Sec. 2. Benefit suspensions for multiemployer plans in critical and declining status
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/bill/115/s/489/is/section-2A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 305(e)(9)(H) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1085(e)(9)(H) ) is amended— in clause (ii)— by striking Except as provided in clause (v), the and inserting The ; and by striking a majority of all participants and beneficiaries of the plan and inserting , of the participants and beneficiaries of the plan who cast a vote, a majority ; by striking clause (v); by redesignating clause
(vi)as clause (v); and in clause (v), as so redesignated— by striking (or following a determination under clause
(v)that the plan is a systemically important plan) ; and by striking (or, in the case of a suspension that goes into effect under clause (v), at a time sufficient to allow the implementation of the suspension prior to the end of the 90-day period described in clause (v)(I)) . Section 432(e)(9)(H) of the Internal Revenue Code of 1986 is amended— in clause (ii)— by striking Except as provided in clause (v), the and inserting The ; and by striking a majority of all participants and beneficiaries of the plan and inserting , of the participants and beneficiaries of the plan who cast a vote, a majority ; by striking clause (v); by redesignating clause
(vi)as clause (v); and in clause (v), as so redesignated— by striking (or following a determination under clause
(v)that the plan is a systemically important plan) ; and by striking (or, in the case of a suspension that goes into effect under clause (v), at a time sufficient to allow the implementation of the suspension prior to the end of the 90-day period described in clause (v)(I)) . The amendments made by subsections
(a)and
(b)shall apply to any vote on the suspension of benefits under section 305(e)(9)(H) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1085(e)(9)(H) ) and section 432(e)(9)(H) of the Internal Revenue Code of 1986 that occurs after the date of enactment of this Act.
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Sec. 2
Benefit suspensions for multiemployer plans in critical and declining status
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