29 U.S.C. § 1001a — Additional Congressional findings and declaration of policy
submitted 46 years ago by Pub. L. 96-364 to r/title-29-LABOR · 293 words · no verdicts yet
Congress describes problems affecting multiemployer pension plans and states policies for protecting their participants and keeping the plans financially sound.
(a) Congress finds that multiemployer pension plans substantially affect interstate commerce and have a national public interest; account for a substantial part of the growth in private pension coverage over the last three decades; and directly affect millions of employees, retirees, and dependents. (4)(A) Employer* withdrawals often greatly increase the funding obligations of employers that keep contributing, harming the plan*, participants, beneficiaries, and labor-management relations. (B) Withdrawals are more common in a declining industry, which worsens those harms. (b) Congress also finds that it is desirable to change multiemployer plan termination-insurance rules to better protect participants from benefit losses, and to replace that insurance program with an insolvency-based benefit-protection program that improves plans’ financial soundness, emphasizes continuing the plans, and keeps program costs within reasonable limits. (c) The policy of this Act is to foster and facilitate interstate commerce*; reduce problems that discourage maintaining and growing multiemployer plans; reasonably protect participants and beneficiaries of financially distressed plans; and provide a financially self-sufficient program guaranteeing employee* benefits under multiemployer plans.
The Congress finds that—
multiemployer pension plans have a substantial impact on interstate commerce* and are affected with a national public interest;
multiemployer pension plans have accounted for a substantial portion of the increase in private pension plan* coverage over the past three decades;
the continued well-being and security of millions of employees, retirees, and their dependents are directly affected by multiemployer pension plans; and
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
in a declining industry, the incidence of employer* withdrawals is higher and the adverse effects described in subparagraph (A) are exacerbated.
The Congress further finds that—
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
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.
It is hereby declared to be the policy of this Act—
to foster and facilitate interstate commerce,
to alleviate certain problems which tend to discourage the maintenance and growth of multiemployer pension plans,
to provide reasonable protection for the interests of participants and beneficiaries of financially distressed multiemployer pension plans, and
to provide a financially self-sufficient program for the guarantee of employee* benefits under multiemployer plans.
Source credit: (Pub. L. 96–364, § 3, Sept. 26, 1980, 94 Stat. 1209.)
- 1980Enacted · Pub. L. 96-364 · 94 Stat. 1209
A history note hasn’t been published yet. The record shows enactment by Pub. L. 96-364 on 1980-09-26.
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