§ 1001a. Additional Congressional findings and declaration of policy
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(a)Effects of multiemployer pension plans The Congress finds that—
(1)multiemployer pension plans have a substantial impact on interstate commerce and are affected with a national public interest;
(2)multiemployer pension plans have accounted for a substantial portion of the increase in private pension plan coverage over the past three decades;
(3)the continued well-being and security of millions of employees, retirees, and their dependents are directly affected by multiemployer pension plans; and
(A)withdrawals of contributing employers from a multiemployer pension plan frequently result in substantially increased funding obligations for employers who continue to contribute to the plan, adversely affecting the plan, its participants and beneficiaries, and labor-management relations, and
(B)in a declining industry, the incidence of employer withdrawals is higher and the adverse effects described in subparagraph
(A)are exacerbated.
(b)Modification of multiemployer plan termination insurance provisions and replacement of program The Congress further finds that—
(1)it is desirable to modify the current multiemployer plan termination insurance provisions in order to increase the likelihood of protecting plan participants against benefit losses; and
(2)it is desirable to replace the termination insurance program for multiemployer pension plans with an insolvency-based benefit protection program that will enhance the financial soundness of such plans, place primary emphasis on plan continuation, and contain program costs within reasonable limits.
(c)Policy It is hereby declared to be the policy of this Act—
(1)to foster and facilitate interstate commerce,
(2)to alleviate certain problems which tend to discourage the maintenance and growth of multiemployer pension plans,
(3)to provide reasonable protection for the interests of participants and beneficiaries of financially distressed multiemployer pension plans, and
(4)to provide a financially self-sufficient program for the guarantee of employee benefits under multiemployer plans.
(Pub. L. 96–364, § 3, Sept. 26, 1980, 94 Stat. 1209.)
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- Public Law 98–397To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1954 to improve the delivery of retirement benefits and provide for greater equity under private pension plans for workers and their spouses and dependents by taking into account changes in work patterns, t
- Public Law 96–364To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1954 to improve retirement income security under private multiemployer pension plans by strengthening the funding requirements for those plans, to authorize plan preservation measures for financially troubl
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- Pub. L. 96–364, § 3
- 94 Stat. 1209
- Pub. L. 96–364
- 94 Stat. 1208
- Pub. L. 96–364, title IV, § 412(b)
- 94 Stat. 1309
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cites case law
§ 1001a
Additional Congressional findings and declaration of policy
Stat.×3
Pub. L.Pub. L. 96–364, § 3
Stat.94 Stat. 1209
Pub. L.Pub. L. 96–364
Stat.94 Stat. 1208
Pub. L.Pub. L. 96–364, title IV, § 412(b)
Cites 8 · showing 7Cited by 3 across 1 source