Butch Lewis Act of 2017

Summary

Butch Lewis Act of 2017 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 16 November 2017

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 16 November 2017

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 30 January 2018

   Committee

   Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-161.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 16 November 2017 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 16 November 2017

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 16 November 2017

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 16 November 2017

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Sen. Stabenow, Debbie [D-MI] · D · Sponsor
• Sen. Manchin, Joe, III [D-WV] · D · Sponsor
• Sen. Heitkamp, Heidi [D-ND] · D · Sponsor
• Sen. Baldwin, Tammy [D-WI] · D · Sponsor
• Sen. McCaskill, Claire [D-MO] · D · Sponsor
• Sen. Franken, Al [D-MN] · D · Sponsor
• Sen. Klobuchar, Amy [D-MN] · D · Sponsor
• Sen. Durbin, Richard J. [D-IL] · D · Sponsor
• Sen. Peters, Gary C. [D-MI] · D · Sponsor
• Sen. Donnelly, Joe [D-IN] · D · Sponsor
• Sen. Duckworth, Tammy [D-IL] · D · Sponsor
• Sen. Nelson, Bill [D-FL] · D · Cosponsor
• Sen. Casey, Robert P., Jr. [D-PA] · D · Cosponsor
• Sen. Smith, Tina [D-MN] · D · Cosponsor
• Sen. Jones, Doug [D-AL] · D · Cosponsor
• Sen. Shaheen, Jeanne [D-NH] · D · Cosponsor
• Sen. Hassan, Margaret Wood [D-NH] · D · Cosponsor
• Sen. Booker, Cory A. [D-NJ] · D · Cosponsor
• Sen. Warren, Elizabeth [D-MA] · D · Cosponsor
• Sen. Hirono, Mazie K. [D-HI] · D · Cosponsor
• Sen. Merkley, Jeff [D-OR] · D · Cosponsor
• Sen. Markey, Edward J. [D-MA] · D · Cosponsor
• Sen. Whitehouse, Sheldon [D-RI] · D · Cosponsor
• Sen. Harris, Kamala D. [D-CA] · D · Cosponsor
• · ssbk00 · Standing
• · ssfi00 · Standing

Related records

• related to → Rehabilitation for Multiemployer Pensions Act