3.0.0 1076 2023-01-11T13:36:29Z 2023-01-11T13:36:29Z Senate S 2017-05-09 115 ssfi00 Finance Committee Senate Standing Referred to 2017-05-09T19:25:56Z Retirement Fairness Act 115 3772 S 2018-12-18 Read twice and referred to the Committee on Finance. Related bill CRS Keep Our Pension Promises Act 115 2412 HR 2017-05-11 Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law. Identical bill CRS Keeping America's Pension Promises Act 115 2384 HR 2017-06-07 Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law. Related bill CRS 2017-05-09 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2017-05-09 Introduced in Senate IntroReferral 10000 9 Library of Congress S000033 Sen. Sanders, Bernard [I-VT] Bernard Sanders I VT N B001230 Sen. Baldwin, Tammy [D-WI] Tammy Baldwin D WI 2017-05-09 True B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2017-05-09 True F000457 Sen. Franken, Al [D-MN] Al Franken D MN 2017-05-09 True K000367 Sen. Klobuchar, Amy [D-MN] Amy Klobuchar D MN 2017-05-09 True M001170 Sen. McCaskill, Claire [D-MO] Claire McCaskill D MO 2017-05-09 True P000595 Sen. Peters, Gary C. [D-MI] Gary Peters D MI 2017-05-09 True R000122 Sen. Reed, Jack [D-RI] John Reed D RI F. 2017-05-09 True S000770 Sen. Stabenow, Debbie [D-MI] Debbie Stabenow D MI 2017-05-09 True W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2017-05-09 True Labor and Employment Art, artists, authorship Bankruptcy Employee benefits and pensions Income tax deferral Income tax exclusion Pension Benefit Guaranty Corporation Labor and Employment 00 2017-05-09 Introduced in Senate 2017-09-05T14:03:42Z 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), 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: (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, and (3) limit contributions and require increased minimum distributions for individuals with certain retirement plans with balances that exceed $5 million (adjusted for inflation after 2017).

The bill amends the federal bankruptcy code to assign first claim priority to pension obligations under ERISA.

]]> 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 2017-05-09T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s1076is/xml/BILLS-115s1076is.xml 2017-05-09 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.