Sec. 405. Enhancing retiree health benefits in pension plans
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/bill/117/s/1770/is/section-405·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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(4)of section 420(b) is amended by striking December 31, 2025 and inserting December 31, 2031 . Subsection
(e)of section 420 is amended by adding at the end the following new paragraph: In the case of a transfer of an amount which is not more than 1.75 percent of the amount determined under paragraph (2)(A) by a plan which meets the requirements of subparagraph (B), paragraph (2)(B) shall be applied by substituting 110 percent for 125 percent . A plan is described in this subparagraph if, as of any valuation date in each of the 2 plan years immediately preceding the plan year in which the transfer occurs, the amount determined under paragraph (2)(A) with respect to such plan exceeded 110 percent of the sum of the funding target and the target normal cost determined under section 430 for such plan year. . Subparagraph
(D)of section 420(c)(3) is amended by striking 5 taxable years and inserting 5 taxable years (7 taxable years in the case of a transfer to which subsection (e)(7) applies) . Clause
(i)of section 420(f)(2)(B) is amended— by striking and inserting “ In general .—In In general .— In , by striking subsection (e)(2) and inserting subsection (e)(2)(B) , and by adding at the end the following new subclause: In determining excess pension assets for purposes of a collectively bargained transfer, subsection (e)(7) shall not apply. . Subclause
(I)of section 420(f)(2)(D)(i) is amended by striking 4th year and inserting 4th year (the 6th year in the case of a transfer to which subsection (e)(7) applies) . Section 101(e)(3) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1021(e)(3) ) is amended by striking (as in effect on the date of the enactment of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015) and inserting (as in effect on the date of the enactment of the . Retirement Security and Savings Act of 2021 ) Section 403(c)(1) of such Act ( 29 U.S.C. 1103(c)(1) ) is amended by striking (as in effect on the date of the enactment of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015) and inserting (as in effect on the date of the enactment of the . Retirement Security and Savings Act of 2021 ) Section 408(b)(13) of such Act ( 29 U.S.C. 1108(b)(13) ) is amended— by striking January 1, 2026 and inserting January 1, 2032 ; and by striking (as in effect on the date of the enactment of the Surface Transportation and Veterans Health Care Choice Improvement Act of 2015) and inserting (as in effect on the date of the enactment of the . Retirement Security and Savings Act of 2021 ) The amendments made by this section shall apply to transfers made after the date of the enactment of this Act.
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