Of a perfecting nature.

SA 2714. Mr. REID (for Mr. Reed) proposed an amendment to the bill S.
1845, to provide for the extension of certain unemployment benefits,
and for other purposes; as follows:

Strike all after the first word and insert the following:

1. SHORT TITLE; TABLE OF CONTENTS.

(a) Short Title.--This Act may be cited as the ``Emergency
Unemployment Compensation Extension Act of 2014''.
(b) Table of Contents.--The table of contents of this Act
is as follows:

Sec. 1. Short title; table of contents.
Sec. 2. Extension of emergency unemployment compensation program.
Sec. 3. Temporary extension of extended benefit provisions.
Sec. 4. Extension of funding for reemployment services and reemployment
and eligibility assessment activities.
Sec. 5. Additional extended unemployment benefits under the Railroad
Unemployment Insurance Act.
Sec. 6. Flexibility for unemployment program agreements.
Sec. 7. Ending unemployment payments to jobless millionaires and
billionaires.
Sec. 8. Funding stabilization.

SEC. 2. EXTENSION OF EMERGENCY UNEMPLOYMENT COMPENSATION
PROGRAM.

(a) Extension.--Section 4007(a)(2) of the Supplemental
Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304
note) is amended by striking ``January 1, 2014'' and
inserting ``April 1, 2014''.
(b) Funding.--Section 4004(e)(1) of the Supplemental
Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304
note) is amended--
(1) in subparagraph (I), by striking ``and'' at the end;
(2) in subparagraph (J), by inserting ``and'' at the end;
and
(3) by inserting after subparagraph (J) the following:
``(K) the amendment made by section 2(a) of the Emergency
Unemployment Compensation Extension Act of 2014;''.
(c) Effective Date.--The amendments made by this section
shall take effect as if included in the enactment of the
American Taxpayer Relief Act of 2012 (Public Law 112-240).

SEC. 3. TEMPORARY EXTENSION OF EXTENDED BENEFIT PROVISIONS.

(a) In General.--Section 2005 of the Assistance for
Unemployed Workers and Struggling Families Act, as contained
in Public Law 111-5 (26 U.S.C. 3304 note), is amended--
(1) by striking ``December 31, 2013'' each place it appears
and inserting ``March 31, 2014''; and
(2) in subsection (c), by striking ``June 30, 2014'' and
inserting ``September 30, 2014''.
(b) Extension of Matching for States With No Waiting
Week.--Section 5 of the Unemployment Compensation Extension
Act of 2008 (Public Law 110-449; 26 U.S.C. 3304 note) is
amended by striking ``June 30, 2014'' and inserting
``September 30, 2014''.
(c) Extension of Modification of Indicators Under the
Extended Benefit Program.--Section 203 of the Federal-State
Extended Unemployment Compensation Act of 1970 (26 U.S.C.
3304 note) is amended--
(1) in subsection (d), by striking ``December 31, 2013''
and inserting ``March 31, 2014''; and
(2) in subsection (f)(2), by striking ``December 31, 2013''
and inserting ``March 31, 2014''.
(d) Effective Date.--The amendments made by this section
shall take effect as if included in the enactment of the
American Taxpayer Relief Act of 2012 (Public Law 112-240).

SEC. 4. EXTENSION OF FUNDING FOR REEMPLOYMENT SERVICES AND
REEMPLOYMENT AND ELIGIBILITY ASSESSMENT
ACTIVITIES.

(a) In General.--Section 4004(c)(2)(A) of the Supplemental
Appropriations Act, 2008 (Public Law 110-252; 26 U.S.C. 3304
note) is amended by striking ``through fiscal year 2014'' and
inserting ``through the first quarter of fiscal year 2015''.
(b) Effective Date.--The amendments made by this section
shall take effect as if included in the enactment of the
American Taxpayer Relief Act of 2012 (Public Law 112-240).

SEC. 5. ADDITIONAL EXTENDED UNEMPLOYMENT BENEFITS UNDER THE
RAILROAD UNEMPLOYMENT INSURANCE ACT.

