Student Loan Bankruptcy Prevention Act

Summary

Retiree Benefits Security Act of 1987 - Amends Federal bankruptcy law to apply provisions governing the rejection of collective bargaining agreements in reorganization cases to collective bargaining agreement provisions relating to benefits for retired employees. Provides that bankruptcy claims for retiree benefits and claims arising under any collective bargaining agreement or rejection thereof shall not be limited to one year's compensation. Designates the labor organization which is the recognized exclusive collective bargaining representative in a collective bargaining agreement as the authorized representative of persons receiving retirement benefits under such agreement in bankruptcy proceedings. Directs the court to appoint a committee of retirees to serve as such representative if the labor organization elects not to serve or if the recipients of retiree benefits are not covered by a collective bargaining agreement. Requires the debtor in possession or trustee in a reorganization case to pay and not modify any retiree benefits under any program established or maintained by the debtor prior to filing a bankruptcy petition. Allows modification of such benefits: (1) by court order; or (2) as agreed to by the trustee and the authorized representative of benefit recipients. Treats such payments as administrative expenses. Permits the court to order a modification in retiree benefit payments only if: (1) with respect to benefits covered by a collective bargaining agreement, such agreement is rejected in bankruptcy; and (2) with respect to benefits whether covered or not, the court finds that modifications are necessary to permit the reorganization of the debtor and to assure that all creditors, the debtor, and all affected parties are treated fairly and equitably and that the balance of equities clearly favors the modification sought by the trustee. Permits the court, before issuing a final order, to authorize the trustee to implement interim changes in benefits not provided by a collective bargaining agreement, if essential to the continuation of the debtor's business, or in order to avoid irreparable damage to the estate. Provides that any retiree benefits paid between the filing of a petition and confirmation of a plan shall not be deducted from amounts calculated for claims for unpaid future retiree benefits or for any benefits not provided due to modifications, unless otherwise agreed by the debtor and the authorized representative. Requires a reorganization plan to place all claimants for retiree benefits in a separate class consisting only of such claimants. Requires that a plan, to be fair and equitable with respect to such claimants: (1) provide that each claim holder of such class receive property of a value equal to the allowed amount of such claim; or (2) provide that each claim holder of such class receive such value as found by the court to represent the minimum reduction in retiree benefits consistent with the ability of the debtor to provide such benefits after plan confirmation. Provides for the retroactive application of this Act.

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

Timeline

1. 19 February 1987

   Introduced

   Read twice and referred to the Committee on Judiciary.

   Source: IntroReferral

2. 19 February 1987

   Introduced

   Introduced in Senate

   Source: IntroReferral

3. 20 February 1987

   Referred

   Referred to Subcommittee on Courts and Administrative Practice.

   Source: Committee

4. 1 April 1987

   Committee

   Subcommittee on Courts and Administrative Practice. Hearings held.

   Source: Committee

5. 24 April 1987

   Committee

   Subcommittee on Courts and Administrative Practice. Hearings held.

   Source: Committee

6. 28 May 1987

   Committee

   Subcommittee on Courts and Administrative Practice. Approved for full committee consideration with an amendment in the nature of a substitute favorably.

   Source: Committee

7. 23 June 1987

   Reported

   Committee on Judiciary. Ordered to be reported with an amendment in the nature of a substitute favorably.

   Source: Committee

8. 17 July 1987

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 246.

   Source: Calendars

9. 17 July 1987

   Reported

   Committee on Judiciary. Reported to Senate by Senator Biden with an amendment in the nature of a substitute and an amendment to the title. Without written report.

   Source: Committee

10. 17 July 1987

    Reported

    Committee on Judiciary. Reported to Senate by Senator Biden with an amendment in the nature of a substitute and an amendment to the title. Without written report.

    Source: Committee

11. 21 July 1987

    Floor

    By Senator Biden from Committee on Judiciary filed written report. Report No. 100-119.

    Source: Floor

12. 21 July 1987

    Committee

    By Senator Biden from Committee on Judiciary filed written report. Report No. 100-119.

    Source: Committee

13. 24 July 1987

    Floor

    Measure laid before Senate by unanimous consent.

    Source: Floor

14. 24 July 1987

    Passed

    Passed/agreed to in Senate: Passed Senate with an amendment and an amendment to the Title by Voice Vote.

    Source: Floor

15. 29 July 1987

    Floor

    Message on Senate action sent to the House.

    Source: Floor

16. 10 September 1987

    Introduced

    Referred to House Committee on The Judiciary.

    Source: IntroReferral

17. 14 September 1987

    Referred

    Referred to Subcommittee on Monopolies and Commercial Law.

    Source: Committee

18. 16 June 1988

    Committee

    See H.R.2969.

    Source: Committee

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

3 official files

• Passed Senate amended

  summary · EN · 24 July 1987

  Open at official source

• Reported to Senate with amendment(s)

  summary · EN · 17 July 1987

  Open at official source

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• Introduced in Senate

  summary · EN · 19 February 1987

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Metzenbaum, Howard M. [D-OH] · D · Sponsor
• Sen. Heinz, John [R-PA] · R · Sponsor
• Sen. Glenn, John H., Jr. [D-OH] · D · Sponsor
• Sen. Specter, Arlen [R-PA] · R · Sponsor
• Sen. Byrd, Robert C. [D-WV] · D · Sponsor
• Sen. Lugar, Richard G. [R-IN] · R · Sponsor
• Sen. Riegle, Donald W., Jr. [D-MI] · D · Sponsor
• Sen. Durenberger, Dave [R-MN] · R · Sponsor
• Sen. Simon, Paul [D-IL] · D · Sponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Sponsor
• Sen. Levin, Carl [D-MI] · D · Sponsor
• Sen. Boschwitz, Rudy [R-MN] · R · Sponsor
• Sen. Shelby, Richard C. [R-AL] · D · Cosponsor
• Sen. Bumpers, Dale [D-AR] · D · Cosponsor
• Sen. Sarbanes, Paul S. [D-MD] · D · Cosponsor
• Sen. Inouye, Daniel K. [D-HI] · D · Cosponsor
• Sen. Mikulski, Barbara A. [D-MD] · D · Cosponsor
• Sen. Heflin, Howell [D-AL] · D · Cosponsor
• Sen. Biden, Joseph R., Jr. [D-DE] · D · Cosponsor
• Sen. Proxmire, William [D-WI] · D · Cosponsor
• Sen. Quayle, Dan [R-IN] · R · Cosponsor
• · hsju00 · Standing
• · ssju00 · Standing

Related records

• related to → Retiree Benefits Security Act of 1987
• related to → Retiree Benefits Bankruptcy Protection Act of 1988
• amends ← To provide for an additional bankruptcy judge for the judicial district of Arizona.
• amends ← To clarify the treatment of certain education loans in bankruptcy proceedings.
• amends ← To lower income cap under Section 1114(1) in order to exclude persons with high incomes from the special treatment under Section 1114.
• amends ← To provide for an additional bankruptcy judge for the judicial district of Colorado.