text: Miner Protection Act - House Hopper - TedderVision
  Miner Protection Act
  By Kurt Faulhammer, July 7 in House Hopper
  Kurt Faulhammer 46
  Mr. Faulhammer for himself, with thanks to Mr. Manchin, Mrs. CAPITO, and Ms. CHENEY introduced the following bill;
  To amend the Surface Mining Control and Reclamation Act of 1977 to transfer certain funds to the 1974 United Mine Workers of America Pension Plan and to provide that an order by the Secretary of the Interior imposing a moratorium on Federal coal leasing shall not take effect unless a joint resolution of approval is enacted
  This Act may be cited as the "Miner Protection Act".
  (a) In General.—Subsection (i) of section 402 of the Surface Mining Control and Reclamation Act of 1977 (30 U.S.C. 1232) is amended—
  "(B) CESSATION OF TRANSFERS.—The transfers described in subparagraph (A) shall cease as of the first fiscal year beginning after the first plan year for which the funded percentage (as defined in section 432(i)(2) of the Internal Revenue Code of 1986) of the 1974 UMWA Pension Plan is at least 100 percent, taking fully into account all outstanding liabilities for loans made pursuant to subparagraph (D).
  "(E) ADDITIONAL LOAN AUTHORITY.—
  "(i) IN GENERAL.—In addition to the amounts transferred under any provision other than this subparagraph, and without regard to the limitations described in paragraph (3), each year beginning with fiscal year 2018 the Secretary of the Treasury shall transfer to the 1974 UMWA Pension Plan as a loan the amount certified by the Trustees of the 1974 UMWA Pension Plan to be necessary to prevent the insolvency of such plan.
  "(ii) ANNUAL CAP.—The amount of each annual loan under clause (i) shall not exceed $600,000,000.
  "(iii) LOAN TERMS.—
  "(I) IN GENERAL.—Each such annual loan shall bear interest at the rate of 1 percent per annum, and each shall be treated as a separate loan.
  "(II) REPAYMENT.—For the first 10 years of each such loan, only the interest on such loan shall be repayable, and payments on the principal shall be distributed over the 30-year period beginning with the 11th year of the loan.
  "(III) ADDITIONAL PAYMENTS.—Notwithstanding subclauses (I) and (II), to the extent that the Trustees of the 1974 UMWA Pension Plan certify that such plan has surplus assets which are not needed to pay benefits under the plan or to ensure the future solvency of the plan, such surplus assets shall be applied towards the repayment of the oldest outstanding loan made pursuant to this subparagraph.
  "(IV) MAINTENANCE OF CERTAIN MEASURES UNDER REHABILITATION PLAN.—Each loan under this subparagraph shall specify as a condition of the loan that, if the 1974 UMWA Pension Plan emerges from critical status (within the meaning of section 432 of the Internal Revenue Code of 1986 and section 305 of the Employee Retirement Income Security Act of 1974), the Plan will continue to meet the requirements of section 432(b)(3) of such Code and 305(b)(3) of such Act, and the measures adopted pursuant to section 432(e)(3)(A)(ii) of such Code and section 305(e)(3)(A)(ii) of such Act will remain in place. During the period such measures are required to remain in place, sections 412(b)(3) of such Code and 302(b)(3) of such Act shall continue to apply as if the plan were still in critical status.
  "(iv) ANNUAL CERTIFICATION.—Each year beginning with fiscal year 2018, the Trustees of the 1974 UMWA Pension Plan shall certify the amount required to be loaned pursuant to clause (i) and the amount of any surplus assets described in clause (iii)(III). Such certification shall also include a certification that—
  "(I) such loan amount, in combination with future amounts available to the Plan, is projected to be sufficient to maintain indefinitely the solvency of the plan (without regard to any outstanding loan balance); and
  "(II) the Plan is projected to be able to repay the amount of such loan, with interest, as required under clause (iii).
  "(v) PLAN INSOLVENCY OR DEFAULT.—If the 1974 UMWA Pension Plan becomes insolvent in any year despite receiving loan amounts under this subparagraph, or if the Plan is unable to make any payment on a loan under this subparagraph when due, employers contributing to the Plan and employer associations with members contributing to the Plan shall not be subject to any new or increased liability, including any increased fee, expense, contribution, assessment, or surcharge.
  "(vi) INSOLVENCY.—For purposes of this subparagraph, a plan is insolvent if the plan's available resources are not sufficient to pay benefits under the plan when due for the plan year and as projected indefinitely into future plan years, or if the plan is determined to be insolvent under section 418E(d) of the Internal Revenue Code of 1986.
  "(vii) INITIAL LOAN.—The first loan under this subparagraph shall be made not later than 60 days after the date of enactment of the American Miners Pension Act of 2017.
  "(i) IN GENERAL.—Not later than the 90th day of each plan year beginning after the date of enactment of the American Miners Pension Act of 2017, the trustees of the 1974 UMWA Pension Plan shall file with the Secretary of the Treasury or the Secretary's delegate and the Pension Benefit Guaranty Corporation a report (including appropriate documentation and actuarial certifications from the plan actuary, as required by the Secretary of the Treasury or the Secretary's delegate) that contains—
  (b) Coordination With Taxation Of Unrelated Business Income.—Subparagraph (A) of section 514(c)(6) of the Internal Revenue Code of 1986 is amended—
  "(iii) indebtedness with respect to the 1974 UMWA Pension Plan (as defined in section 402(i)(4)(G) of the Surface Mining Control and Reclamation Act of 1977) under a loan made by the Secretary pursuant to section 402(i)(4)(E) of the Surface Mining Control and Reclamation Act of 1977.".
  SEC. 3. CONGRESSIONAL APPROVAL FOR ORDER BY SECRETARY OF THE INTERIOR IMPOSING A MORATORIUM ON FEDERAL COAL LEASING.