Sec. 602. Funding
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Section 4005 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1305 ) is amended by adding at the end the following: The corporation may borrow from the Secretary of the Treasury such funds as are necessary to pay basic benefits guaranteed under section 4022A or expenses related to the corporation’s multiemployer plan program if the balance of assets in the revolving fund established under subsection
(a)for purposes of paying such benefits is $500,000,000 or less within that year. The corporation may invest amounts so borrowed in accordance with subsection (b)(3)(A). Amounts borrowed under this subsection shall be— issued at an annual interest rate of 0 percent; and repaid by the corporation— beginning 20 years after the date on which the loan is issued; over a period of not more than 20 years from commencement of repayment; and out of the fund established under subsection
(a)to pay basic benefits guaranteed under section 4022A. The corporation shall notify the Committee on Health, Education, Labor, and Pensions and the Committee on Finance of the Senate and the Committee on Education and Labor and the Committee on Ways and Means of the House of Representatives within 14 days of requesting a loan under this subsection. Beginning on January 1, 2021, if, as of the close of any calendar year the outstanding balance of the loans provided to the corporation during the previous year under this subsection exceeded $2,000,000,000, the multiemployer flat-rate premium rates applicable under section 4006(a) solely for plan years beginning in the immediately succeeding calendar year shall be increased by 20 percent. . Section 4022A(f) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1322a(f) ) is amended— by striking Committee on Labor and Human Resources each place such term appears and inserting Committee on Health, Education, Labor, and Pensions ; in paragraph (1)(A)— in clause (i), by striking , and and inserting a semicolon; and by inserting after clause
(ii)the following: whether the Corporation projects that the loans issued under section 4005(i) will be repaid in accordance with the schedule set forth in paragraph (2)(B) of such section; and ; in paragraph (2)— in subparagraph (A)— in the matter preceding clause (i), by inserting and repayment of loans under section 4005(i) after multiemployer plans ; and in clause (ii), by inserting , and repayment of any loans issued under section 4005(i) before the comma at the end; and in subparagraph (C), by striking second ; and in paragraph (3)(A)(ii), by inserting and repayment of loans issued under section 4005(i) before the period.
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