https://waysandmeans.house.gov/medi...san-legislation-address-multiemployer-pension
The bill establishes the Pension Rehabilitation Administration (PRA), a new agency within the Department of the Treasury, authorized to issue bonds in order to finance loans to “critical and declining” status multiemployer pension plans, plans that have suspended benefits, and some recently insolvent plans currently receiving financial assistance from the Pension Benefit Guaranty Corporation (PBGC). The PRA would be headed by a Director, who will have a term of five years and be appointed by the President.
“This is not a bailout. These plans would be required by law to pay back the loans they receive from the PRA – the federal government is simply backstopping the risk,” added
Chairman Neal. “Importantly, my bill does not allow for any cuts to the benefits these workers and retirees earned through years on the job. Americans need our help, and it’s time to answer that call.” Additional original co-sponsors of the legislation are Rep. Bobby Scott (D-VA), Rep. Don Young (R-AK), Rep. Debbie Dingell (D-MI), Rep. Chris Smith (R-NJ), Rep. Donald Norcross (D-NJ), Rep. John Katko (R-NY), Rep. Marcy Kaptur (D-OH), and Rep. Jeff Fortenberry (R-NE).