Bill Text: NJ AR182 | 2014-2015 | Regular Session | Introduced
Bill Title: Urges U.S. Congress to enact legislation protecting employee and retiree retirement benefits.*
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Introduced - Dead) 2015-06-11 - Assembly Floor Amendment Passed (Jasey) [AR182 Detail]
Download: New_Jersey-2014-AR182-Introduced.html
Sponsored by:
Assemblyman DANIEL R. BENSON
District 14 (Mercer and Middlesex)
SYNOPSIS
Urges President and Congress of the United States to enact legislation protecting employee and retiree retirement benefits.
CURRENT VERSION OF TEXT
As introduced.
An Assembly Resolution respectfully urging the President and Congress of the United States to enact legislation protecting employee and retiree retirement benefits.
Whereas, In recent years, many companies in New Jersey and elsewhere have abandoned the promises they've made to their workers through bankruptcy filings and other strategies to avoid paying their obligations to employees and retirees; and
Whereas, Though pensions and health benefits are earned by workers and are relied upon by retirees, these benefits have become subject to reduction in the event of the employer or former employer's bankruptcy; and
Whereas, Continuing to allow companies to shift their bankruptcy costs onto the backs of employees and retirees is wrong and should be addressed by leveling the playing field for our workforce; and
Whereas, The "Bankruptcy Fairness and Employee Benefits Protection Act of 2014," (the "act") introduced in the United States Congress as H.R.5523 and S.2418, addresses some of these concerns by making it more difficult for companies to reduce or eliminate the pay and benefits their employees and retirees were promised and earned during their careers; and
Whereas, The act would prohibit companies from using the bankruptcy system to reduce pay and benefits for employees and retirees, unless they can prove that the benefits cuts they have proposed are absolutely necessary to prevent the company's liquidation, and entitles retirees to the continuation of health care benefits for at least two years following the restructuring of their former employer, even if a court rules the employer is eventually allowed to halt benefits; and
Whereas, The act would also reveal the extent to which companies have avoided their responsibilities to employees and retirees by commissioning a study by the United States Government Accountability Office on strategies some companies use to avoid paying promised benefits to their employees and retirees; and
Whereas, Workers and retirees in New Jersey, and other states, deserve to have critical health care and pensions benefits, which were earned through their hard work and loyalty, protected and secured; now, therefore,
Be It Resolved by the General Assembly of the State of New Jersey:
1. This House respectfully urges the President and Congress of the United States to enact the "Bankruptcy Fairness and Employee Benefits Protection Act of 2014."
2. Copies of this resolution, as filed with the Secretary of State, shall be transmitted by the Clerk of the General Assembly to the President of the United States and to each member of the United States Congress.
STATEMENT
This resolution respectfully urges the President and Congress of the United States to enact the "Bankruptcy Fairness and Employee Benefits Protection Act of 2014." That act would put in place measures to protect, and make it more difficult for companies to reduce or eliminate through bankruptcy or otherwise, the pay and benefits their employees and retirees were promised and earned during their careers.
