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Pension Relief Act: Securing Benefits and Stabilizing Retirement Plans.

This act aims to protect pension benefits for millions of Americans by providing financial assistance to at-risk pension plans. This ensures that retirees can continue to receive their payments and workers have greater certainty about their future benefits. The changes are designed to stabilize the pension system, minimizing the risk of losing accumulated funds.
Key points
Establishes a rescue fund for distressed multiemployer pension plans to prevent their collapse.
Restores previously suspended pension benefits for participants in plans receiving assistance, meaning full payments resume.
Extends the amortization periods for single-employer pension plans, giving companies more time to improve their financial health.
Increases the guarantee amounts paid by the PBGC for multiemployer plan participants, enhancing benefit security.
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Expired
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Additional Information
Print number: 117_HR_423
Sponsor: Rep. Scott, Robert C. "Bobby" [D-VA-3]
Process start date: 2021-01-21
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Emergency Pension Plan Relief Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_423.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-01-21.

What are the main provisions?

Key points include:

  • Establishes a rescue fund for distressed multiemployer pension plans to prevent their collapse.
  • Restores previously suspended pension benefits for participants in plans receiving assistance, meaning full payments resume.
  • Extends the amortization periods for single-employer pension plans, giving companies more time to improve their financial health.
  • Increases the guarantee amounts paid by the PBGC for multiemployer plan participants, enhancing benefit security.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Scott, Robert C. "Bobby" [D-VA-3].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Benefits Labor Economy