butch lewis act in the senate

“(6) Subsections (b) and (c) shall apply to financial assistance under this subsection as if it were provided under subsection (a), except that the terms for repayment under subsection (b)(2) shall not require the financial assistance to be repaid before the date on which the loan under section 4(a) of the Butch Lewis Act of 2019 is repaid in full. [actionDate] => 2019-07-24 [displayText] => Introduced in Senate Click here for The House switchboard directory. “(c) Expenditures from Fund.—Amounts in the Fund are available without further appropriation to the Pension Rehabilitation Administration—. receipt of the anticipated loan amount under section 4(a) of such Act, the (B) SERVICE UNTIL APPOINTMENT OF SUCCESSOR.—An individual serving as Director at the expiration of a term may continue to serve until a successor is appointed. The Butch Lewis Emergency Pension Plan Relief Act of 2021 (EPPRA), which is included in the bill, would create a special financial assistance program under which the Pension Benefit Guaranty Corporation (PBGC) could make cash payments to financially troubled multiemployer pension plans so they can continue paying retirees’ benefits. Act. (i) IN GENERAL.—Annuity contracts purchased and portfolios implemented under this paragraph shall be used solely to provide the benefits described in paragraph (1) until all such benefits have been paid and shall be accounted for separately from the other assets of the plan. beneficiaries may be calculated in the aggregate, rather than by reference bill), housing benefits, employment, employment preferences by law, and many other federal benefits offered to military but not first responders.” I request you kindly refrain from calling me a GED warrior because of a misspelling due to my iPhone, which I know damn well was the case for you as well. Pension Rehabilitation Trust Fund. That legislation would, among other features, provide funds for 30-year loans and new forgivable financial assistance, in the form of government grants, aimed at supporting the most financially troubled multiemployer pension plans. But it became clear during the debate in the House and subsequent discussions Republicans are not in support of a loan program such as the Butch Lewis Bill and a compromise in the Senate must be reached. BUT, unlike every other Dem candidate running, she does have a plan, many plans, and she is going to back her spending up with major tax hikes on the upper incomes. (a) In general.—Subchapter A of chapter 98 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: “SEC. Any Legislation will not be a stand-alone bill requiring a stand-alone vote. One small portion of it is modeled on the union-backed Butch Lewis Act, which passed the U.S. House in 2019 but not the U.S. Senate. Senator Joe Manchin (D-WV), former Member of the Joint Select Committee on Solvency of Multiemployer Pension Plans, led 30 Senators in reintroducing the Butch Lewis Act in the Senate as the House of Representatives passed the bill last night. SEC. plan will still become (or remain) insolvent within the 30-year period Giving us Absolutely THE BEST CHANCE POSSIBLE for this to be over, Detailed Explanation Coming on Details of the Call. (b) Amendment to Employee Retirement Income Security Act of 1974.—Section 305 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. establish a Pension Rehabilitation Administration within the Department of On October 16, Senate Democrats held a press conference on Capitol Hill to highlight their sincere efforts to move the Butch Lewis Act through the Senate for a floor vote. Posted by Tough Love on September 27, 2019 at 9:51 pm. Discussions also include an increase in the PBGC minimum guarantee. (a) Establishment.—There is established in the Department of the Treasury an agency to be known as the “Pension Rehabilitation Administration”. ( “(a) In general.—In the case of a plan receiving a loan under section 4(a) of the Butch Lewis Act of 2019, with respect to the first plan year beginning after the date of the loan and each of the 29 succeeding plan years, not later than the 90th day of each such plan year the plan sponsor shall file with the Secretary a report (including appropriate documentation and actuarial certifications from the plan actuary, as required by the Secretary) that contains—. It’s a solution to the problem for the pension plans that are in trouble without touching the pensions that are in good shape! The Senate Republicans’ proposal differs in important respects from the approach taken by the Butch Lewis Act, which was advanced on a party-line vote by the House Ways and Means Committee back in July. The Butch Lewis Act was reintroduced in the Senate July 24 by Sherrod Brown (D-Ohio). Some of the different scenarios and priorities of any legislation being discussed: Another year of stealing almost all of the Open Space Tax: Anyone with doubts as to whether these budget numbers are really made up on the spot with no relevance to reality only need look to that Parks Maintenance item. Posted by NJ2AZ on September 28, 2019 at 4:44 pm. (c) Transfer of funds.