3.0.0 2518 2023-01-11T13:40:00Z 2023-01-11T13:40:00Z Senate S 2018-03-07 115 ssju00 Judiciary Committee Senate Standing Referred to 2018-03-07T22:55:37Z Protecting Employees and Retirees in Business Bankruptcies Act of 2017 115 138 HR 2018-03-15 ASSUMING FIRST SPONSORSHIP - Mr. Norcross asked unanimous consent that he may hereafter be considered as the first sponsor of H.R. 138, a bill originally introduced by former Representative Conyers, for purposes of adding cosponsors and requesting reprintings pursuant to clause 7 of rule XII. Agreed to without objection. 16:25:12 Related bill CRS 2018-03-07 ssju00 Judiciary Committee Senate Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S1456-1460) IntroReferral 2018-03-07 Introduced in Senate IntroReferral 10000 9 Library of Congress D000563 Sen. Durbin, Richard J. [D-IL] Richard Durbin D IL J. N W000802 Sen. Whitehouse, Sheldon [D-RI] Sheldon Whitehouse D RI 2018-03-07 True B000944 Sen. Brown, Sherrod [D-OH] Sherrod Brown D OH 2018-03-07 True Finance and Financial Sector Bankruptcy Corporate finance and management Employee benefits and pensions Health care costs and insurance Labor-management relations Securities Unemployment Wages and earnings Finance and Financial Sector 00 2018-03-07 Introduced in Senate 2019-09-06T16:04:20Z Protecting Employees and Retirees in Business Bankruptcies Act of 2018

This bill amends federal bankruptcy law to modify provisions related to Chapter 11 bankruptcy, which typically involves the reorganization of a debtor company's assets and debts. Specifically, the bill modifies provisions governing: (1) employee and retiree recoveries and losses, and (2) executive compensation programs.

With respect to employee and retiree recoveries and losses, the bill does the following:

  • increases the maximum value and age of specified wage and benefit claims entitled to priority payment;
  • allows certain claims for losses related to defined contribution plans, if the employer or plan sponsor has committed fraud or otherwise breached its fiduciary duty;
  • allows, as an administrative expense of the estate, severance pay owed to employees;
  • establishes certain restrictions regarding the rejection or amendment of a collective bargaining agreement;
  • revises specified procedures related to the reduction or denial of retiree benefits;
  • requires a court, in approving a sale of business assets, to consider the extent to which a bidder has offered to maintain existing jobs and assume benefit obligations; and
  • modifies other provisions.

With respect to executive compensation, the bill does the following:

  • establishes specified limitations related to executive compensation enhancements,
  • prohibits executives from receiving certain retiree benefits if such benefits were reduced or eliminated for other employees or retirees, and
  • revises other requirements related to court approval of such compensation.

In addition, the bill grants creditor status to labor organizations for purposes of filing a proof of claim.

]]> Protecting Employees and Retirees in Business Bankruptcies Act of 2018 Display Title Protecting Employees and Retirees in Business Bankruptcies Act of 2018 Official Title as Introduced A bill to amend title 11, United States Code, to improve protections for employees and retirees in business bankruptcies. Introduced in Senate IS Short Titles as Introduced Protecting Employees and Retirees in Business Bankruptcies Act of 2018 Introduced in Senate 2018-03-07T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115s2518is/xml/BILLS-115s2518is.xml 2018-03-07 Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S1456-1460) 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.