SLAP Act

Summary

Stop Looting American Pensions Act of 2019 or the SLAP Act This bill revises certain bankruptcy requirements, including by providing additional protections for employee pay and pensions in the event of a bankruptcy. Specifically, the bill revises the bankruptcy priority requirements of claims for wages and contributions to employee benefit plans, including by increasing the cap of these payments and by eliminating the time period limitation for which unpaid wages and contributions may be claimed; increases the bankruptcy priority of minimum funding contributions towards employee pension benefit plans and withdrawal liability and requires companies to continue making these payments during bankruptcy; expands restrictions on executive pay; places restrictions on the sale of property in bankruptcy proceedings, including by requiring reasonable payment; and extends look back periods regarding fraudulent transfers from two years to six years.

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Timeline

1. 30 October 2019

   Introduced

   Read twice and referred to the Committee on the Judiciary.

   Source: IntroReferral

2. 30 October 2019

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 30 October 2019 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 30 October 2019

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 30 October 2019

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 30 October 2019

  Open at official source

Sponsors

• Sen. Manchin, Joe, III [I-WV] · D · Sponsor
• · ssju00 · Standing

Related records

• related to → SLAP Act