Protecting Employees and Retirees in Business Bankruptcies Act of 2017

Summary

Protecting Employees and Retirees in Business Bankruptcies Act of 2017 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: 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: 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.

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Timeline

1. 3 January 2017

   Introduced

   Referred to the House Committee on the Judiciary.

   Source: IntroReferral

2. 3 January 2017

   Introduced

   Introduced in House

   Source: IntroReferral

3. 3 January 2017

   Introduced

   Introduced in House

   Source: IntroReferral

4. 23 January 2017

   Referred

   Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.

   Source: Committee

5. 15 March 2018

   Passed

   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.

   Source: Floor

Votes

No vote records are attached yet.

Versions

• Introduced in House · 3 January 2017 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 3 January 2017

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 3 January 2017

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 3 January 2017

  Open at official source

Sponsors

• JOHN CONYERS · D · Sponsor
• Rep. Cohen, Steve [D-TN-9] · D · Sponsor
• Rep. Johnson, Henry C. "Hank" [D-GA-4] · D · Sponsor
• Theodore Deutch · D · Sponsor
• Sheila Jackson Lee · D · Sponsor
• · hsju00 · Standing

Related records

• related to ← Protecting Employees and Retirees in Business Bankruptcies Act of 2018
• related to ← Protecting Employees and Retirees in Business Bankruptcies Act of 2015