Section 40232 of H.R. 4348, the Moving Ahead for Progress in the 21st Century (MAP-21) Act, establishes the PBGC Participant and Plan Sponsor Advocate role. Signed into law on July 6, 2012, MAP-21 amends the Employee Retirement Income Security Act of 1974 (ERISA) to include the role of the PBGC Participant and Plan Sponsor Advocate, the Advocate’s duties, and reporting requirements. The role of the Advocate is codified at 29 U.S.C. § 1304 MAP-21.
Cooperative and Small Employer Charity Pension Flexibility Act
Section 105 of Pub. Law 113-97, the Cooperative and Small Employer Charity Pension Flexibility Act, enacted April 7, 2014, expands the Advocate’s duties to include assistance to Cooperative and Small Employer Charity (CSEC) plan sponsors and participants. This legislation is codified at 29 U.S.C. § 1304a.
The Kline-Miller Multiemployer Pension Reform Act of 2014 (MPRA), enacted on December 16, 2014, provides a consultation role for the Advocate in certain facilitated mergers and partitions. The legislation also permits the Advocate to submit recommendations to the Secretary of the Treasury with respect to certain benefit suspensions and benefit suspension revisions. See PBGC’s MPRA website for more information.