United States Bills

in committee · United States · Senate Mar 2, 2021

S 547: Butch Lewis Emergency Pension Plan Relief Act of 2021

Butch Lewis Emergency Pension Plan Relief Act of 2021 This bill modifies the funding rules and provides financial assistance for certain pension plans that are underfunded or insolvent. First, the bill expands the authority of, and provides funding for, the Pension Benefit Guaranty Corporation (PBGC) to provide special partition assistance to a multiemployer pension plan that is insolvent or at risk of insolvency. The bill expands eligibility for partition assistance, provides funding for a plan to reach a projected funded ratio of 80% over a 30-year period, and does not require a plan to repay such assistance. The bill further permits a multiemployer pension plan to elect to retain its funding zone status from the previous year for either (1) the first plan year beginning during the period from March 1, 2020, through February 28, 2021; or (2) the next succeeding plan year, as designated by the plan sponsor. A plan may also extend by five years the funding improvement or rehabilitation period if the plan is designated as in endangered or critical status for a plan year beginning in 2020 or 2021. A plan in critical and declining status may not suspend payment of plan benefits. Additionally, the bill adjusts the minimum funding standards for a multiemployer pension plan to account for investment losses and other losses related to the COVID-19 pandemic and modifies the PBGC guarantee formula to increase the maximum potential benefits under a multiemployer pension plan.

Sherrod Brown (D) · 42 co-sponsors

in committee · United States · Senate Mar 2, 2021

S 532: Rural Wind Energy Modernization and Extension Act of 2021

Rural Wind Energy Modernization and Extension Act of 2021 This bill expands the energy tax credit to include qualified distributed wind energy property. The bill defines qualified distributed wind energy property to include property that uses one or more wind turbines used to produce electricity in a single project with a total nameplate capacity not exceeding 10 megawatts.

Topics ✓ Budget & Taxes ✓ Energy ✓ Environment

in committee · United States · Senate Mar 2, 2021

S 545: Railroad Employee Equity and Fairness Act

Railroad Employee Equity and Fairness Act or the REEF Act This bill permanently exempts payments made from the Railroad Unemployment Insurance Account from sequestration. Sequestration is a process of automatic, usually across-the-board spending reductions under which budgetary resources are permanently cancelled to enforce specific budget policy goals. Currently, this exemption ends 30 days after the termination of the COVID-19 national emergency period.

Topics ✓ Budget & Taxes

in committee · United States · Senate Mar 2, 2021

S 529: Background Check Expansion Act

Background Check Expansion Act This bill establishes new background check requirements for firearm transfers between private parties (i.e., unlicensed individuals). Specifically, it prohibits a firearm transfer between private parties unless a licensed gun dealer, manufacturer, or importer first takes possession of the firearm to conduct a background check. The prohibition does not apply to certain firearm transfers, such as a gift between spouses in good faith.