Prioritizing Our Workers Act

Bill: 115-hr-3969
Sponsor: full_name: Rep. Ryan, Tim [D-OH-13]
Introduced: 2017-10-05
Policy area: Finance and Financial Sector
Subjects: Bankruptcy

Employee benefits and pensions
Latest action: action_date: 2017-10-16
text: Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

Summaries:
action_date: 2017-10-05
action_desc: Introduced in House
text: <p><b>Prioritizing Our Workers Act</b></p> <p>This bill amends the federal bankruptcy code to include as allowable administrative expenses in bankruptcy the unfunded vested benefits in a defined pension plan and certain pension obligations under the Employee Retirement Income Security Act of 1974 (ERISA). Claims for administrative expenses are entitled to priority in bankruptcy proceedings.</p>

tv_txt: I 115th CONGRESS 1st Session H. R. 3969 IN THE HOUSE OF REPRESENTATIVES October 5, 2017 Mr. Ryan of Ohio (for himself and Mr. Norcross ) introduced the following bill; which was referred to the Committee on the Judiciary A BILL To amend title 11, United States Code, to include certain pension as administrative expenses in bankruptcy, and for other purposes.

1. Short title This Act may be cited as the Prioritizing Our Workers Act . 2. Allowance of administrative expenses (a) In general Section 503(b) of title 11, United States Code, is amended— (1) in paragraph (8)(B), by striking and at the end; (2) in paragraph (9), by striking the period at the end and inserting a semicolon; and (3) by inserting after paragraph (9) the following: (10) notwithstanding section 507(a)(5), all unfunded vested benefits in a defined benefit pension plan; and (11) withdrawal liability determined under part 1 of subtitle E of title IV of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1381 et seq.). . (b) Conforming amendment Section 507(a)(5) is amended by inserting except as provided in section 503(b)(10), after Fifth, .