Multiemployer Pension Security Act of 2003

[AI summary unavailable — showing source text] Multiemployer Pension Security Act of 2003 - Amends the Employee Retirement Income Security Act of 1974 (ERISA), the Internal Revenue Code, the National Labor Relations Act, and the Labor Management Relations Act, 1947 with respect to teamster plans and their funding. Defines a teamster plan as a plan: (1) to which more than one employer is required to contribute; and (2) which is maintained pursuant to one or more collective bargaining agreements between The International Brotherhood Teamsters, Chauffeurs, Warehousemen and Helpers of America or its locals and more than one employer. Declares that a teamster plan shall not be treated as a multiemployer plan, and each employer that has an obligation to contribute to a teamster plan shall be treated as a contributing sponsor maintaining a separate single-employer plan, including with respect to partition and allocation of assets and liabilities. Requires the assets of a teamster plan to be invested by the trustees as one master trust, and each contributing employer's share of the plan assets to be adjusted annually according to master trust accounting principles for the employer's plan contributions, benefit payments with respect to …