Protecting Employees and Retirees in Business Bankruptcies Act of 2007

A bill to amend title 11, United States Code, to improve protections for employees and retirees in business bankruptcies.

9/25/2007--Introduced.
Protecting Employees and Retirees in Business Bankruptcies Act of 2007 - Amends federal bankruptcy law to increase the maximum amount per individual or corporation of unsecured claims ranked in the fourth (wages, salaries, or commissions) and fifth (employee benefit plan contributions) order of priority. Includes within the scope of a claim in bankruptcy certain equity securities held in a defined contribution plan for the benefit of certain individuals. Ranks in sixth order of priority the diminished value of debtor's equity securities held in a defined contribution plan if the employer or plan sponsor committed fraud regarding the plan. Permits within administrative expenses certain severance pay for termination or layoffs. Prohibits certain senior executive compensation from being disproportionate in light of economic concessions by debtor's nonmanagement workforce. Disallows as an administrative expense specified executive compensation enhancements. Revises requirements governing:
(1) rejection of collective bargaining agreements;
(2) insurance benefits for retired employees; and
(3) the status of certain employee benefits in a sale of business assets. Allows defined benefit plan participants to file claims for certain shortfalls in pension benefits. Permits inclusion within the necessary costs and expenses of preserving property the mandatory recovery of unpaid obligations owed to employees. Directs the court to consider the extent to which alternative reorganization plans maintain:
(1) jobs;
(2) defined benefit plans; and
(3) retiree health benefits. Prohibits assumption of deferred compensation for the benefit of insiders or senior management if an employee defined benefit plan has been terminated. Limits the recovery of executive compensation if the debtor has reduced its contractual obligations under either a collective bargaining agreement or retiree benefits plan. Excepts from an automatic stay:
(1) a dispute resolution proceeding established by a collective bargaining agreement prior to commencement of bankruptcy; or
(2) an award or settlement under such proceeding. Authorizes the bankruptcy trustee to avoid transfers made for the benefit of an insider or certain consultants in anticipation of bankruptcy. Revises prerequisites to court confirmation of a business reorganization plan which continues retiree benefits.


... morehide bill summary

Sponsor

• Sen. Richard Durbin [D, IL]
• and 10 Co-Sponsors
  • Sen. Joseph Biden [D, DE]
  • Sen. Barbara Boxer [D, CA]
  • Sen. Sherrod Brown [D, OH]
  • Sen. Hillary Clinton [D, NY]
  • Sen. Russell Feingold [D, WI]
  • Sen. Thomas Harkin [D, IA]
  • Sen. Edward Kennedy [D, MA]
  • Sen. John Kerry [D, MA]
  • Sen. Robert Menéndez [D, NJ]
  • Barack Obama
  close

Committees

• Senate Judiciary

Amendments

This bill has no amendments.

Amendments to S.2092

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
September 25, 2007

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All Bill Actions

• Introduced on Sep 25, 2007.
• Sep 25, 2007: Sponsor introductory remarks on measure. (CR S12063)
• Sep 25, 2007: Read twice and referred to the Committee on the Judiciary.

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Related Bills:

• H.R.3652

Related Issue Areas:

• Finance
• Bankruptcy
• Business
• Collective bargaining
• 17 more
• Corporate reorganizations
• Defined benefit pension plans
• Defined contribution plans
• Employee benefit plans
• Executive compensation
• Fraud
• Health policy
• Labor
• Law
• Layoffs
• Medical care
• Pension funds
• Pensions
• Retiree health benefits
• Securities
• Severance pay
• Trusts and trustees

Data from the Congressional Research Service

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Blog Coverage

October 09, 2008 The Tactical Ramblings of a Pilot: A few bits of John McCain ...

(H.R. 1231, Vote 276, 10/26/89; H.R. 1231, Vote 273, 10/26/89; H.R. 1231, Vote 222, 10/3/89; S. 2092, 2007) Opposes Buy American Provisions That Protect Our Jobs. McCain voted to waive Buy American laws for defense systems and to exempt ...

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Source: The Tactical Ramblings of a Pilot

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March 14, 2008 Sell aluminum folding doors

Introductory Statement and Text of Protecting Employees and Retirees in Business Bankruptcies Act, S.2092 (PDF). An Alternative to Tonight’s SNL: The Black Comedy Experiment. Oldham 3-1 Tranmere. Should Girls and Boys Be Taught ...

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March 14, 2008 Sell aluminum folding doors

Introductory Statement and Text of Protecting Employees and Retirees in Business Bankruptcies Act, S.2092 (PDF). An Alternative to Tonight’s SNL: The Black Comedy Experiment. Oldham 3-1 Tranmere ...

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Source: CDABCAC

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