Pension Accountability Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Nov 17, 2015)
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.
What just happenedMar 23, 2016
Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Who’s behind it
- Introduced in HouseNov 17, 2015
- Mar 23, 2016Committee
Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Health, Employment, Labor, and Pensions Subcommittee - Nov 17, 2015IntroReferralH11100
Referred to the Committee on Education and the Workforce, 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.
Ways and Means Committee - Nov 17, 2015IntroReferralH11100-A
Referred to the Committee on Education and the Workforce, 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.
- Nov 17, 2015IntroReferralH11100
Referred to the Committee on Education and the Workforce, 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.
Education and the Workforce Committee - Nov 17, 2015IntroReferralIntro-H
Introduced in House
- Nov 17, 2015IntroReferral1000
Introduced in House