3.0.0 1631 2023-01-11T13:30:39Z 2023-01-11T13:30:39Z Senate S 2015-06-18 114 ssfi00 Finance Committee Senate Standing Referred to 2015-06-18T20:05:05Z Keep Our Pension Promises Act 114 2844 HR 2015-11-16 Referred to the Subcommittee on Health, Employment, Labor, and Pensions. Identical bill CRS 2015-06-18 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2015-06-18 Introduced in Senate IntroReferral 10000 9 Library of Congress S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT N B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2015-06-18 True B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI 2015-06-18 True S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2015-06-24 False F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2015-09-08 False R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2015-09-17 False P000595 Sen. Peters, Gary C. [D-MI] Gary Peters D MI 2015-10-21 False W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2015-12-16 False M001170 Sen. McCaskill, Claire [D-MO] Claire McCaskill D MO 2016-03-17 False K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2016-04-28 False B000711 Sen. Boxer, Barbara [D-CA] BARBARA BOXER D CA 2016-05-24 False Labor and Employment Bankruptcy Employee benefits and pensions Income tax exclusion Land transfers Transfer and inheritance taxes Labor and Employment 00 2015-06-18 Introduced in Senate 2015-09-21T15:14:08Z 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.

]]> Keep Our Pension Promises Act Display Title Keep Our Pension Promises Act Official Title as Introduced A bill to amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to modify certain provisions relating to multiemployer pensions, and for other purposes. Introduced in Senate IS Short Titles as Introduced Keep Our Pension Promises Act Introduced in Senate 2015-06-18T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s1631is/xml/BILLS-114s1631is.xml 2015-06-18 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.