Keeping America's Pension Promises Act
Bill journey · stage 2 of 5
Under committee review
What it doesSummary 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.
What just happenedJun 7, 2017
Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Who’s behind it
- Introduced in HouseMay 4, 2017
- Jun 7, 2017Committee
Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Administrative State, Regulatory Reform, and Antitrust Subcommittee - May 4, 2017IntroReferralH11100
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 - May 4, 2017IntroReferralH11100
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 - May 4, 2017IntroReferralH11100-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.
- May 4, 2017IntroReferralH11100
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 - May 4, 2017IntroReferralIntro-H
Introduced in House
- May 4, 2017IntroReferral1000
Introduced in House