All Information (Except Text) for S.2254 - Butch Lewis Act of 2019116th Congress (2019-2020) |
|Sponsor:||Sen. Brown, Sherrod [D-OH] (Introduced 07/24/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 07/24/2019 Read twice and referred to the Committee on Finance. (All Actions)|
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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries
Short Titles - Senate
Short Titles as Introduced
Butch Lewis Act of 2019
Official Titles - Senate
Official Titles as Introduced
A bill to amend the Internal Revenue Code of 1986 to create a Pension Rehabilitation Trust Fund, to establish a Pension Rehabilitation Administration within the Department of the Treasury to make loans to multiemployer defined benefit plans, and for other purposes.
Actions Overview (1)
|07/24/2019||Introduced in Senate|
07/24/2019 Introduced in Senate
All Actions (1)
|07/24/2019||Read twice and referred to the Committee on Finance.|
Action By: Senate
07/24/2019 Read twice and referred to the Committee on Finance.
|Committee / Subcommittee||Date||Activity||Reports|
|Senate Finance||07/24/2019||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
Latest Summary (1)
Introduced in Senate (07/24/2019)
Butch Lewis Act of 2019
This bill 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.