US SB1631 | 2015-2016 | 114th Congress

Status

Spectrum: Strong Partisan Bill (Democrat 10-1)
Status: Introduced on June 18 2015 - 25% progression, died in committee
Action: 2015-06-18 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Summary

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.

Tracking Information

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Title

Keep Our Pension Promises Act

Sponsors


History

DateChamberAction
2015-06-18SenateRead twice and referred to the Committee on Finance.

Same As/Similar To

HB2844 (Same As) 2015-11-16 - Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

Subjects


US Congress State Sources


Bill Comments

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