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Anyone Know Anything About This.looks Like It Removes

Jughead

Jughead

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GROW Act that would end employer withdrawal liability from multi-employer pension plans, eliminate the safety net of the Pension Benefit Guarantee Corporation
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Jughead said:
GROW Act that would end employer withdrawal liability from multi-employer pension plans, eliminate the safety net of the Pension Benefit Guarantee Corporation
News says it is in H.R. 6800 hero's act.looks like it will remove pbgc from multi employer funds.
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Jughead said:
GROW Act that would end employer withdrawal liability from multi-employer pension plans, eliminate the safety net of the Pension Benefit Guarantee Corporation
L
Click to expand...
It was introduced in the 2018 Congess. It didnt make it beyond the Eduction Committee and the Labor Committee. It died when Pelosi's 2109 Congress was sworn in.

Dont read it on a Union's webpage. Read the Bill itself.

https://www.congress.gov/bill/115th-congress/house-bill/4997
Giving Retirement Options to Workers Act of 2018 or the GROW Act

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to authorize a new composite multiemployer pension plan, which combines features of defined benefit and defined contribution pension plans.

Under a composite plan, employer contributions are set at a fixed rate. Benefits are based on a formula, are paid to participants in the form of life annuities (except for benefits that may be immediately distributed from certain plans with a low value), and may be reduced based on the plan's funded status.

The plan sponsor must take corrective actions through a realignment program whenever the plan's projected funded ratio is below 120% for the plan year. The realignment program may include measures such as benefit reductions or proposed contribution increases.

A composite plan is not covered by the Pension Benefit Guaranty Corporation (PBGC) or required to pay PBGC premiums. The plan sponsors are also not subject to liability for withdrawing from the plan.

04/05/2018 Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Action By: Committee on Education and the Workforce
02/13/2018 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Action By: House of Representatives
02/13/2018 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Action By: House of Representatives
02/13/2018 Introduced in House
Action By: House of Representatives
 
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