Keep Our Pension Promises Act

HB 2844 Keep Our Pension Promises Act

US Congress 114th Congress

Keep Our Pension Promises Act
HB-2844


About HB-2844

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.

  

Bill Texts

Introduced 06/26/2015

Weigh In

No votes yet!
Cast yours now to be the first.

Votes for: 0 Votes against: 0

Sponsors (56)

Sponsors by party

  

Bill Sponsors

History

Referred To The Subcommittee On Health, Employment, Labor, And Pensions.

11/16/2015

Referred To The Subcommittee On Regulatory Reform, Commercial And Antitrust Law.

07/09/2015

Introduced In House

06/19/2015

Sponsor Introductory Remarks On Measure. (cr E936)

06/19/2015

Referred To The Committee On Education And The Workforce, And In Addition To The Committees On Ways And Means, And The Judiciary, For A Period To Be Subsequently Determined By The Speaker, In Each Case For Consideration Of Such Provisions As Fall Within The Jurisdiction Of The Committee Concerned.

06/19/2015

Referred To House Education And The Workforce

06/19/2015

Referred To House Ways And Means

06/19/2015

Referred To House Judiciary

06/19/2015