29 U.S.C. § 1001a : US Code - Section 1001A: Additional Congressional findings and declaration of policy

Search 29 U.S.C. § 1001a : US Code - Section 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.