US Congress Senate Bill 2254 (Prior Session Legislation)

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Spectrum: Strong Partisan Bill (Democrat 37-2-1)
Status: Introduced on July 24 2019 - 25% progression, died in committee
Action: 2019-07-24 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Establishes the Pension Rehabilitation Administration within the Department of the Treasury and a related trust fund to make loans to certain multiemployer defined benefit pension plans. To receive a loan, a plan must be either in critical and declining status (including any plan with respect to which a suspension of benefits has been approved) or insolvent, if the plan became insolvent after December 16, 2014, and has not been terminated. Treasury must issue bonds to fund the loan program and transfer amounts equal to the proceeds to the trust fund established by this bill. The Pension Rehabilitation Administration may use the funds, without a further appropriation, to make loans, pay principal and interest on the bonds, or for administrative and operating expenses. The bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to allow the sponsor of a multiemployer pension plan that is applying for a loan under this bill to also apply to the Pension Benefit Guaranty Corporation (PBGC) for financial assistance if, after receiving the loan, the plan will still become (or remain) insolvent within the 30-year period beginning on the date of the loan. The bill also appropriates to the PBGC the funds that are necessary to provide the financial assistance required by this bill.

Butch Lewis Act of 2019

Sen. Sherrod Brown [D-OH]	Sen. Tammy Baldwin [D-WI]	Sen. Richard Blumenthal [D-CT]	Sen. Cory Booker [D-NJ]
Sen. Robert Casey [D-PA]	Sen. Tammy Duckworth [D-IL]	Sen. Richard Durbin [D-IL]	Sen. Kamala Harris [D-CA]
Sen. Margaret Hassan [D-NH]	Sen. Martin Heinrich [D-NM]	Sen. Mazie Hirono [D-HI]	Sen. Doug Jones [D-AL]
Sen. Tim Kaine [D-VA]	Sen. Amy Klobuchar [D-MN]	Sen. Joe Manchin [D-WV]	Sen. Edward Markey [D-MA]
Sen. Jeff Merkley [D-OR]	Sen. Gary Peters [D-MI]	Sen. Jacky Rosen [D-NV]	Sen. Bernard Sanders [I-VT]
Sen. Charles Schumer [D-NY]	Sen. Jeanne Shaheen [D-NH]	Sen. Tina Smith [D-MN]	Sen. Debbie Stabenow [D-MI]
Sen. Chris Van Hollen [D-MD]	Sen. Elizabeth Warren [D-MA]	Sen. Sheldon Whitehouse [D-RI]	Sen. Brian Schatz [D-HI]
Sen. Catherine Cortez Masto [D-NV]	Sen. Christopher Coons [D-DE]	Sen. Angus King [I-ME]	Sen. Mark Warner [D-VA]
Sen. Kirsten Gillibrand [D-NY]	Sen. Susan Collins [R-ME]	Sen. Jack Reed [D-RI]	Sen. Robert Menendez [D-NJ]
Sen. Jon Tester [D-MT]	Sen. Patrick Leahy [D-VT]	Sen. Tom Udall [D-NM]	Sen. Dianne Feinstein [D-CA]

Date	Chamber	Action
2019-07-24	Senate	Read twice and referred to the Committee on Finance.

HB397 (Related) 2019-12-19 - Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 390.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/2254/all-info
Text	https://www.congress.gov/116/bills/s2254/BILLS-116s2254is.pdf