Sec. 7. Pension insurance program modifications
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Subparagraph
(A)of section 4006(a)(3) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1306(a)(3) ) is amended— in clause (i)— by striking in the case of a single-employer plan and inserting except as provided in clause (vi), in the case of a single-employer plan ; and in subclause (III), by striking the period and inserting a comma; in clause (iv), by striking or at the end; in clause (v), by striking the period at the end and inserting , or ; and by adding at the end thereof the following new clause: in the case of a CSEC plan (as defined in section 210(f)), an amount for each individual who is a participant in such plan during the plan year equal to the sum of the additional premium (if any) described under subparagraph
(K)and $42. . Paragraph
(3)of section 4006(a) of such Act (29 U.S.C. 1306(a)) is amended by adding at the end the following: The additional premium determined under this subparagraph with respect to any plan for any plan year— shall be an amount equal to the amount determined under clause
(ii)divided by the number of participants in such plan as of the close of the preceding year; and in the case of plan years beginning in a calendar year after 2013, shall not exceed the dollar amount described in subparagraph (E)(i)(II) (without the application of subparagraph (J)). The amount determined under this clause for any plan shall be an amount equal to $9.00 for each $1,000 (or fraction thereof) of unfunded vested benefits under the plan as of the close of the preceding plan year. For this purpose, the term unfunded vested benefits shall have the meaning given such term under clauses
(iii)and
(iv)of subparagraph (E). . The Pension Benefit Guaranty Corporation shall conduct a study to determine if there is empirical evidence to support modifying the premium structure under section 4006(a)(3) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1306(a)(3)(A) ) for CSEC plans. The study under paragraph
(1)shall include data with respect to— the portion of the Pension Benefit Guaranty Corporation’s total liabilities that are attributable to CSEC plans; the ratio of such portion to the total of the funding targets of CSEC plans; and with respect to single-employer plans other than CSEC plans, the ratio of— the portion of the Pension Benefit Guaranty Corporation’s total liabilities that are attributable to such plans, to the total of the funding targets of such plans. In carrying out paragraph (2), the Pension Benefit Guaranty Corporation shall make such reasonable estimates as are necessary or appropriate in providing the data described in such paragraph. The Pension Benefit Guaranty Corporation shall report the results of the study conducted under paragraph (1), together with any recommendations for legislative changes, to the Committee on Health, Education, Labor, and Pensions of the Senate and the Committee on Education and the Workforce of the House of Representatives. The report described in paragraph
(4)shall include a section prepared by the Participant and Plan Sponsor Advocate of the Pension Benefit Guaranty Corporation that includes a statement setting forth the position of such Participant and Plan Sponsor Advocate on the process underlying the study and the conclusions set forth in the report. In this section— the term CSEC plan has the meaning given such term in section 210 of the Employee Retirement Income Security Act of 1974 (as added by section 3); and the term funding target has the meaning given that term in section 303(d)(1) of such Act ( 29 U.S.C. 1083(d)(1) ).
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