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.
Multi-Employer Pension Plan Partnership Act of 2017 This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to permit multiemployer pension plans that are in critical status and not expected to emerge from the status by the end of the rehabilitation period to adopt rules to forestall or avoid insolvency by revising the plan's terms and conditions for computing an employer's withdrawal liability. Any such rule becomes effective 90 days after adoption unless the corporation disapproves it before the end of the 90-day period (subject to tolling while a request by the corporation for additional information is pending). A corporation may disapprove a rule only if the rule creates an unreasonable risk of loss to plan participants and beneficiaries or to the corporation.
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Timeline
Introduced in House
Referred to the House Committee on Education and the Workforce.
Introduced in House
Referred to the House Committee on Education and the Workforce.
Labor and Employment
Corporate finance and managementEmployee benefits and pensions
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.
USA115th CongressHR-2117| House
| Updated: 4/25/2017
Multi-Employer Pension Plan Partnership Act of 2017 This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to permit multiemployer pension plans that are in critical status and not expected to emerge from the status by the end of the rehabilitation period to adopt rules to forestall or avoid insolvency by revising the plan's terms and conditions for computing an employer's withdrawal liability. Any such rule becomes effective 90 days after adoption unless the corporation disapproves it before the end of the 90-day period (subject to tolling while a request by the corporation for additional information is pending). A corporation may disapprove a rule only if the rule creates an unreasonable risk of loss to plan participants and beneficiaries or to the corporation.