H.R. 2384 · 115th Congress
Keeping America's Pension Promises Act
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
NolanSponsorNo cosponsors.
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 House · May 4, 2017
Keeping America's 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), with respect to partitions of eligible multiemployer plans, to modify the procedures and allow plan sponsors to petition the Pension Benefit Guaranty Corporation (PBGC) for a partition of additional financially-troubled pension plans.
The PBGC must establish a legacy fund to cover the administrative and benefit costs resulting from a partition. The Department of the Treasury must transfer amounts to the fund that are equal to the increase in revenues as a result of specified provisions of this bill that amend the Internal Revenue Code.
The provisions amend the Internal Revenue Code to impose a .03% excise tax on certain trading transactions with respect to securities.
The bill amends the federal bankruptcy code to assign first claim priority to pension obligations under ERISA.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Keeping America's Pension Promises Act
Latest action (Jun 7, 2017): Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Policy area: Labor and Employment · Origin: House · Introduced: May 4, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.