S. 1076 · 115th Congress
Keep Our 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.
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SandersSponsor9 cosponsors · 9 D
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Brown
TB
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Baldwin
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Franken
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Klobuchar
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McCaskill
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Peters
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Reed
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Stabenow
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Whitehouse9 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 · May 9, 2017
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), 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: (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, and (3) limit contributions and require increased minimum distributions for individuals with certain retirement plans with balances that exceed $5 million (adjusted for inflation after 2017).
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: Keep Our Pension Promises Act
Latest action (May 9, 2017): Read twice and referred to the Committee on Finance.
Policy area: Labor and Employment · Origin: Senate · Introduced: May 9, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.