Workers' Pension Protection Act

Summary

TABLE OF CONTENTS: Title I: Minimum Guaranteed Benefits Title II: Treatment of Asset Deficient Multiemployer Pension Plans Title III: Actuarial Assumptions Title IV: Administration and Enforcement Title V: Increase in Multiemployer Plan Insurance Premiums Workers' Pension Protection Act - Amends the Employee Retirement Income Security Act of 1974 to revise protections for workers in multiemployer pension plans. Title I: Minimum Guaranteed Benefits - Revises a formula and increases the amount of multiemployer plan benefits guaranteed by the Pension Benefit Guaranty Corporation. Title II: Treatment of Asset Deficient Multiemployer Pension Plans - Prohibits multiemployer pension plan trustees from increasing benefits if the plan is an asset deficient plan with a funded current liability percentage of 95 percent or less. Allows a plan that is not asset deficient to choose to increase benefits if the benefit increase would not reduce the funding levels to below 90 percent. Requires multiemployer plans to use specified interest rate assumptions and mortality tables. Modifies a rule which prohibits decrease of accrued benefits to make an exception for plan amendments which reduce an increase resulting from an increase in benefits prohibited under this title. Requires multiemployer plan administrators to notify plan participants, beneficiaries, and contributing employers of the plan's funding status and the limits of the guarantee by the PBGC if the plan becomes insolvent. Title III: Actuarial Assumptions - Requires multiemployer plans, for purposes of determining withdrawal liability, to adopt the interest rate and mortality tables for determining current liability which are specified under title I of this Act. Title IV: Administration and Enforcement - Grants employers that contribute to multiemployer plans the right to seek an injunction against a plan to prevent an impermissible benefit increase or any other violations of specified provisions, or obtain other appropriate relief to redress such violations or enforce such provisions. Authorizes a court, in its discretion, to award reasonable attorney's fees and costs to either party in such actions. Title V: Increase in Multiemployer Plan Insurance Premiums - Provides for phased-in increases in multiemployer plan insurance premiums.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 9 November 1997

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 9 November 1997

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• Introduced in Senate

  summary · EN · 9 November 1997

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