Amendment increases the monetary cap on wage and employee benefit claims entitled to priority under the Bankruptcy Code and lengthens the reachback period for wage claims from 90 days to 180 days; increases the reachback period during which fraudulent transfers can be rescinded from one to two years and provides that certain compensation payments during this two-year reachback period can be rescinded, under certain circumstances; and requires the court to reinstate retiree benefits that a corporate debtor modified within the 180-day period preceding the bankruptcy filing, unless the balance of the equities justifies the modification.