To establish a procedure under which certain small employers may withdraw from a multiemployer plan in connection with the establishment of a collectively bargained plan.

Family-Owned Business Multiemployer Pension Correction Act of 2017 This bill directs the Department of the Treasury to establish a program to limit the liability of retail employers who do not employ more than 100 employees who are multiemployer pension plan participants (covered small employer) for withdrawing from a multiemployer pension plan to begin making contributions to a collectively bargained plan. A covered small employer is not eligible for such benefit unless Treasury determines that the affected multiemployer plan liabilities do not exceed 1% of total plan liabilities during a specified 3-year period.