Keep Our Pension Promises Act

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.

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Timeline

1. 18 June 2015

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 18 June 2015

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 18 June 2015 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 June 2015

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 June 2015

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 18 June 2015

  Open at official source

Sponsors

• Bernie Sanders · I · Sponsor
• Sen. Brown, Sherrod [D-OH] · D · Sponsor
• Tammy Baldwin · D · Sponsor
• Sen. Stabenow, Debbie [D-MI] · D · Cosponsor
• Sen. Franken, Al [D-MN] · D · Cosponsor
• John Reed · D · Cosponsor
• Gary Peters · D · Cosponsor
• Sheldon Whitehouse · D · Cosponsor
• Sen. McCaskill, Claire [D-MO] · D · Cosponsor
• Amy Klobuchar · D · Cosponsor
• Rep. Boxer, Barbara [D-CA-6] · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to ← Keep Our Pension Promises Act