Protecting Employees and Retirees in Business Bankruptcies Act of 2020

referredUnited States· United States Congress· EN

Introduced

25 June 2020

Last action

25 June 2020 · Introduced

Status

Read twice and referred to the Committee on the Judiciary. (text: CR S3314-3319)

Summary

Protecting Employees and Retirees in Business Bankruptcies Act of 2020 This bill modifies provisions related to Chapter 11 bankruptcy, which typically involves the reorganization of a debtor company's assets and debts. Specifically, the bill (1) expands available claims and priorities for employees and retirees, and (2) places additional restrictions on the compensation of executives and other high level employees. 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 and contributions to an employee benefit plan; 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 allows claims related to pension losses. 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

25 June 2020
Introduced
Read twice and referred to the Committee on the Judiciary. (text: CR S3314-3319)
Source: IntroReferral
25 June 2020
Introduced
Introduced in Senate
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Introduced in Senate · 25 June 2020 · Download file

Documents

3 official files

Introduced in Senate (text)

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Introduced in Senate (text)
Introduced in Senate · EN · 25 June 2020
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Introduced in Senate (PDF)
Introduced in Senate · EN · 25 June 2020
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Introduced in Senate
summary · EN · 25 June 2020
Open at official source
Leesvertaling
Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
Vertaal naar
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Related records

related to ← Protecting Employees and Retirees in Business Bankruptcies Act of 2020

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/116th-congress/senate-bill/4089
Open data entity: https://api.congress.gov/v3/bill/116/s/4089
us · 116-s-4089 · source updated 10 August 2026