An act to amend the Employee Retirement Income Security Act of 1974, and the Internal Revenue Code of 1954 to improve retirement income security under private multiemployer pension plans by strengthening the funding requirements for those plans, to authorize plan preservation measures for financially troubled multiemployer pension plans, and to revise the manner in which the pension plan termination insurance provisions apply to multiemployer plans, and for other purposes.

[AI summary unavailable — showing source text] Multiemployer Pension Plan Amendments of 1979 - Sets forth the findings and policy of this Act, including: (1) the protection of participants in financially distressed multiemployer pension plans; and (2) the encouragement of the growth and maintenance of such plans. Title I: Amendments to Title IV of the Employee Retirement Income Security Act of 1974 - Amends title IV of the Employee Retirement Income Security Act (ERISA) to direct the Pension Benefit Guaranty Corporation (PBGC) to guarantee nonforfeitable pension benefits (other than those becoming nonforfeitable solely on account of a plan termination) under the terms of an insolvent multiemployer plan, if such benefits have been in effect for five years: (1) before the plan's termination; or (2) before a plan year with respect to which the benefits were reduced under the multiemployer plan reorganization provisions of this Act. Specifies rules relating to such time periods. Sets forth a formula for determining the basic benefit guarantee level, and directs the PBGC to report to Congress within five years of enactment (and at least every subsequent fifth year) on the premiums needed to maintain such levels. Requires any such re…