Safeguarding American Workers’ Benefits Act

Hozzl · 2024-12-19T09:06:13Z

Explore the details of House Bill 7991 Safeguarding American Workers’ Benefits Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

12/19/2024, 9:06 AM

Summary of Bill HR 7991

Bill 118 hr 7991, also known as the Safeguarding American Workers’ Benefits Act, aims to protect the benefits of American workers by addressing issues related to multiemployer pension plans. These plans are retirement plans that are collectively bargained by a union and multiple employers in industries such as construction, trucking, and mining.

The bill seeks to address the financial challenges facing these multiemployer pension plans, which have been exacerbated by factors such as economic downturns, industry consolidation, and an aging workforce. One of the key provisions of the bill is the establishment of a Pension Rehabilitation Administration within the Department of the Treasury. This administration would provide low-interest loans to financially troubled multiemployer pension plans in order to help them remain solvent and continue providing benefits to their participants.

Additionally, the bill includes measures to improve transparency and accountability in the management of multiemployer pension plans, as well as provisions to strengthen the Pension Benefit Guaranty Corporation (PBGC), which insures these plans in the event of insolvency. The PBGC would receive additional funding under the bill to ensure that it can fulfill its obligations to participants in distressed plans. Overall, the Safeguarding American Workers’ Benefits Act aims to protect the retirement security of American workers who participate in multiemployer pension plans. By providing financial assistance to struggling plans and strengthening oversight mechanisms, the bill seeks to ensure that workers can continue to rely on their hard-earned benefits in retirement.

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Current Status of Bill HR 7991

Bill HR 7991 is currently in the status of Bill Introduced since April 15, 2024. Bill HR 7991 was introduced during Congress 118 and was introduced to the House on April 15, 2024. Bill HR 7991's most recent activity was Referred to the Subcommittee on Social Security. as of December 17, 2024

Bipartisan Support of Bill HR 7991

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Unaffiliated Sponsors

Total Number of Cosponsors

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Policy Area and Potential Impact of Bill HR 7991

Primary Policy Focus

Taxation

Alternate Title(s) of Bill HR 7991

Safeguarding American Workers’ Benefits ActSafeguarding American Workers’ Benefits ActTo amend the Internal Revenue Code of 1986 to modify the social security number requirements for claiming the child tax credit and earned income tax credit.

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