US Congress House Bill 2412 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 34-0)
Status: Introduced on May 11 2017 - 25% progression, died in committee
Action: 2017-05-11 - Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Pending: House Subcommittee on Regulatory Reform, Commercial And Antitrust Law Committee
Text: Latest bill text (Introduced) [PDF]

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), with respect to partitions of eligible multiemployer plans, to modify the procedures and allow plan sponsors to petition the Pension Benefit Guaranty Corporation (PBGC) for a partition of additional financially-troubled pension plans. The PBGC must establish a legacy fund to cover the administrative and benefit costs resulting from a partition. The Department of the Treasury must transfer amounts to the fund that are equal to the increase in revenues as a result of specified provisions of this bill that amend the Internal Revenue Code. The provisions amend 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, and (3) limit contributions and require increased minimum distributions for individuals with certain retirement plans with balances that exceed $5 million (adjusted for inflation after 2017). The bill amends the federal bankruptcy code to assign first claim priority to pension obligations under ERISA.

Keep Our Pension Promises Act

Rep. Marcy Kaptur [D-OH]	Rep. Tim Ryan [D-OH]	Rep. Rosa DeLauro [D-CT]	Rep. Debbie Dingell [D-MI]
Rep. Louise Slaughter [D-NY]	Rep. Lacy Clay [D-MO]	Rep. Janice Schakowsky [D-IL]	Rep. Eleanor Norton [D-DC]
Rep. John Garamendi [D-CA]	Rep. Richard Nolan [D-MN]	Rep. Paul Tonko [D-NY]	Rep. Timothy Walz [D-MN]
Rep. Pramila Jayapal [D-WA]	Rep. John Yarmuth [D-KY]	Rep. Gwen Moore [D-WI]	Rep. Gene Green [D-TX]
Rep. Jamie Raskin [D-MD]	Rep. Marc Veasey [D-TX]	Rep. Hakeem Jeffries [D-NY]	Rep. Betty McCollum [D-MN]
Rep. Steve Cohen [D-TN]	Rep. Sheila Jackson-Lee [D-TX]	Rep. Barbara Lee [D-CA]	Rep. Peter Visclosky [D-IN]
Rep. Henry Johnson [D-GA]	Rep. Joyce Beatty [D-OH]	Rep. Colleen Hanabusa [D-HI]	Rep. Salud Carbajal [D-CA]
Rep. Collin Peterson [D-MN]	Rep. Brian Higgins [D-NY]	Rep. Al Green [D-TX]	Rep. Nydia Velazquez [D-NY]
Rep. Chellie Pingree [D-ME]	Rep. James Langevin [D-RI]

Date	Chamber	Action
2017-05-11	House	Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
2017-05-11	House	Referred to the Committee on Education and the Workforce, and in addition to the Committees on the Judiciary, and Ways and Means, 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.
2017-05-11	House	Referred to the Committee on Education and the Workforce, and in addition to the Committees on the Judiciary, and Ways and Means, 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.
2017-05-11	House	Referred to the Committee on Education and the Workforce, and in addition to the Committees on the Judiciary, and Ways and Means, 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.
2017-05-11	House	Referred to the Committee on Education and the Workforce, and in addition to the Committees on the Judiciary, and Ways and Means, 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.
2017-05-11	House	Sponsor introductory remarks on measure. (CR E626)
2017-05-11	House	Introduced in House

SB1076 (Same As) 2017-05-09 - Read twice and referred to the Committee on Finance.
HB2384 (Related) 2017-06-07 - Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
SB3772 (Related) 2018-12-18 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/house-bill/2412/all-info
Text	https://www.congress.gov/115/bills/hr2412/BILLS-115hr2412ih.pdf