H.R. 4275: Cooperative and Small Employer Charity Pension Flexibility Act

H.R. 4275

Cooperative and Small Employer Charity Pension Flexibility Act

Date
March 24, 2014 (113th Congress, 2nd Session)

Staff Contact
Communications

Floor Situation

On Monday, March 24, 2014, the House will consider H.R. 4275, the Cooperative and Small Employer Charity Pension Flexibility Act, under a suspension of the rules.  H.R. 4275 was introduced on March 18, 2014 by Rep. Susan Brooks (R-IN) and was referred to the Committee on Education and the Workforce and Ways and Means.

Bill Summary

H.R. 4275 amends Section 210 of the Employee Retirement Income Security Act of 1974 (ERISA) to establish new funding and disclosure rules for Cooperative Small Employer Charity (CSEC) plans.  CSEC plans are defined under this legislation as multiple-employer defined pension benefit plans maintained by cooperative and charity organizations.  This legislation also amends ERISA to establish minimum funding standards for CSEC pension plans and sets rules governing contributions to CSEC plans.  Moreover, H.R. 4275 requires a notice to be sent to participants in a CSEC plan to include a statement outlining the difference in rules that apply to CSEC plans in comparison to single-employer plans.  The Participant and Plan Sponsor Advocate established under ERISA would be required assist CSEC plan sponsors and participants.  

Cost

CBO estimates that this legislation would reduce direct spending by $254 million over the 2014-2023 period.

Additional Information

For questions or further information contact the GOP Conference at 5-5107.