S.1911 - American Miners Pension Act of 2017115th Congress (2017-2018)
|Sponsor:||Sen. Manchin, Joe, III [D-WV] (Introduced 10/03/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 10/03/2017 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.1911 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (10/03/2017)
American Miners Pension Act of 2017
This bill amends the Surface Mining Control and Reclamation Act of 1977 (SMCRA) to transfer certain funds and provide loans to the 1974 United Mine Workers of America (UMWA) Pension Plan in order to provide pension benefits for retired coal miners.
The bill requires the Department of the Treasury to transfer additional funds from the Abandoned Mine Reclamation Fund and the General Fund of the Treasury to the 1974 UMWA Pension Plan to pay pension benefits required under that plan if the amounts available for transfer under SMCRA's $490 million annual limit exceed the amounts required to be transferred for other purposes (including to the UMWA Health Plans). The bill prohibits the plan from making certain changes to benefits during any year in which a transfer is received.
Treasury must make annual loans to the plan equal to the amount certified by the trustees of the plan as necessary to prevent insolvency. The loans may not exceed $600 million per year. The trustees must annually certify that the plan is projected to be solvent and is able to repay the loans under terms specified in the bill.
The bill also establishes additional reporting requirements for the plan.