Keep Our Pension Promises Act

Bill: 114-hr-2844
Sponsor: Rep. Kaptur, Marcy [D-OH-9]
Introduced: 2015-06-19 in the House
Policy area: Labor and Employment
Subjects: Bankruptcy
Employee benefits and pensions
Income tax exclusion
Land transfers
Transfer and inheritance taxes

Summary:
action_date: 2015-06-19
text: 

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.


Legislative actions:
action_date: 2015-11-16
text: Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
action_date: 2015-07-09
text: Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
action_date: 2015-06-19
text: 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.
action_date: 2015-06-19
text: 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.
action_date: 2015-06-19
text: 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.
action_date: 2015-06-19
text: 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.
action_date: 2015-06-19
text: Sponsor introductory remarks on measure. (CR E936)
action_date: 2015-06-19
text: Introduced in House
action_date: 2015-06-19
text: Introduced in House