan that is insolvent or at risk of insolvency. The bill expands eligibility for partition assistance, provides funding for a plan to reach a projected funded ratio of 80% over a 30-year period, and does not require a plan to repay such assistance.</p> <p>The bill further permits a multiemployer pension plan to elect to retain its funding zone status from the previous year for either (1) the first plan year beginning during the period from March 1, 2020, through February 28, 2021; or (2) the next succeeding plan year, as designated by the plan sponsor. A plan may also extend by five years the funding improvement or rehabilitation period if the plan is designated as in endangered or critical status for a plan year beginning in 2020 or 2021. A plan in critical and declining status may not suspend payment of plan benefits.</p> <p>Additionally, the bill adjusts the minimum funding standards for a multiemployer pension plan to account for investment losses and other losses related to the COVID-19 pandemic and modifies the PBGC guarantee formula to increase the maximum potential benefits under a multiemployer pension plan.</p> <p>Finally, the bill makes changes with respect to single employer pension plans, including revising the amortization rules and extending and modifying the pension funding stabilization percentages.</p>
2022-01-05T16:01:31Z
00
Emergency Pension Plan Relief Act of 2021
Emergency Pension Plan Relief Act of 2021
Display Title
IH
Introduced in House
To provide relief for multiemployer and single employer pension plans, and for other purposes.
Official Title as Introduced
IH
Introduced in House
Emergency Pension Plan Relief Act of 2021
Short Title(s) as Introduced
2021-01-21
Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.