H.R. 1322 would amend title I of the Employee Retirement Income Security Act of 1974 to provide emergency protection for retiree health benefits.
Detailed Summary
Emergency Retiree Health Benefits Protection Act of 2009 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to add a program for emergency retiree health benefit protections.
Prohibits group health plans from reducing retiree health benefits after the retirement of a plan beneficiary. Requires such plans to adopt provisions barring post-retirement reductions in retiree health benefits.
Requires group health plan sponsors to grant retired plan participants the option of benefit restoration. Authorizes the Secretary of Labor to waive or vary requirements for benefit restoration if compliance with such requirements would: (1) be adverse to the interests of plan participants in the aggregate; (2) not be administratively feasible; and (3) cause substantial business hardship to plan sponsors.
Establishes the Emergency Retiree Health Loan Guarantee Program. Authorizes the Program to guarantee loans provided by private financial institutions to assist plan sponsors in meeting benefit restoration obligations under this Act. Terminates loan guarantee authority after 2015.
Authorizes the Secretary to assess civil penalties for violations of this Act.
Status of the Legislation
Latest Major Action: 4/29/2009: Referred to House subcommittee. Status: Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Points in Favor
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Points Against
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Visitor Comments
Lorna
March 17, 2009, 4:29pm (report abuse)I believe 1322: Emergency Retiree Health Benefits Protection Act of 2009 is important & do hope it passes. This is why, not only for myself, but for many others with the same story: When I retired, after 18 years of employment with the same bank, I was told in writing, “my medical coverage was available to me for as long as I wish and once I reach age 65 my policy would be transferred to a Supplemental Plan”. I continued to pay monthly premiums after retirement & direct debit of my post-medicare premiums was to continue, once the transfer to a supplemental policy took place. I will be 65 this month, and now have been told I do not qualify for post-medicare health insurance. As of 2/28/09 my pre-medicare coverage was terminated and I do not have post-medicare coverage.