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 bene more...fit 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.

Sponsor

• Sen. Richard Durbin [D, IL]
• and 6 Co-Sponsors
  • Sen. Barbara Boxer [D, CA]
  • Sen. Sherrod Brown [D, OH]
  • Sen. Hillary Clinton [D, NY]
  • Sen. Russell Feingold [D, WI]
  • Sen. Edward Kennedy [D, MA]
  • Sen. Barack Obama [D, IL]
  close

Committees

• Senate Judiciary

Amendments

This bill has no amendments.

Amendments to S.2092

Number	Status	Purpose

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Bill Status

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

Related Bills:

• H.R.3652

Related Issue Areas:

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

In the News

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Blog Coverage

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 ...

Source: US Air Force ROTC
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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 ...

Source: CDABCAC
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March 10, 2008 Editorial: "Sticker shock" amendment and two add-ons

Introductory Statement and Text of Protecting Employees and Retirees in Business Bankruptcies Act, S.2092 (PDF) Spirit Airlines Announces New Service Between Fort Lauderdale and Cartagena, Colombia America’s Next Top Model: Cycle 10 ...

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