§ 1001a. — Additional Congressional findings and declaration of policy.
[Laws in effect as of January 24, 2002]
[Document not affected by Public Laws enacted between
January 24, 2002 and December 19, 2002]
[CITE: 29USC1001a]
TITLE 29--LABOR
CHAPTER 18--EMPLOYEE RETIREMENT INCOME SECURITY PROGRAM
SUBCHAPTER I--PROTECTION OF EMPLOYEE BENEFIT RIGHTS
Subtitle A--General Provisions
Sec. 1001a. Additional Congressional findings and declaration of
policy
(a) Effects of multiemployer pension plans
The Congress finds that--
(1) multiemployer pension plans have a substantial impact on
interstate commerce and are affected with a national public
interest;
(2) multiemployer pension plans have accounted for a substantial
portion of the increase in private pension plan coverage over the
past three decades;
(3) the continued well-being and security of millions of
employees, retirees, and their dependents are directly affected by
multiemployer pension plans; and
(4)(A) 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
(B) in a declining industry, the incidence of employer
withdrawals is higher and the adverse effects described in
subparagraph (A) are exacerbated.
(b) Modification of multiemployer plan termination insurance provisions
and replacement of program
The Congress further finds that--
(1) 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
(2) 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.
(c) Policy
It is hereby declared to be the policy of this Act--
(1) to foster and facilitate interstate commerce,
(2) to alleviate certain problems which tend to discourage the
maintenance and growth of multiemployer pension plans,
(3) to provide reasonable protection for the interests of
participants and beneficiaries of financially distressed
multiemployer pension plans, and
(4) to provide a financially self-sufficient program for the
guarantee of employee benefits under multiemployer plans.
(Pub. L. 96-364, Sec. 3, Sept. 26, 1980, 94 Stat. 1209.)
References in Text
This Act, referred to in subsec. (c), is Pub. L. 96-364, Sept. 26,
1980, 94 Stat. 1208, known as the Multiemployer Pension Plan Amendments
Act of 1980. For complete classification of this Act to the Code, see
Short Title of 1980 Amendment note set out under section 1001 of this
title and Tables.
Codification
Section was enacted as part of the Multiemployer Pension Plan
Amendments Act of 1980, and not as part of the Employee Retirement
Income Security Act of 1974 which comprises this chapter.
Effective Date
Section effective Sept. 26, 1980, see section 1461(e)(1) of this
title.
Study and Report Respecting Collective Bargaining for Contributions to,
and Benefits From, Multiemployer Plans
Section 412(b) of Pub. L. 96-364 directed Secretary of Labor to
study feasibility of requiring collective bargaining on both issues of
contributions to, and benefits from, multiemployer plans, and submit a
report on the study to Congress within 3 years of Sept. 26, 1980.
