[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 4328 Introduced in Senate (IS)]

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118th CONGRESS
  2d Session
                                S. 4328

 To require any labor organization that is or would be the collective 
  bargaining representative for any employees to provide information 
regarding the amount of funds in any defined benefit plan of the labor 
  organization before any labor organization election, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                              May 14, 2024

  Mr. Cassidy introduced the following bill; which was read twice and 
  referred to the Committee on Health, Education, Labor, and Pensions

_______________________________________________________________________

                                 A BILL


 
 To require any labor organization that is or would be the collective 
  bargaining representative for any employees to provide information 
regarding the amount of funds in any defined benefit plan of the labor 
  organization before any labor organization election, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Making All Fund Information 
Available Act''.

SEC. 2. REQUIREMENT FOR LABOR ORGANIZATIONS TO PROVIDE INFORMATION 
              REGARDING DEFINED BENEFIT PLANS BEFORE ANY LABOR 
              ORGANIZATION ELECTION.

    (a) Definitions.--In this Act:
            (1) Beneficiary.--The term ``beneficiary'' has the meaning 
        given the term in section 3 of the Employee Retirement Income 
        Security Act of 1974 (29 U.S.C. 1002).
            (2) Defined benefit plan.--The term ``defined benefit 
        plan'' has the meaning given the term in such section of such 
        Act (29 U.S.C. 1002).
            (3) Employee, employer.--The terms ``employee'' and 
        ``employer'' have the meanings given such terms in section 2 of 
        the National Labor Relations Act (29 U.S.C. 152).
            (4) Labor organization.--The term ``labor organization'' 
        has the meaning given the term in such section of such Act (29 
        U.S.C. 152).
            (5) Labor organization election.--The term ``labor 
        organization election'' means any election described in section 
        9 of the National Labor Relations Act (29 U.S.C. 159), 
        including an election for decertification described in 
        subsection (e) of such section.
            (6) Participant.--The term ``participant'' has the meaning 
        given the term in section 3 of the Employee Retirement Income 
        Security Act of 1974 (29 U.S.C. 1002).
    (b) Requirement To Provide Certain Information Regarding a Defined 
Benefit Plan.--
            (1) In general.--A labor organization that is the 
        representative of employees of an employer for purposes of 
        collective bargaining in accordance with section 9(a) of the 
        National Labor Relations Act (29 U.S.C. 159(a)) during a labor 
        organization election, or that would become such a 
        representative of such employees after a labor organization 
        election, shall--
                    (A) not fewer than 3 days before the date of such 
                labor organization election, provide to such employees 
                the notice described in paragraph (2) regarding any 
                defined benefit plan that is or would be available for 
                enrollment by the employees because of representation 
                by the labor organization for purposes of collective 
                bargaining; and
                    (B) in the case of such a defined benefit plan that 
                has a percentage of plan liabilities described in 
                paragraph (2)(A)(i) that is less than 100 percent, 
                provide to such employees access to a financial expert 
                (described in paragraph (3)) who is, for the 3 days 
                immediately preceding the date of such labor 
                organization election, able to answer questions 
                regarding such defined benefit plan.
            (2) Notice.--
                    (A) In general.--The notice described in this 
                paragraph is a statement that, with respect to a 
                defined benefit plan described in paragraph (1)(A), 
                provides--
                            (i) the percentage of plan liabilities 
                        funded, calculated as the ratio between the 
                        value of the plan's assets and liabilities, as 
                        of the end of the most recently completed plan 
                        year;
                            (ii) in the case of an employee who is not 
                        a participant in a defined benefit plan 
                        described in paragraph (1)(A), the percentage 
                        of each dollar of contribution by the employee, 
                        if the employee enrolls in such a plan, that--
                                    (I) would be used to provide 
                                benefits to the employee (or a 
                                beneficiary of the employee); and
                                    (II) would be used to provide 
                                benefits to participants of the defined 
                                benefit plan (or their beneficiaries) 
                                who are enrolled as of the date on 
                                which the labor organization election 
                                described in paragraph (1) occurs; and
                            (iii) in the case of a percentage of plan 
