Sec. 703. Pension Benefit Guaranty Corporation premium rate increases
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Section 4006(a)(3)(A)(i) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1306(a)(3)(A)(i) ) is amended— in subclause (II), by striking and at the end; in subclause (III), by inserting and before January 1, 2015, after December 31, 2013 ; and by inserting after subclause
(III)the following: for plan years beginning after December 31, 2014, and before January 1, 2016, $57; and for plan years beginning after December 31, 2015, and before January 1, 2017, $64. . Section 4006(a)(3) of such Act ( 29 U.S.C. 1306(a)(3) ) is amended— by redesignating subparagraphs
(G)through
(J)as subparagraphs
(H)through (K), respectively; and by inserting after subparagraph
(F)the following: For each plan year beginning in a calendar year after 2016, there shall be substituted for the premium rate specified in clause
(i)of subparagraph
(A)an amount equal to the greater of— the product derived by multiplying the premium rate specified in clause
(i)of subparagraph
(A)by the ratio of— the national average wage index (as defined in section 209(k)(1) of the Social Security Act) for the first of the 2 calendar years preceding the calendar year in which such plan year begins, to the national average wage index (as so defined) for 2014; and the premium rate in effect under clause
(i)of subparagraph
(A)for plan years beginning in the preceding calendar year. If the amount determined under this subparagraph is not a multiple of $1, such product shall be rounded to the nearest multiple of $1. . Section 4006(a)(3)(F) of such Act ( 29 U.S.C. 1306(a)(3)(F) ) is amended— in the matter before clause (i), by inserting and before 2013 after after 2006 ; and in the flush text following clause (ii), by striking the second sentence. Section 4006(a)(8)(C) of such Act ( 29 U.S.C. 1306(a)(8)(C) ) is amended— in clause (i), by striking and at the end; in clause (ii), by striking $5. and inserting $10; and ; and by adding at the end the following: in the case of plan years beginning in calendar year 2016, by $5. . Section 4006(a)(8) of such Act ( 29 U.S.C. 1306(a)(8) ) is amended— in subparagraph (A)— in clause (ii), by striking and at the end; in clause (iii), by striking the period at the end and inserting ; and ; and by adding at the end the following: for plan years beginning after calendar year 2016, the amount in effect for plan years beginning in 2016 (determined after application of subparagraph (C)). ; and in subparagraph (D)— in clause (ii), by striking and at the end; in clause (iii), by striking the period at the end and inserting ; and ; and by adding at the end the following: 2014, in the case of plan years beginning after calendar year 2016. . Section 4006(a)(3)(E)(i) of such Act ( 29 U.S.C. 1306(a)(3)(E)(i) ) is amended— in subclause (I), by striking and at the end; in subclause (II)— by inserting and before 2016 after 2012 ; and by striking the period at the end and inserting and ; and by adding at the end the following: in the case of plan years beginning in a calendar year after 2015, shall not exceed $500. . Section 4006(a)(3) of such Act ( 29 U.S.C. 1306(a)(3) ) is amended— in subparagraph
(K)(as redesignated by subsection (b)(1)(A)), by inserting and before 2016 after 2013 ; and by inserting at the end the following: For each plan year beginning in a calendar year after 2016, there shall be substituted for the dollar amount specified in subclause
(III)of subparagraph (E)(i) an amount equal to the greater of— the product derived by multiplying such dollar amount by the ratio of— the national average wage index (as defined in section 209(k)(1) of the Social Security Act) for the first of the 2 calendar years preceding the calendar year in which such plan year begins, to the national average wage index (as so defined) for 2014; and such dollar amount for plan years beginning in the preceding calendar year. If the amount determined under this subparagraph is not a multiple of $1, such product shall be rounded to the nearest multiple of $1. . The amendments made by this section shall apply to plan years beginning after December 31, 2013.
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Sec. 703
Pension Benefit Guaranty Corporation premium rate increases
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