161 pages; as introduced by Reps. Kline (MN) and Miller (GA). Summary provided by the House Committee on Rules: "Addresses pension reforms in two areas. First, the bipartisan pension reforms in Division O will permit trustees of severely underfunded plans to adjust vested benefits, enabling deeply troubled plans to survive without a federal bailout; require approval by plan participants of any proposed benefit adjustments that take effect, with a fail-safe mechanism for those plans that present a systemic risk the multiemployer pension system; provide participant protections to safeguard the most vulnerable retirees, including disabled retirees and individuals age 75 and older; give the [PBGC] the authority to take earlier action to help save failing plans, thereby reducing potential future costs; and adjust the premium structure in order to place the PBGC on more firm financial ground. Second, the bipartisan amendments in Division P amend the rules relating to PBGC enforcement and the rules governing certain charity and nonprofit pension plans. Also provides for the budgetary treatment of these divisions."

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