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Rep. Richard Neal, D-Mass. (Photo: Neal) Rep. Richard Neal, D-Mass. (Photo via Neal)

The House is preparing to vote on a measure that could rewire a major part of the U.S. retirement finance system: H.R. 397, the “Rehabilitation for Multiemployer Pensions Act of 2019” bill.

The bill’s drafters want to provide financial assistance that the managers of the 1,400 multiemployer pension plans in the United States could use to transfer pension obligations to private insurers by purchasing group annuities. If the bill becomes law and works as the drafters predict, a new Pension Rehabilitation Administration (PRA) and Pension Rehabilitation Trust Fund could keep more than 1 million of the 10 million multiemployer pension plan participants from losing access to the benefits they were promised.

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