S. 589: Chris Allen Multiemployer Pension Recapitalization and Reform Act of 2021

117th Congress · introduced 2021-03-04 · Labor and Employment · Latest: Read twice and referred to the Committee on Finance.

federal

Follow this bill, step by step

Where it came from: introduced 2021-03-04 · official record
Who proposed it: Sen. Grassley, Chuck [R-IA] · 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 Finance. 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

Chris Allen Multiemployer Pension Recapitalization and Reform Act of 2021

Plain summary

Chris Allen Multiemployer Pension Recapitalization and Reform Act of 2021 This bill makes various changes with respect to the administration of multiemployer pension plans. Among other provisions, the bill allows qualified multiemployer plans to apply for special partition assistance from the Pension Benefit Guaranty Corporation (PBGC). Partition assistance generally authorizes the PBGC to take financial responsibility for a portion of the liabilities of a plan at risk of insolvency. Subject to certain exceptions and conditions, special partition assistance expands eligibility for partition assistance and does not require plans to repay the amount of assistance received. The bill also revises the PBGC rules for determining whether a plan is insolvent and the procedures for terminating a plan that fails to meet certain standards. Additionally, the bill sets forth the discount rates used to estimate a plan's future benefit payment obligations, which affect an employer's minimum contribution to the plan. It also establishes a stable funding status and an unrestricted funding status and revises the criteria for plans that are in endangered, critical, and critical and declining statuses. Finally, the bill establishes rules for new composite plans. Composite plans provide annuity benefits to plan participants, establish fixed contributions from employers, and require realignment measures if the plan's projected funded ratio falls below 120%. A composite plan's projected funded ratio is the actuarial projection of the plan's assets compared to liabilities as of the first plan day of the 15th plan year following a given plan year.

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

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What does this mean? (plain words)

Official text

Chris Allen Multiemployer Pension Recapitalization and Reform Act of 2021

Source: Congressional Research Service summary (Introduced in Senate)

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

Officials and money

Sponsor: Sen. Grassley, Chuck [R-IA] · 0 cosponsors

Cost estimate: No cost estimate published yet.

Sponsor's campaign money: Sen. Grassley, Chuck [R-IA] reported raising $527,998 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

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 (3)

Bill: A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
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.
Rulemaking: The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

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-117s589.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/117/s>

Record fed-us-cong117-s589 · catalog fed-us-congress-bills-cong117 · updated 2026-11-15 by psicol fed-bills-cong117