Bill Sponsor
Senate Bill 1076
115th Congress(2017-2018)
Keep Our Pension Promises Act
Introduced
Introduced
Introduced in Senate on May 9, 2017
Overview
Text
Introduced
May 9, 2017
Latest Action
May 9, 2017
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1076
Congress
115
Policy Area
Labor and Employment
Labor and Employment
Primary focus of measure is matters affecting hiring and composition of the workforce, wages and benefits, labor-management relations; occupational safety, personnel management, unemployment compensation. Measures concerning public-sector employment may fall under Government Operations and Politics policy area.
Sponsorship by Party
Independent
Vermont
Democrat
Michigan
Democrat
Minnesota
Democrat
Minnesota
Democrat
Rhode Island
Democrat
Rhode Island
Democrat
Wisconsin
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
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), 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.

Text (1)
Actions (2)
05/09/2017
Read twice and referred to the Committee on Finance.
05/09/2017
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:36:29 PM