S. 1631 · 114th Congress
Keep Our Pension Promises Act
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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SandersSponsor10 cosponsors · 10 D
D
Brown
TB
D
Baldwin
DS
D
Stabenow
AF
D
Franken
JR
D
Reed
GP
D
Peters
SW
D
Whitehouse
CM
D
McCaskill
AK
D
Klobuchar
BB
D
Boxer2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill repeals the elimination of the pension anti-cutback provisions under the Multiemployer Pension Reform Act of 2014. The anti-cutback provisions prohibit reductions in pension benefits to participants in multiemployer pension plans.
What it does: CRS summary · Introduced in Senate · Jun 18, 2015
Keep Our Pension Promises Act
This bill repeals the elimination of the pension anti-cutback provisions under the Multiemployer Pension Reform Act of 2014. The anti-cutback provisions prohibit reductions in pension benefits to participants in multiemployer pension plans.
The bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to allow a plan sponsor of an eligible multiemployer plan to petition the Pension Benefit Guaranty Corporation for a partition of a financially-troubled pension plan. PBGC is required to establish a legacy fund to cover the administrative and benefit costs resulting from a partition..
The bill amends the federal bankruptcy code to assign first claim priority to pension obligations under ERISA.
The bill amends the Internal Revenue Code to: (1) impose a limit of $1 million on the exemption of the gain from the exchange of real property in a like kind exchange, (2) prohibit the use of like kind exchanges for collectibles, (3) establish estate valuation rules for certain transfers of nonbusiness assets, and (4) limit estate tax discounts for certain individuals with minority interests in a business acquired from a decedent.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Keep Our Pension Promises Act
Latest action (Jun 18, 2015): Read twice and referred to the Committee on Finance.
Policy area: Labor and Employment · Origin: Senate · Introduced: Jun 18, 2015
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.