(a) Extension.--Section 2(c)(2)(D)(iii) of the Railroad
Unemployment Insurance Act (45 U.S.C. 352(c)(2)(D)(iii)) is
amended--
(1) by striking ``June 30, 2013'' and inserting ``September
30, 2013''; and
(2) by striking ``December 31, 2013'' and inserting ``March
31, 2014''.
(b) Clarification on Authority To Use Funds.--Funds
appropriated under either the first or second sentence of
clause (iv) of section 2(c)(2)(D) of the Railroad
Unemployment Insurance Act shall be available to cover the
cost of additional extended unemployment benefits provided
under such section 2(c)(2)(D) by reason of the amendments
made by subsection (a) as well as to cover the cost of such
benefits provided under such section 2(c)(2)(D), as in effect
on the day before the date of enactment of this Act.
(c) Funding for Administration.--Out of any funds in the
Treasury not otherwise appropriated, there are appropriated
to the Railroad Retirement Board $62,500 for administrative
expenses associated with the payment of additional extended
unemployment benefits provided under section 2(c)(2)(D) of
the Railroad Unemployment Insurance Act by reason of the
amendments made by subsection (a), to remain available until
expended.

SEC. 6. FLEXIBILITY FOR UNEMPLOYMENT PROGRAM AGREEMENTS.

(a) Flexibility.--
(1) In general.--Subsection (g) of section 4001 of the
Supplemental Appropriations Act, 2008 (Public Law 110-252; 26
U.S.C. 3304 note) shall not apply with respect to a State
that has enacted a law before December 1, 2013, that, upon
taking effect, would violate such subsection.
(2) Effective date.--Paragraph (1) is effective with
respect to weeks of unemployment beginning on or after
December 29, 2013.
(b) Permitting a Subsequent Agreement.--Nothing in title IV
of the Supplemental Appropriations Act, 2008 (Public Law 110-
252; 26 U.S.C. 3304 note) shall preclude a State whose
agreement under such title was terminated from entering into
a subsequent agreement under such title on or after the date
of the enactment of this Act if the State, taking into
account the application of subsection (a), would otherwise
meet the requirements for an agreement under such title.

SEC. 7. ENDING UNEMPLOYMENT PAYMENTS TO JOBLESS MILLIONAIRES
AND BILLIONAIRES.

(a) Prohibition.--Notwithstanding any other provision of
law, no Federal funds may be used to make payments of
unemployment compensation (including such compensation under
the Federal-State Extended Compensation Act of 1970 and the
emergency unemployment compensation program under title IV of
the Supplemental Appropriations Act, 2008) to an individual
whose adjusted gross income in the preceding year was equal
to or greater than $1,000,000.
(b) Compliance.--Unemployment Insurance applications shall
include a form or procedure for an individual applicant to
certify the individual's adjusted gross income was not equal
to or greater than $1,000,000 in the preceding year.
(c) Audits.--The certifications required by subsection (b)
shall be auditable by the U.S. Department of Labor or the
U.S. Government Accountability Office.
(d) Status of Applicants.--It is the duty of the states to
verify the residency, employment, legal, and income status of
applicants for Unemployment Insurance and no Federal funds
may be expended for purposes of determining an individual's
eligibility under this Act.
(e) Effective Date.--The prohibition under subsection (a)
shall apply to weeks of unemployment beginning on or after
the date of the enactment of this Act.

SEC. 8. FUNDING STABILIZATION.

(a) Funding Stabilization Under the Internal Revenue
Code.--The table in subclause (II) of section
430(h)(2)(C)(iv) of the Internal Revenue Code of 1986 is
amended to read as follows:

----------------------------------------------------------------------------------------------------------------
The applicable minimum
``If the calendar year is:                percentage is:           The applicable maximum percentage is:
----------------------------------------------------------------------------------------------------------------
2012, 2013, 2014, 2015, or 2016.......  90%..........................  110%
2017..................................  85%..........................  115%
2018..................................  80%..........................  120%
2019..................................  75%..........................  125%
After 2019............................  70%..........................  130%''.
----------------------------------------------------------------------------------------------------------------

[[Page S769]]

(b) Funding Stabilization Under ERISA.--
(1) In general.--The table in subclause (II) of section
303(h)(2)(C)(iv) of the Employee Retirement Income Security
Act of 1974 is amended to read as follows:

----------------------------------------------------------------------------------------------------------------
The applicable minimum
``If the calendar year is:                percentage is:           The applicable maximum percentage is:
----------------------------------------------------------------------------------------------------------------
2012, 2013, 2014, 2015, or 2016.......  90%..........................  110%
2017..................................  85%..........................  115%
2018..................................  80%..........................  120%
2019..................................  75%..........................  125%
After 2019............................  70%..........................  130%''.
----------------------------------------------------------------------------------------------------------------