                        liabilities described in clause (i) that is 
                        less than 100 percent--
                                    (I) the ratio between the estimated 
                                monthly benefit that a participant or 
                                beneficiary would receive at normal 
                                retirement age under the defined 
                                benefit plan and the estimated monthly 
                                benefit that a participant or 
                                beneficiary would receive at normal 
                                retirement age under the defined 
                                benefit plan if such percentage of plan 
                                liabilities was 100 percent; and
                                    (II) the estimated amount of the 
                                monthly benefit amount that would be 
                                paid by the Pension Benefit Guaranty 
                                Corporation if the plan is terminated 
                                with insufficient assets to pay 
                                benefits.
                    (B) Information provided in an annual report.--The 
                notice described in subparagraph (A) may quote, in 
                plain language, from the most recently filed annual 
                report provided to the Secretary of Labor or the 
                Pension Benefit Guaranty Corporation under section 104 
                or 4065 of the Employee Retirement Income Security Act 
                of 1974 (29 U.S.C. 1024, 1365) with respect to the 
                defined benefit plan described in paragraph (1)(A).
            (3) Financial expert.--A financial expert provided by a 
        labor organization in accordance with paragraph (1)(B)--
                    (A) shall be--
                            (i) independent from the defined benefit 
                        plan described in paragraph (1)(A) and the 
                        labor organization; and
                            (ii) provided at no cost to the employees;
                    (B) may not be compensated using any assets of the 
                defined benefit plan.
            (4) Availability of materials after election.--
                    (A) In general.--Not later than 30 days after a 
                labor organization election described in paragraph (1), 
                a labor organization shall provide to the Office of 
                Labor-Management Standards all written materials 
                (including the notice provided under paragraph (1)(A)), 
                instructions, or handouts provided to employees with 
                respect to the requirements of this Act.
                    (B) Public availability.--Not later than 30 days 
                after receiving any written materials, instructions, or 
                handouts under subparagraph (A), the Office of Labor-
                Management Standards shall make such materials, 
                instructions, or handouts publicly available on the 
                website of the Office of Labor-Management Standards.
    (c) Enforcement.--
            (1) Criminal penalties for misleading or false 
        statements.--
                    (A) Offense.--It shall be unlawful for any person 
                to lie to or mislead an employee in any notice provided 
                under subsection (b)(1)(A) or with respect to any 
                answers provided under subsection (b)(1)(B).
                    (B) Penalty.--Any person who violates subparagraph 
                (A) shall be fined under title 18, United States Code, 
                imprisoned for not more than 5 years, or both.
            (2) Private right of action.--Any employee who is adversely 
        affected by an alleged violation of subsection (b) may commence 
        a civil action against any person that violates such section in 
        any court of competent jurisdiction for actual damages. The 
        court may award costs and expenses, including attorney's fees, 
        to an employee in a prevailing action under this paragraph.
            (3) Referral.--If the Assistant Secretary of Labor for 
        Employee Benefits Security obtains evidence that any person has 
        engaged in conduct that may constitute a violation of paragraph 
        (1)(A), the Assistant Secretary shall--
                    (A) refer the matter to the Attorney General for 
                prosecution under such paragraph; and
                    (B) provide such evidence to the National Labor 
                Relations Board.
            (4) Enforcement by the nlrb.--Section 9 of the National 
        Labor Relations Act (29 U.S.C. 159) is amended by adding at the 
        end the following:
    ``(f) In any case in which the Board determines that the results of 
an election under this section were influenced by conduct that may 
constitute a violation of section 2(c)(1)(A) of the Making All Fund 
Information Available Act or that a labor organization that is, or 
would become, the representative of employees after such an election 
violated section 2(b)(1) of such Act--
            ``(1) the election shall be invalid;
            ``(2) the Board shall set aside the results of such 
        election; and
            ``(3) a new election may not be held unless the Assistant 
        Secretary of Labor for Employee Benefits Security determines 
        that the labor organization has fulfilled the requirements of 
        section 2(b)(1) of such Act.''.
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