Keep Our Pension Promises Act
Latest action · Nov 16, 2015 Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJun 19, 2015
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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) to allow a plan sponsor of an eligible multiemployer plan to petition the Pension Benefit Guaranty Corporation for a partition of a financially-troubled pension plan. PBGC is required to establish a legacy fund to cover the administrative and benefit costs resulting from a partition..
The bill amends the federal bankruptcy code to assign first claim priority to pension obligations under ERISA.
The bill amends 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, (3) establish estate valuation rules for certain transfers of nonbusiness assets, and (4) limit estate tax discounts for certain individuals with minority interests in a business acquired from a decedent.
Cosponsors 55
Members who signed on, in the order they did. Signatures ran from Jun 19, 2015 to Nov 17, 2016; 6 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-PA | Brendan F. Boyle | Original | Jun 19, 2015 |
| D-IL | Janice D. Schakowsky | Original | Jun 19, 2015 |
| D-MN | Keith Ellison | Original | Jun 19, 2015 |
| D-NY | Louise McIntosh Slaughter | Original | Jun 19, 2015 |
| D-CA | Michael M. Honda | Original | Jun 19, 2015 |
| D-OH | Tim Ryan | Original | Jun 19, 2015 |
| D-WI | Gwen Moore | Jun 25, 2015 | |
| D-WA | Jim McDermott | Jul 27, 2015 | |
| D-TX | Marc A. Veasey | Jul 27, 2015 | |
| D-DC | Eleanor Holmes Norton | Sep 9, 2015 | |
| D-OH | Joyce Beatty | Sep 9, 2015 | |
| D-NY | Nydia M. Velázquez | Sep 9, 2015 | |
| D-IN | Peter J. Visclosky | Sep 9, 2015 | |
| D-MN | Richard M. Nolan | Sep 9, 2015 | |
| D-CA | Ted Lieu | Sep 9, 2015 | |
| D-CA | Zoe Lofgren | Sep 9, 2015 | |
| D-NJ | Albio Sires | Sep 10, 2015 | |
| D-TX | Beto O'Rourke | Sep 10, 2015 | |
| D-TX | Gene Green | Sep 10, 2015 | |
| D-NY | Yvette D. Clarke | Sep 10, 2015 | |
| D-NJ | Donald M. Payne, Jr. | Sep 16, 2015 | |
| D-NJ | Frank Pallone, Jr. | Sep 16, 2015 | |
| D-NY | Hakeem S. Jeffries | Sep 16, 2015 | |
| D-CA | Judy Chu | Sep 16, 2015 | |
| D-NC | Alma S. Adams | Sep 24, 2015 | |
| D-CA | John Garamendi | Sep 24, 2015 | |
| D-TN | Steve Cohen | Oct 9, 2015 | |
| D-IL | Cheri Bustos | Oct 21, 2015 | |
| D-MI | Daniel T. Kildee | Oct 26, 2015 | |
| D-FL | Alan Grayson | Nov 3, 2015 | |
| D-MN | Collin C. Peterson | Nov 18, 2015 | |
| D-MI | Debbie Dingell | Nov 18, 2015 | |
| D-GA | Henry C. "Hank" Johnson, Jr. | Nov 18, 2015 | |
| D-KY | John A. Yarmuth | Nov 18, 2015 | |
| D-GA | David Scott | Dec 2, 2015 | |
| D-NY | Paul Tonko | Feb 3, 2016 | |
| D-IL | Robin L. Kelly | Feb 3, 2016 | |
| D-MO | Emanuel Cleaver | Feb 12, 2016 | |
| D-NY | Brian Higgins | Feb 24, 2016 | |
| D-TX | Sheila Jackson Lee | Feb 24, 2016 | |
| D-MN | Betty McCollum | Mar 2, 2016 | |
| D-TX | Eddie Bernice Johnson | Mar 15, 2016 | |
| D-RI | James R. Langevin | Mar 15, 2016 | |
| D-IL | Tammy Duckworth | Apr 15, 2016 | |
| D-CA | Grace F. Napolitano | Apr 21, 2016 | |
| D-TX | Filemon Vela | Apr 27, 2016 | |
| D-CA | Lucille Roybal-Allard | May 11, 2016 | |
| D-CT | Rosa L. DeLauro | May 11, 2016 | |
| D-GA | Sanford D. Bishop, Jr. | May 11, 2016 | |
| D-FL | Alcee L. Hastings | May 18, 2016 | |
| D-MI | John Conyers, Jr. | Jun 14, 2016 | |
| D-FL | Debbie Wasserman Schultz | Jul 14, 2016 | |
| D-TX | Al Green | Sep 7, 2016 | |
| D-MO | Wm. Lacy Clay | Sep 27, 2016 | |
| D-MN | Timothy J. Walz | Nov 17, 2016 |
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Education and Workforce Committee | Referred Jun 19, 2015 |
| Health, Employment, Labor, and Pensions Subcommittee | Referred Nov 16, 2015 | |
| House | Ways and Means Committee | Referred Jun 19, 2015 |
| House | Judiciary Committee | Referred Jun 19, 2015 |
| Administrative State, Regulatory Reform, and Antitrust Subcommittee | Referred Jul 9, 2015 |
Actions 5
Everything that happened, newest first.
- Nov 16, 2015Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
- Jul 9, 2015Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
- Jun 19, 2015Introduced in House
- Jun 19, 2015Sponsor introductory remarks on measure. (CR E936)
- Jun 19, 2015Referred to the Committee on Education and the Workforce, and in addition to the Committees on Ways and Means, and the Judiciary, 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.
In the Congressional Record 2
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| House | Debate and remarks H1714, H1731–H1733 | Marcy Kaptur D-OH, Tim Ryan D-OH | Apr 14, 2016 |
| Extensions | Debate and remarks E936 | Marcy Kaptur D-OH | Jun 19, 2015 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 161, no. 99, June 19, 2015, page H4546.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 114-541 | THE MULTIEMPLOYER PENSION PLAN SYSTEM: RECENT REFORMS AND CURRENT CHALLENGES117 pages | Finance Committee | Mar 1, 2016 |
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| R44355 | Benefit Reductions in the Central States Multiemployer DB Pension Plan: Frequently Asked Questions Archived | Report | Jan 28, 2016 |
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1631 | Keep Our Pension Promises Act | Identical bill | Jun 18, 2015 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to modify certain provisions relating to multiemployer pensions, and for other purposes.
- Short Titles as Introduced
- Keep Our Pension Promises Act
Subjects
Assigned by the Library of Congress. Policy area: Labor and Employment.
Text 1
Each version as it was printed, newest first.
- Jun 19, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
