US Codex
Pub. L.
Notes

Title V — Pensions

114th Congress · Approved Nov 2, 2015 · 129 Stat. 584 · Lineage

TITLE V Pensions

SEC. 501. Single Employer Plan Annual Premium Rates.

(a)
Flat-Rate Premium.—
(1)
In general.— Section 4006(a)(3)(A)(i) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1306(a)(3)(A)(i)) is amended by striking “ and” at the end of subclause (IV), by striking the period at the end of subclause (V) and inserting a semicolon, and by inserting after subclause (V) the following:

“(VI) for plan years beginning after December 31, 2016, and before January 1, 2018, $69;

“(VII) for plan years beginning after December 31, 2017, and before January 1, 2019, $74; and

“(VIII) for plan years beginning after December 31, 2018, $80.”

(2)
Premium rates after 2019.— Section 4006(a)(3)(G) of such Act (29 U.S.C. 1306(a)(3)(G)) is amended—
(A)
in the matter preceding clause (i), by striking “ 2016” and inserting “ 2019”; and
(B)
in clause (i)(II) by striking “ 2014” and inserting “ 2017”.
(b)
Variable-Rate Premium Increases.—
(1)
In general.— Section 4006(a)(8)(C) of such Act (29 U.S.C. 1306(a)(8)(C)) is amended—
(A)
in the subparagraph heading, by striking “ increase in 2014 and 2015” and inserting “ increases”;
(B)
in clause (ii), by striking “ and” at the end;
(C)
in clause (iii), by striking the period at the end and inserting a semicolon; and
(D)
by adding at the end the following:

“(iv) in the case of plan years beginning in calendar year 2017, by $3;

“(v) in the case of plan years beginning in calendar year 2018, by $4; and

“(vi) in the case of plan years beginning in calendar year 2019, by $4.”

(2)
Conforming amendments.— Section 4006(a)(8) of such Act (29 U.S.C. 1306(a)(8)) is amended—
(A)
in subparagraph (A)—
(i)
in clause (iii), by striking “ and” at the end;
(ii)
in clause (iv), by striking the period at the end and inserting a semicolon; and
(iii)
by adding at the end the following:

“(v) for plan years beginning after calendar year 2017, the amount in effect for plan years beginning in 2017 (determined after application of subparagraph (C));

“(vi) for plan years beginning after calendar year 2018, the amount in effect for plan years beginning in 2018 (determined after application of subparagraph (C)); and

“(vii) for plan years beginning after calendar year 2019, the amount in effect for plan years beginning in 2019 (determined after application of subparagraph (C)).”

; and

(B)
in subparagraph (D)—
(i)
in clause (iii), by striking “ and” at the end;
(ii)
in clause (iv), by striking the period at the end and inserting a semicolon; and
(iii)
by adding at the end the following:

“(v) 2015, in the case of plan years beginning after calendar year 2017;

“(vi) 2016, in the case of plan years beginning after calendar year 2018; and

“(vii) 2017, in the case of plan years beginning after calendar year 2019.”

(3)
Effective date.— The amendments made by this section shall apply to plan years beginning after December 31, 2016.

SEC. 502. Pension Payment Acceleration.

Notwithstanding section 4007(a) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1307(a)) and section 4007.11 of title 29, Code of Federal Regulations, for plan years commencing after December 31, 2024, and before January 1, 2026, the premium due date for such plan years shall be the fifteenth day of the ninth calendar month that begins on or after the first day of the premium payment year.

SEC. 503. Mortality Tables.

(a)
Credibility.— For purposes of subclause (I) of section 430(h)(3)(C)(iii) of the Internal Revenue Code of 1986 and subclause (I) of section 303(h)(3)(C)(iii) of the Employee Retirement Income Security Act of 1974, the determination of whether plans have credible information shall be made in accordance with established actuarial credibility theory, which—
(1)
is materially different from rules under such section of such Code, including Revenue Procedure 2007–37, that are in effect on the date of the enactment of this Act; and
(2)
permits the use of tables that reflect adjustments to the tables described in subparagraphs (A) and (B) of section 430(h)(3) of such Code, and subparagraphs (A) and (B) of section 303(h)(3) of such Act, if such adjustments are based on the experience described in subclause (II) of section 430(h)(3)(C)(iii) of such Code and in subclause (II) of section 303(h)(3)(C)(iii) of such Act.
(b)
Effective Date.— This section shall apply to plan years beginning after December 31, 2015.

SEC. 504. Extension of Current Funding Stabilization Percentages to 2018, 2019, and 2020.

(a)
Funding Stabilization Under the Internal Revenue Code of 1986.— The table in subclause (II) of section 430(h)(2)(C)(iv) of the Internal Revenue Code of 1986 is amended to read as follows:
“If the calendar year is: The applicable minimum percentage is: The applicable maximum percentage is:
2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, or 2020 90% 110%
2021 85% 115%
2022 80% 120%
2023 75% 125%
After 2023 70% 130%”.
(b)
Funding Stabilization Under Employee Retirement Income Security Act of 1974.—
(1)
In general.— The table in subclause (II) of section 303(h)(2)(C)(iv) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1083(h)(2)(C)(iv)) is amended to read as follows:
“If the calendar year is: The applicable minimum percentage is: The applicable maximum percentage is:
2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, or 2020 90% 110%
2021 85% 115%
2022 80% 120%
2023 75% 125%
After 2023 70% 130%”.
(2)
Conforming amendments.—
(A)
In general.— Section 101(f)(2)(D) of such Act (29 U.S.C. 1021(f)(2)(D)) is amended—
(i)
in clause (i) by striking “ and the Highway and Transportation Funding Act of 2014” both places it appears and inserting “ , the Highway and Transportation Funding Act of 2014, and the Bipartisan Budget Act of 2015”; and
(ii)
in clause (ii) by striking “ 2020” and inserting “ 2023”.
(B)
Statements.— The Secretary of Labor shall modify the statements required under subclauses (I) and (II) of section 101(f)(2)(D)(i) of such Act to conform to the amendments made by this section.
(c)
Effective Date.— The amendments made by this section shall apply with respect to plan years beginning after December 31, 2015.