House OKs Rescue Program For Multiemployer Pension Plans

Law360 (July 24, 2019, 8:54 PM EDT) -- The House approved legislation Wednesday that would establish a new federal lending program for multiemployer pension plans that may face insolvency.

H.R. 397, which the House passed Wednesday, would create a new federal agency to authorize loans to struggling multiemployer defined benefit plans. (AP) H.R. 397, or the Rehabilitation for Multiemployer Pensions Act of 2019, also known as the Butch Lewis Act, was passed by a 264-169 vote, with 29 House Republicans voting in favor. The bill would establish a new Pension Rehabilitation Administration within the U.S. Department of the Treasury that would be responsible for authorizing loans to struggling multiemployer...

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