What is the official ID of this bill?
The official print number for this legislation is HR 423.
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.
Status:
Expired
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