—The Secretary of the Treasury may transfer for any fiscal year, from unobligated amounts appropriated to the Department of the Treasury, to the Pension Rehabilitation Administration such sums as may be reasonably necessary for the administrative and operating expenses of the Pension Rehabilitation Administration. maximum guaranteed benefit with respect to all participants and All we need is 20 states that don’t consider this an issue within their borders. And D.C. needs to do more with the benefits such as offering First Responders educational benefits (similar to the G.I. His first attempt—a standalone 30-year government loan program known as the Butch Lewis Act—passed the House in July 2019. (A) IN GENERAL.—Except as provided in subparagraphs (B) and (C) and paragraph (2), the amount of any loan under subsection (a) shall be, as demonstrated by the plan sponsor on the application under subsection (c), the amount needed to purchase annuity contracts or to implement a portfolio described in paragraph (3)(C) (or a combination of the two) sufficient to provide benefits of participants and beneficiaries of the plan in pay status, and terminated vested benefits, at the time the loan is made. on September 28, 2019 at 10:34 am, OMD, did you read THIS reply, for some loser””” 7. (A) the plan shall make payments of interest on the loan for a period of 29 years beginning on the date of the loan (or 19 years in the case of a plan making the election under subsection (c)(5)); (B) final payment of interest and principal shall be due in the 30th year after the date of the loan (except as provided in an election under subsection (c)(5)); and, (C) as a condition of the loan, the plan sponsor stipulates that—. (f) Loan default.—If a plan is unable to make any payment on a loan under this section when due, the Pension Rehabilitation Administration shall negotiate with the plan sponsor revised terms for repayment (including installment payments over a reasonable period or forgiveness of a portion of the loan principal), but only to the extent necessary to avoid insolvency in the subsequent 18 months. The effort in the Senate was led by former members of the Select Pensions Committee, Sens. On June 11, the Butch Lewis Act,...the Rehabilitation of Multi-Employer Pensions Act,.....H.R.397, finally came out of Committee and will be scheduled for a full House vote soon. That is the moocher mentality you speak of. the plan to avoid projected insolvency. Coincidence? Without the volunteers we would need to pay for a full time squad. Provides up to $3 billion per year in transfers from taxpayers to the PBGC. Butch Lewis is a continuation of various prior legislative efforts aimed at addressing the multiemployer pension plan crisis, including earlier versions of the Butch Lewis Act of 2019, the Emergency Pension Plan Relief Act of 2020, and other pending pension reform legislation. (E) OMBUDSPERSON.—The Participant and Plan Sponsor Advocate established under section 4004 of the Employee Retirement Income Security Act of 1974 shall act as ombudsperson for participants and beneficiaries on behalf of whom annuity contracts are purchased or who are covered by a portfolio under this paragraph. McSally is originally from RI. purpose, the maximum guaranteed benefit amount shall be determined by I caught that too! Posted by stanley on September 28, 2019 at 12:02 am. (2) INTEREST RATE.—Except as provided in the second sentence of this paragraph and subsection (c)(5), loans made under subsection (a) shall have as low an interest rate as is feasible. Posted by Rex the Wonder Dog! News From: Butch Lewis Act. Blog – In Custodia Legis: Law Librarians of Congress, Senate - 07/24/2019 Read twice and referred to the Committee on Finance. We look at the top Wild West outlaws and some of the mysteries around All details on the site celebsbar.com “(2) the market value of the assets of the plan (determined as provided in paragraph (1)) as of the last day of the plan year preceding such plan year. “(4) AVAILABILITY OF FUNDS.