Protecting Employees and Retirees in Business Bankruptcies Act of 2017
Sponsored By: Representative Rep. Conyers, John, Jr. [D-MI-13]
Unknown
Summary
Protecting Employees and Retirees in Business Bankruptcies Act of 2017 This bill amends federal bankruptcy law to modify provisions related to Chapter 11 bankruptcy, which typically involves the reorganization of a debtor company's assets and debts. Specifically, the bill modifies provisions governing: (1) employee and retiree recoveries and losses, and (2) executive compensation programs. 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; 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 modifies other provisions. 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. In addition, the bill grants creditor status to labor organizations for purposes of filing a proof of claim.
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Bill Overview
No Economic Impacts Identified for this Bill
Sponsors & CoSponsors
Sponsor
Rep. Conyers, John, Jr. [D-MI-13]
MI • D
Cosponsors
Cohen
TN • D
Sponsored 1/3/2017
Johnson (GA)
GA • D
Sponsored 1/3/2017
Rep. Deutch, Theodore E. [D-FL-22]
FL • D
Sponsored 1/3/2017
Rep. Jackson Lee, Sheila [D-TX-18]
TX • D
Sponsored 1/3/2017
Roll Call Votes
No roll call votes available for this bill.
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