Bill Would Create Pension Rehabilitation Trust Fund, New Agency
Sen. Sherrod Brown (D-OH) has introduced legislation
that would create a Pension Rehabilitation Trust Fund and a Pension Rehabilitation Administration. He intends the bill to protect pension benefits for retirees in multiemployer DB plans.
Brown intends the bill
to protect the retirement benefits of participants and retirees in multiemployer plans serving union members, which comprise a significant portion of his constituents. The bill would affect other retirees as well.
“If nothing is done to the plans, they will fail and retirees will face massive cuts to the benefits they earned over decades of work. If the plans are allowed to fail, not only will they no longer be able to pay promised benefits, but taxpayers would be at risk of having to pay billions because the Pension Benefit Guarantee Corporation (PBGC) would be on the hook for billions of dollars it cannot pay,” said Sherrod in a press release.
Brown introduced S. 2147 on Nov. 16; the bill was referred to the Senate Finance Committee. Although the bill has been introduced, as of Nov. 22 it had not been sent to the Library of Congress and is not yet available through its online platform that provides information about current and past legislation.