Keeping America's Pension Promises Act

Bill: 115-hr-2384
Sponsor: Rep. Nolan, Richard M. [D-MN-8]
Introduced: 2017-05-04 in the House
Policy area: Labor and Employment
Subjects: Administrative remedies
Bankruptcy
Corporate finance and management
Employee benefits and pensions
Financial services and investments
Government corporations and government-sponsored enterprises
Government trust funds
Pension Benefit Guaranty Corporation
Sales and excise taxes
Securities

Summary:
action_date: 2017-05-04
text: 

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. 


Legislative actions:
action_date: 2017-06-07
text: Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
action_date: 2017-05-04
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: 2017-05-04
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: 2017-05-04
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: 2017-05-04
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: 2017-05-04
text: Introduced in House
action_date: 2017-05-04
text: Introduced in House