S. 3157: Create Jobs and Save Benefits Act of 2010

111th Congress · introduced 2010-03-23 · Labor and Employment · Latest: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

federal

Follow this bill, step by step

Where it came from: introduced 2010-03-23 · official record
Who proposed it: Sen. Casey, Robert P., Jr. [D-PA] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Create Jobs and Save Benefits Act of 2010

Plain summary

Create Jobs and Save Benefits Act of 2010 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to: (1) permit multiemployer pension plans to merge or form alliances with other plans; (2) increase Pension Benefit Guaranty Corporation (PBGC) guarantees for insolvent plans to increase participant benefits; and (3) increase from $8.00 to $16.00 the annual premium rate payable to the PBGC for each individual who is a participant of a multiemployer plan after December 31, 2010. Requires the PBGC, upon the plan sponsor's written notice of election to partition an eligible multiemployer plan in critical status and likely to become insolvent, to order the interim partition of such plan if it would significantly reduce the likelihood that the plan will become insolvent. Requires the PBGC, similarly, to order an interim partition of an eligible multiemployer plan in endangered status because it has suffered a substantial reduction in the amount of contribution base units as a result of declining employment within the industry of employers covered by the plan. Requires a partition order to provide for transfer to a successor plan created by the partition of nonforfeitable benefits directly attributable to service with eligible partition employers as well as specified assets of the mutliemployer plan in critical or endangered status. Prescribes requirements for payment of the withdrawal liability of an employer that completely withdraws from a plan within 60 months after a partition order. Prohibits a plan that elects a partition from adopting, within five years after the partition order, any plan amendment that would increase liabilities by reason of any increase in benefits. Waives certain rehabilitation plan requirements for an eligible multiemployer plan in critical status that elects a partition to the extent that any required action, option, or measure under the rehabilitation plan would adversely affect the future level of covered employment under the plan. Establishes a fifth revolving fund to finance obligations undertaken by the PBGC to protect the assets of multiemployer plans the PBGC has partitioned.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

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A “Yea” vote

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A “Nay” vote

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PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Create Jobs and Save Benefits Act of 2010

Source: Congressional Research Service summary (Introduced in Senate)

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Casey, Robert P., Jr. [D-PA] · 5 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Richard J. Durbin (D-IL)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (2)

Obligation: A binding promise by a government agency to pay money, for example by signing a contract or awarding a grant. Spending data such as USAspending.gov counts money when it is obligated, which can be before it is actually paid out.
Securities: Financial investments that can be bought and sold, such as stocks and bonds.

Plain meanings written from linked sources. All words.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-111s3157.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/111/s>

Record fed-us-cong111-s3157 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111