Sec. 1. Short title; table of contents
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This Act may be cited as the . Chris Allen Multiemployer Pension Recapitalization and Reform Act of 2021 The table of contents for this Act is as follows: Sec. 1. Short title; table of contents. TITLE I—Restructuring pension insurance for multiemployer defined benefit pension plans Subtitle A—Special partitions of eligible multiemployer plans Sec. 101. Special partitions of eligible multiemployer plans. Subtitle B—PBGC reforms Sec. 111. Guarantee rate increase for plans receiving financial assistance.
Sec. 112. Amendment to definition of insolvency. Sec. 113. Termination of multiemployer plans. Sec. 114. Benefits under certain terminated plans. Subtitle C—Pension insurance modeling Sec. 121. Pension insurance modeling. TITLE II—Funding rules, withdrawal liability, and other reforms Subtitle A—Minimum funding standard for multiemployer plans Sec. 201. Valuation of plan liabilities. Subtitle B—Additional funding rules for multiemployer plans Part I—Plan status amendments Sec. 211.
Amendments to Internal Revenue Code of 1986. Sec. 212. Amendments to Employee Retirement Income Security Act of 1974. Sec. 213. Transition rules. Part II—Provisions relating to plan mergers Sec. 221. Provisions relating to plan mergers and consolidations. Sec. 222. Clarification of PBGC financial assistance for plan mergers and partitions. Sec. 223. Restoration not required for certain mergers. Part III—Withdrawal liability reform Sec. 231. Withdrawal liability reform. TITLE III—Plan governance, disclosure, and other reforms for multiemployer defined benefit pension plans Subtitle A—Plan governance and operations for multiemployer plans Sec. 301.
Independent trustees. Sec. 302. Investigatory authority. Sec. 303. Conditions on financial assistance. Sec. 304. Excise tax on excess compensation of covered employees of partitioned multiemployer plans. Subtitle B—Reportable events for multiemployer plans Sec. 311. Reportable events. Subtitle C—Funding notices to participants in multiemployer plans Sec. 321. Improved multiemployer plan disclosure. Sec. 322. Penalties for failure to provide notices. Subtitle D—Consistency of criminal penalties Sec. 331.
Consistency of criminal penalties. TITLE IV—Other multiemployer plan reforms Sec. 401. Clarification of fiduciary duty of retiree representative who is a trustee. Sec. 402. Safe harbors. Sec. 403. Clarification of notice and comment process. Sec. 404. Protection of participants receiving disability benefits. Sec. 405. Model notice. TITLE V—Alternative plan structures Sec. 501. Composite plans. Sec. 502. Application of certain requirements to composite plans. Sec. 503. Treatment of composite plans under title IV.
Sec. 504. Conforming changes. Sec. 505. Effective date. TITLE VI—Financial provisions Sec. 601. Additional premiums. Sec. 602. Funding. Sec. 603. Composite plan transition fee.