[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4328 Introduced in Senate (IS)]
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118th CONGRESS
2d Session
S. 4328
To require any labor organization that is or would be the collective
bargaining representative for any employees to provide information
regarding the amount of funds in any defined benefit plan of the labor
organization before any labor organization election, and for other
purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
May 14, 2024
Mr. Cassidy introduced the following bill; which was read twice and
referred to the Committee on Health, Education, Labor, and Pensions
_______________________________________________________________________
A BILL
To require any labor organization that is or would be the collective
bargaining representative for any employees to provide information
regarding the amount of funds in any defined benefit plan of the labor
organization before any labor organization election, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Making All Fund Information
Available Act''.
SEC. 2. REQUIREMENT FOR LABOR ORGANIZATIONS TO PROVIDE INFORMATION
REGARDING DEFINED BENEFIT PLANS BEFORE ANY LABOR
ORGANIZATION ELECTION.
(a) Definitions.--In this Act:
(1) Beneficiary.--The term ``beneficiary'' has the meaning
given the term in section 3 of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1002).
(2) Defined benefit plan.--The term ``defined benefit
plan'' has the meaning given the term in such section of such
Act (29 U.S.C. 1002).
(3) Employee, employer.--The terms ``employee'' and
``employer'' have the meanings given such terms in section 2 of
the National Labor Relations Act (29 U.S.C. 152).
(4) Labor organization.--The term ``labor organization''
has the meaning given the term in such section of such Act (29
U.S.C. 152).
(5) Labor organization election.--The term ``labor
organization election'' means any election described in section
9 of the National Labor Relations Act (29 U.S.C. 159),
including an election for decertification described in
subsection (e) of such section.
(6) Participant.--The term ``participant'' has the meaning
given the term in section 3 of the Employee Retirement Income
Security Act of 1974 (29 U.S.C. 1002).
(b) Requirement To Provide Certain Information Regarding a Defined
Benefit Plan.--
(1) In general.--A labor organization that is the
representative of employees of an employer for purposes of
collective bargaining in accordance with section 9(a) of the
National Labor Relations Act (29 U.S.C. 159(a)) during a labor
organization election, or that would become such a
representative of such employees after a labor organization
election, shall--
(A) not fewer than 3 days before the date of such
labor organization election, provide to such employees
the notice described in paragraph (2) regarding any
defined benefit plan that is or would be available for
enrollment by the employees because of representation
by the labor organization for purposes of collective
bargaining; and
(B) in the case of such a defined benefit plan that
has a percentage of plan liabilities described in
paragraph (2)(A)(i) that is less than 100 percent,
provide to such employees access to a financial expert
(described in paragraph (3)) who is, for the 3 days
immediately preceding the date of such labor
organization election, able to answer questions
regarding such defined benefit plan.
(2) Notice.--
(A) In general.--The notice described in this
paragraph is a statement that, with respect to a
defined benefit plan described in paragraph (1)(A),
provides--
(i) the percentage of plan liabilities
funded, calculated as the ratio between the
value of the plan's assets and liabilities, as
of the end of the most recently completed plan
year;
(ii) in the case of an employee who is not
a participant in a defined benefit plan
described in paragraph (1)(A), the percentage
of each dollar of contribution by the employee,
if the employee enrolls in such a plan, that--
(I) would be used to provide
benefits to the employee (or a
beneficiary of the employee); and
(II) would be used to provide
benefits to participants of the defined
benefit plan (or their beneficiaries)
who are enrolled as of the date on
which the labor organization election
described in paragraph (1) occurs; and
(iii) in the case of a percentage of plan
liabilities described in clause (i) that is
less than 100 percent--
(I) the ratio between the estimated
monthly benefit that a participant or
beneficiary would receive at normal
retirement age under the defined
benefit plan and the estimated monthly
benefit that a participant or
beneficiary would receive at normal
retirement age under the defined
benefit plan if such percentage of plan
liabilities was 100 percent; and
(II) the estimated amount of the
monthly benefit amount that would be
paid by the Pension Benefit Guaranty
Corporation if the plan is terminated
with insufficient assets to pay
benefits.
(B) Information provided in an annual report.--The
notice described in subparagraph (A) may quote, in
plain language, from the most recently filed annual
report provided to the Secretary of Labor or the
Pension Benefit Guaranty Corporation under section 104
or 4065 of the Employee Retirement Income Security Act
of 1974 (29 U.S.C. 1024, 1365) with respect to the
defined benefit plan described in paragraph (1)(A).
(3) Financial expert.--A financial expert provided by a
labor organization in accordance with paragraph (1)(B)--
(A) shall be--
(i) independent from the defined benefit
plan described in paragraph (1)(A) and the
labor organization; and
(ii) provided at no cost to the employees;
(B) may not be compensated using any assets of the
defined benefit plan.
(4) Availability of materials after election.--
(A) In general.--Not later than 30 days after a
labor organization election described in paragraph (1),
a labor organization shall provide to the Office of
Labor-Management Standards all written materials
(including the notice provided under paragraph (1)(A)),
instructions, or handouts provided to employees with
respect to the requirements of this Act.
(B) Public availability.--Not later than 30 days
after receiving any written materials, instructions, or
handouts under subparagraph (A), the Office of Labor-
Management Standards shall make such materials,
instructions, or handouts publicly available on the
website of the Office of Labor-Management Standards.
(c) Enforcement.--
(1) Criminal penalties for misleading or false
statements.--
(A) Offense.--It shall be unlawful for any person
to lie to or mislead an employee in any notice provided
under subsection (b)(1)(A) or with respect to any
answers provided under subsection (b)(1)(B).
(B) Penalty.--Any person who violates subparagraph
(A) shall be fined under title 18, United States Code,
imprisoned for not more than 5 years, or both.
(2) Private right of action.--Any employee who is adversely
affected by an alleged violation of subsection (b) may commence
a civil action against any person that violates such section in
any court of competent jurisdiction for actual damages. The
court may award costs and expenses, including attorney's fees,
to an employee in a prevailing action under this paragraph.
(3) Referral.--If the Assistant Secretary of Labor for
Employee Benefits Security obtains evidence that any person has
engaged in conduct that may constitute a violation of paragraph
(1)(A), the Assistant Secretary shall--
(A) refer the matter to the Attorney General for
prosecution under such paragraph; and
(B) provide such evidence to the National Labor
Relations Board.
(4) Enforcement by the nlrb.--Section 9 of the National
Labor Relations Act (29 U.S.C. 159) is amended by adding at the
end the following:
``(f) In any case in which the Board determines that the results of
an election under this section were influenced by conduct that may
constitute a violation of section 2(c)(1)(A) of the Making All Fund
Information Available Act or that a labor organization that is, or
would become, the representative of employees after such an election
violated section 2(b)(1) of such Act--
``(1) the election shall be invalid;
``(2) the Board shall set aside the results of such
election; and
``(3) a new election may not be held unless the Assistant
Secretary of Labor for Employee Benefits Security determines
that the labor organization has fulfilled the requirements of
section 2(b)(1) of such Act.''.
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