(2) Conforming amendment.--
(A) In general.--Clause (ii) of section 101(f)(2)(D) of
such Act is amended by striking ``2015'' and inserting
``2019''.
(B) Statements.--The Secretary of Labor shall modify the
statements required under subclauses (I) and (II) of section
101(f)(2)(D)(i) of such Act to conform to the amendments made
by this section.
(c) Stabilization Not to Apply for Purposes of Certain
Accelerated Benefit Distribution Rules.--
(1) Internal revenue code of 1986.--The second sentence of
paragraph (2) of section 436(d) of the Internal Revenue Code
of 1986 is amended by striking ``of such plan'' and inserting
``of such plan (determined by not taking into account any
adjustment of segment rates under section
430(h)(2)(C)(iv))''.
(2) Employee retirement income security act of 1974.--The
second sentence of subparagraph (B) of section 206(g)(3) of
the Employee Retirement Income Security Act of 1974 (29
U.S.C. 1056(g)(3)(B)) is amended by striking ``of such plan''
and inserting ``of such plan (determined by not taking into
account any adjustment of segment rates under section
303(h)(2)(C)(iv))''.
(3) Effective date.--
(A) In general.--Except as provided in subparagraph (B),
the amendments made by this subsection shall apply to plan
years beginning after December 31, 2014.
(B) Collectively bargained plans.--In the case of a plan
maintained pursuant to 1 or more collective bargaining
agreements, the amendments made by this subsection shall
apply to plan years beginning after December 31, 2015.
(4) Provisions relating to plan amendments.--
(A) In general.--If this paragraph applies to any amendment
to any plan or annuity contract, such plan or contract shall
be treated as being operated in accordance with the terms of
the plan during the period described in subparagraph (B)(ii).
(B) Amendments to which paragraph applies.--
(i) In general.--This paragraph shall apply to any
amendment to any plan or annuity contract which is made--

(I) pursuant to the amendments made by this subsection, or
pursuant to any regulation issued by the Secretary of the
Treasury or the Secretary of Labor under any provision as so
amended, and
(II) on or before the last day of the first plan year
beginning on or after January 1, 2016, or such later date as
the Secretary of the Treasury may prescribe.

(ii) Conditions.--This subsection shall not apply to any
amendment unless, during the period--

(I) beginning on the date that the amendments made by this
subsection or the regulation described in clause (i)(I) takes
effect (or in the case of a plan or contract amendment not
required by such amendments or such regulation, the effective
date specified by the plan), and
(II) ending on the date described in clause (i)(II) (or, if
earlier, the date the plan or contract amendment is adopted),

the plan or contract is operated as if such plan or contract
amendment were in effect, and such plan or contract amendment
applies retroactively for such period.
(C) Anti-cutback relief.--A plan shall not be treated as
failing to meet the requirements of section 204(g) of the
Employee Retirement Income Security Act of 1974 and section
411(d)(6) of the Internal Revenue Code of 1986 solely by
reason of a plan amendment to which this paragraph applies.
(d) Modification of Funding Target Determination Periods.--
(1) Internal revenue code of 1986.--Clause (i) of section
430(h)(2)(B) of the Internal Revenue Code of 1986 is amended
by striking ``the first day of the plan year'' and inserting
``the valuation date for the plan year''.
(2) Employee retirement income security act of 1974.--
Clause (i) of section 303(h)(2)(B) of the Employee Retirement
Income Security Act of 1974 (29 U.S.C. 1083(h)(2)(B)(i)) is
amended by striking ``the first day of the plan year'' and
inserting ``the valuation date for the plan year''.
(e) Effective Date.--
(1) In general.--The amendments made by subsections (a),
(b), and (d) shall apply with respect to plan years beginning
after December 31, 2012.
(2) Elections.--A plan sponsor may elect not to have the
amendments made by subsections (a), (b), and (d) apply to any
plan year beginning before January 1, 2014, either (as
specified in the election)--
(A) for all purposes for which such amendments apply, or
(B) solely for purposes of determining the adjusted funding
target attainment percentage under sections 436 of the
Internal Revenue Code of 1986 and 206(g) of the Employee
Retirement Income Security Act of 1974 for such plan year.
A plan shall not be treated as failing to meet the
requirements of section 204(g) of such Act and section
411(d)(6) of such Code solely by reason of an election under
this paragraph.
______