Keep Our Pension Promises Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Jun 19, 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.
What just happenedNov 16, 2015
Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Who’s behind it
- Introduced in HouseJun 19, 2015
- Nov 16, 2015Committee
Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Health, Employment, Labor, and Pensions Subcommittee - Jul 9, 2015Committee
Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Administrative State, Regulatory Reform, and Antitrust Subcommittee - Jun 19, 2015IntroReferralH11100
Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Judiciary Committee - Jun 19, 2015IntroReferralH11100
Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Ways and Means Committee - Jun 19, 2015IntroReferralH11100-A
Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
- Jun 19, 2015IntroReferralH11100
Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and the Judiciary, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Education and the Workforce Committee - Jun 19, 2015IntroReferralB00100
Sponsor introductory remarks on measure. (CR E936)
- Jun 19, 2015IntroReferralIntro-H
Introduced in House
- Jun 19, 2015IntroReferral1000
Introduced in House