—Amounts credited to or deposited in the Fund shall remain available until expended. “(A) annuity contracts purchased and portfolios implemented under section 4(d)(3) of such Act, and the benefits provided to participants and beneficiaries under such contracts or portfolios, shall not be taken into account in determining minimum required contributions under section 302. 1085) is amended by adding at the end the following new subsection: “(A) IN GENERAL.—If any employer participating in a plan at the time the plan receives a loan under section 4(a) of the Butch Lewis Act of 2019 withdraws from the plan before the end of the 30-year period beginning on the date of the loan, the withdrawal liability of such employer shall be determined—, “(i) by applying section 4219(c)(1)(D) as if the plan were terminating by the withdrawal of every employer from the plan, and. “(3) for administrative and operating expenses of such Administration.”. Posted by E on September 28, 2019 at 11:16 am. Such rate shall be determined by the Pension Rehabilitation Administration and shall—, (A) not be lower than the rate of interest on 30-year Treasury securities on the first day of the calendar year in which the loan is issued; and, (i) a rate .2 percent higher than such rate of interest on such date; or. “(10) a list of employers that paid withdrawal liability to the plan during the plan year preceding such plan year and, for each employer, a total assessment of the withdrawal liability paid, the annual payment amount, and the number of years remaining in the payment schedule with respect to such withdrawal liability. (ii) the plan is reasonably expected to be able to pay benefits and the interest on the loan during such period and to accumulate sufficient funds to repay the principal when due; (B) provide the plan’s most recently filed Form 5500 as of the date of application and any other information necessary to determine the loan amount under subsection (d); (C) stipulate whether the plan is also applying for financial assistance under section 4261(d) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. Doubles the PBGC’s maximum guarantee. (A) IN GENERAL.—The loan received under subsection (a) shall be used to purchase annuity contracts which meet the requirements of subparagraph (B) or to implement a portfolio described in subparagraph (C) (or a combination of the two) to provide the benefits described in paragraph (1). The Republican Chairman of the Senate Finance Committee, Senator Chuck Grassley of Iowa is taking the lead on creating an outline of what possible Legislation may look like. “(ii) the remaining payments due on the loan under section 4(a) of such Act, “(2) COORDINATION WITH FUNDING REQUIREMENTS.—In the case of a plan which receives a loan under section 4(a) of the Butch Lewis Act of 2019—. This is going to be better than football. I do not align myself with witb his views. Posted by E on September 28, 2019 at 11:03 am. Filibuster and Cloture In the case of a plan making this election, the interest on the loan shall be reduced by 0.5 percent. 6059A. … Reopening schools with AFT President Randi Weingarten . Loan program for multiemployer defined benefit plans. I would hope they do NOT pass it in its current form where these dead broke 15% funded multi-employer plans, some that are not even 15% funded, but instead pass it with major haircuts. Security Act of 1974 (29 U.S.C. 1431(d))—, (i) the plan sponsor shall submit the loan application and the application for financial assistance jointly to the Pension Rehabilitation Administration and the Pension Benefit Guaranty Corporation with the information necessary to determine the eligibility for and amount of the loan under this section and the financial assistance under section 4261(d) of such Act; and, (ii) if such financial assistance is granted, the amount of the loan under subsection (a) shall not exceed an amount equal to the excess of—, (I) the amount determined under paragraph (1)(A) or (1)(C)(ii) (whichever is applicable), without regard to paragraph (1)(B); over. to the benefit of each such participant or beneficiary. Mr. Brown (for himself, Ms. Baldwin, Mr. Blumenthal, Mr. Booker, Mr. Casey, Ms. Duckworth, Mr. Durbin, Ms. Harris, Ms. Hassan, Mr. Heinrich, Ms. Hirono, Mr. Jones, Mr. Kaine, Ms. Klobuchar, Mr. Manchin, Mr. Markey, Mr. Merkley, Mr. Peters, Ms. Rosen, Mr. Sanders, Mr. Schumer, Mrs. Shaheen, Ms. Smith, Ms. Stabenow, Mr. Van Hollen, Ms. Warren, and Mr. Whitehouse) introduced the following bill; which was read twice and referred to the Committee on Finance.

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