S. 2518 · 115th Congress
Protecting Employees and Retirees in Business Bankruptcies Act of 2018
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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
DurbinSponsor2 cosponsors · 2 D
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Protecting Employees and Retirees in Business Bankruptcies Act of 2018
What it does: CRS summary · Introduced in Senate · Mar 7, 2018
Protecting Employees and Retirees in Business Bankruptcies Act of 2018
This bill amends federal bankruptcy law to modify provisions related to Chapter 11 bankruptcy, which typically involves the reorganization of a debtor company's assets and debts. Specifically, the bill modifies provisions governing: (1) employee and retiree recoveries and losses, and (2) executive compensation programs.
With respect to employee and retiree recoveries and losses, the bill does the following:
- increases the maximum value and age of specified wage and benefit claims entitled to priority payment;
- allows certain claims for losses related to defined contribution plans, if the employer or plan sponsor has committed fraud or otherwise breached its fiduciary duty;
- allows, as an administrative expense of the estate, severance pay owed to employees;
- establishes certain restrictions regarding the rejection or amendment of a collective bargaining agreement;
- revises specified procedures related to the reduction or denial of retiree benefits;
- requires a court, in approving a sale of business assets, to consider the extent to which a bidder has offered to maintain existing jobs and assume benefit obligations; and
- modifies other provisions.
With respect to executive compensation, the bill does the following:
- establishes specified limitations related to executive compensation enhancements,
- prohibits executives from receiving certain retiree benefits if such benefits were reduced or eliminated for other employees or retirees, and
- revises other requirements related to court approval of such compensation.
In addition, the bill grants creditor status to labor organizations for purposes of filing a proof of claim.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Protecting Employees and Retirees in Business Bankruptcies Act of 2018
Latest action (Mar 7, 2018): Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S1456-1460)
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Mar 7, 2018
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.