Employee Retirement Preservation Act

Summary

Employee Retirement Preservation Act - Amends Federal bankruptcy law to bring within its purview a claim regarding a right or interest in equity securities of the debtor held in a pension plan for the benefit of an individual who is not an officer or director of the debtor, if such securities were attributable to: (1) employer contributions by the debtor; and (2) certain elective deferrals required to be invested in such securities under the terms of the pension plan. Bars claims regarding such securities during any period in which the individual or any beneficiary has the right to direct the plan to divest such securities and to reinvest an equivalent amount in other investment options of the plan. Includes within the fourth order of priorities in bankruptcy allowed unsecured claims regarding equity securities of the debtor that are held in a pension plan without regard to when services were rendered or limitation in amount, and measured by the market value of the stock at the time the stock was contributed to, or purchased by, the plan. Increases from $4,000 to $13,500 allowed unsecured claims for certain employee-earned benefits and compensation.

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Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 16 October 2002

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• Introduced in House (PDF)

  Introduced in House · EN · 16 October 2002

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• Introduced in House

  summary · EN · 16 October 2002

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