Emergency Unemployment Compensation Extension Act of 2014

Amends the FSEUCA of 1970 to postpone similarly from December 31, 2013, to May 31, 2014, termination of the period during which a state may determine its "on" and "off" indicators according to specified temporary substitutions in its formula.

Amends the SAA, 2008 to appropriate funds out of the employment security administration account through the first five months of FY2015 to assist states in providing reemployment and eligibility assessment activities.

Requires the provision of such activities to an individual, at a minimum, within a time period after he or she begins to receive Tier-1 EUC benefits, and if applicable, again within a time period after he or she begins to receive Tier-3 EUC benefits. Requires the Secretary of Labor to determine appropriate time periods.

Specifies the purposes of the activities, namely to:

better link the unemployed with the overall workforce system by bringing individuals receiving unemployment insurance benefits in for personalized assessments and referrals to reemployment services; and

provide them with early access to specific strategies that can help get them back into the workforce faster, including through: (1) the development of a reemployment plan, (2) provision of access to relevant labor market information, (3) provision of access to information about industry-recognized credentials that are regionally relevant or nationally portable, (4) provision of referrals to reemployment services and training, and (5) an assessment of the individual's on-going eligibility for unemployment insurance benefits.

Amends the Railroad Unemployment Insurance Act to extend through May 31, 2014, the temporary increase in extended unemployment benefits.

Makes a change in application of a certain requirement (nonreduction rule) to a state that has entered a federal-state EUC agreement, under which the federal government would reimburse the state's unemployment compensation agency making EUC payments to individuals who have exhausted all rights to regular unemployment compensation under state or federal law and meet specified other criteria.

(Under the nonreduction rule such an agreement does not apply with respect to a state whose method for computing regular unemployment compensation under state law has been modified to make the average weekly unemployment compensation benefit paid on or after June 2, 2010, less than what would have been paid before June 2, 2010.)

Declares that the nonreduction rule shall not apply to a state which has enacted a law before December 1, 2013, that, upon taking effect, would violate the nonreduction rule. Allows a state whose agreement was terminated, however, to enter into a subsequent federal-state EUC agreement on or after enactment of this Act if, taking into account this inapplicability of the nonreduction rule, it would otherwise meet the requirements for an EUC agreement. (Thus allows such a subsequent EUC agreement to permit payment of less than the average weekly unemployment compensation benefit paid on or after June 2, 2010.)

Prohibits the use of federal funds to make payments of unemployment compensation to any individual whose adjusted gross income in the preceding year was at least $1 million.

Requires the Comptroller General (GAO) to:

study the use of work suitability requirements to strengthen them to ensure that unemployment insurance benefits are being provided to individuals who are actively looking for work and truly want to return to the labor force; and

brief Congress on the ongoing study, including preliminary recommendations for appropriate legislation and administrative action.

Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to revise the applicable percentages for determining minimum funding standards for single-employer defined benefit pension plans (funding stabilization). Exempts plans providing accelerated benefit distributions from the application of such standards.

Amends ERISA with respect to pension insurance premiums paid by a designated payor to the Pension Benefit Guaranty Corporation (PBGC). (A designated payor is the contributing sponsor or plan administrator for a single-employer plan, and the plan administrator for the multiemployer plan.)

Allows a designated payor to elect to prepay, during any plan year, the applicable PBGC flat dollar insurance premium due for up to five consecutive subsequent plan years specified in the election.

Amends the Consolidated Omnibus Budget Reconciliation Act of 1985 to extend through FY2024 the authority of the Secretary of the Treasury to collect customs user fees for the processing of certain merchandise.