S.2189 - Steel Industry Consolidation and Retiree Benefits Protection Act of 2002107th Congress (2001-2002)
Summary: S.2189 — 107th Congress (2001-2002)
Steel Industry Consolidation and Retiree Benefits Protection Act of 2002 - Amends the Trade Act of 1974 to establish a steel industry retiree benefits protection program administered by the Secretary of Commerce and the Board of Trustees of the Steel Industry Legacy Relief Trust Fund (created by this Act) to provide specified medical and death benefits to eligible steel retirees and beneficiaries.
Introduced in Senate (04/17/2002)
Prescribes qualifying events (acquisition, closing, election, or bankruptcy transfer) as a result of which the United States shall assume liability for the provision of steel retiree benefits for each eligible retiree and eligible beneficiary certified for participation in the retiree benefits program.
Requires transfer to the Trust Fund by a qualified steel company and any applicable acquiring company of all assets which, under the terms of an applicable collective bargaining agreement, were required to be set aside under an employee benefit plan or otherwise for the provision of the steel retiree benefits. Requires contributions to the Trust Fund by such companies.