Sec. 7. PBGC guarantee for participants in multiemployer plans
168 words·~1 min read·
/bill/117/s/547/is/section-7A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 4022A(c)(1) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1322a(c)(1) ) is amended by striking subparagraphs
(A)and
(B)and inserting the following: 100 percent of the accrual rate up to $15, plus 75 percent of the lesser of— $70; or the accrual rate, if any, in excess of $15; and the number of the participant’s years of credited service. For each calendar year after the first full calendar year following the date of the enactment of the Butch Lewis Emergency Pension Plan Relief Act of 2021 , the accrual rates in subparagraph
(A)shall increase by the national average wage index (as defined in section 209(k)(1) of the Social Security Act). For purposes of this subsection, the rates applicable for determining the guaranteed benefits of the participants of any plan shall be the rates in effect for the calendar year in which the plan becomes insolvent under section 4245 or the calendar year in which the plan is terminated, if earlier. .
Connectionstraces to 1
Traces to 1 document
Citation graph
cites case law
Sec. 7
PBGC guarantee for participants in multiemployer plans
Cites 1Cited by 0 across 0 sources