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Title: Highway and Transportation Funding Act of 2014
Vote Smart's Synopsis:
Vote to on a motion to recede from amendments passed in this chamber and concur with the version of the bill that was passed by the opposite chamber that appropriates funds to federal highway programs from October 1, 2014 to May 31, 2015.
Highlights:
- Appropriates certain funds from the Department of Treasury to the following accounts within the Highway Trust Fund (Sec. 2002):
- $7.8 billion to the Highway Account; and
- $2 billion to the Mass Transit Account.
- Transfers $1 billion from the Leaking Underground Storage Tank Trust Fund to the Highway Account within the Highway Trust Fund (Sec. 2002).
- Amends the minimum and maximum required contribution rates that an employer must pay for its employee pension benefits as follows (Sec. 2003):
- Existing law:
- At least 90 percent but not greater than 110 percent for the calendar year 2012;
- At least 85 percent but not greater than 115 percent for the calendar year 2013;
- At least 80 percent but not greater than 120 percent for the calendar year 2014;
- At least 75 percent but not greater than 125 percent for the calendar year 2015; and
- At least 70 percent but not greater than 130 percent for any year after 2015.
- New Law:
- At least 90 percent but not greater than 110 percent for the calendar years 2012 to 2017;
- At least 85 percent but not greater than 115 percent for the calendar year 2018;
- At least 80 percent but not greater than 120 percent for the calendar year 2019;
- At least 75 percent but not greater than 125 percent for the calendar year 2020; and
- At least 70 percent but not greater than 130 percent for any year after 2020.
- Requires a contribution rate amended due to the provisions of this bill to apply to plan years that begin after December 31, 2014 or plan years beginning after December 31, 2015 if the plan is maintained by a collective bargaining agreement (Sec. 2003).
- Extends the effective date for fees charged on certain merchandise entered through customs from September 30, 2023 to September 30, 2024 (Sec. 2004).