Description:
As reported by the Senate Committee on Health, Education, Labor, and Pensions on October 30, 2013
S. 1302 would make changes to the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to alter the funding requirements of certain private pension plans that are maintained by more than one employer where the employers are either cooperatives or charities. CBO estimates that enacting S. 1302 would increase offsetting receipts (which are recorded as an offset to direct spending) by $33 million over the 2014-2023 period. The staff of the Joint Committee on Taxation (JCT) estimates that enacting the bill would increase revenues by $145 million over the 2014-2023 period. In total, CBO and JCT estimate that enacting S. 1302 would reduce deficits by $178 million over the 2014-2023 period. (Of that total, $12 million in budgetary savings would stem from changes in Social Security revenues, which are classified as “off-budget.”)
Pay-as-you-go procedures apply because enacting the legislation would affect direct spending and revenues. Implementing the bill would not have a significant effect on discretionary spending.
JCT and CBO have determined that S. 1302 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would impose no costs on state, local, or tribal governments.
