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Summary (1)

There is one summary for H.R.2844. View summaries

Shown Here:
Introduced in House (06/19/2015)

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.


Actions Overview (1)

Date
06/19/2015 Introduced in House

All Actions (8)

Date
11/16/2015 Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Action By: House Education and the Workforce
07/09/2015 Referred to the Subcommittee on Regulatory Reform, Commercial And Antitrust Law.
Action By: House Judiciary
06/19/2015 Referred to House Judiciary
Action By: House of Representatives
06/19/2015 Referred to House Ways and Means
Action By: House of Representatives
06/19/2015 Referred to House Education and the Workforce
Action By: House of Representatives
06/19/2015 Referred 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.
Action By: House of Representatives
06/19/2015 Sponsor introductory remarks on measure. (CR E936)
Action By: House of Representatives
06/19/2015 Introduced in House
Action By: House of Representatives

Titles (2)

Short Titles:

Short Titles - House of Representatives

Short Titles as Introduced:

Keep Our Pension Promises Act

Official Titles:

Official Titles - House of Representatives

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.


Subjects (6)

  • Bankruptcy
  • Employee benefits and pensions
  • Income tax exclusion
  • Land transfers
  • Transfer and inheritance taxes

Cosponsors (55)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Ryan, Tim [D-OH-13]* 06/19/2015
Rep. Ellison, Keith [D-MN-5]* 06/19/2015
Rep. Schakowsky, Janice D. [D-IL-9]* 06/19/2015
Rep. Boyle, Brendan F. [D-PA-13]* 06/19/2015
Rep. Honda, Michael M. [D-CA-17]* 06/19/2015
Rep. Slaughter, Louise McIntosh [D-NY-25]* 06/19/2015
Rep. Moore, Gwen [D-WI-4] 06/25/2015
Rep. Veasey, Marc A. [D-TX-33] 07/27/2015
Rep. McDermott, Jim [D-WA-7] 07/27/2015
Rep. Visclosky, Peter J. [D-IN-1] 09/09/2015
Rep. Beatty, Joyce [D-OH-3] 09/09/2015
Rep. Lofgren, Zoe [D-CA-19] 09/09/2015
Rep. Nolan, Richard M. [D-MN-8] 09/09/2015
Rep. Norton, Eleanor Holmes [D-DC-At Large] 09/09/2015
Rep. Velazquez, Nydia M. [D-NY-7] 09/09/2015
Rep. Lieu, Ted [D-CA-33] 09/09/2015
Rep. O'Rourke, Beto [D-TX-16] 09/10/2015
Rep. Sires, Albio [D-NJ-8] 09/10/2015
Rep. Green, Gene [D-TX-29] 09/10/2015
Rep. Clarke, Yvette D. [D-NY-9] 09/10/2015
Rep. Pallone, Frank, Jr. [D-NJ-6] 09/16/2015
Rep. Chu, Judy [D-CA-27] 09/16/2015
Rep. Payne, Donald M., Jr. [D-NJ-10] 09/16/2015
Rep. Jeffries, Hakeem S. [D-NY-8] 09/16/2015
Rep. Garamendi, John [D-CA-3] 09/24/2015
Rep. Adams, Alma S. [D-NC-12] 09/24/2015
Rep. Cohen, Steve [D-TN-9] 10/09/2015
Rep. Bustos, Cheri [D-IL-17] 10/21/2015
Rep. Kildee, Daniel T. [D-MI-5] 10/26/2015
Rep. Grayson, Alan [D-FL-9] 11/03/2015
Rep. Peterson, Collin C. [D-MN-7] 11/18/2015
Rep. Dingell, Debbie [D-MI-12] 11/18/2015
Rep. Johnson, Henry C. "Hank," Jr. [D-GA-4] 11/18/2015
Rep. Yarmuth, John A. [D-KY-3] 11/18/2015
Rep. Scott, David [D-GA-13] 12/02/2015
Rep. Tonko, Paul [D-NY-20] 02/03/2016
Rep. Kelly, Robin L. [D-IL-2] 02/03/2016
Rep. Cleaver, Emanuel [D-MO-5] 02/12/2016
Rep. Jackson Lee, Sheila [D-TX-18] 02/24/2016
Rep. Higgins, Brian [D-NY-26] 02/24/2016
Rep. McCollum, Betty [D-MN-4] 03/02/2016
Rep. Langevin, James R. [D-RI-2] 03/15/2016
Rep. Johnson, Eddie Bernice [D-TX-30] 03/15/2016
Rep. Duckworth, Tammy [D-IL-8] 04/15/2016
Rep. Napolitano, Grace F. [D-CA-32] 04/21/2016
Rep. Vela, Filemon [D-TX-34] 04/27/2016
Rep. Roybal-Allard, Lucille [D-CA-40] 05/11/2016
Rep. Bishop, Sanford D., Jr. [D-GA-2] 05/11/2016
Rep. DeLauro, Rosa L. [D-CT-3] 05/11/2016
Rep. Hastings, Alcee L. [D-FL-20] 05/18/2016
Rep. Conyers, John, Jr. [D-MI-13] 06/14/2016
Rep. Wasserman Schultz, Debbie [D-FL-23] 07/14/2016
Rep. Green, Al [D-TX-9] 09/07/2016
Rep. Clay, Wm. Lacy [D-MO-1] 09/27/2016
Rep. Walz, Timothy J. [D-MN-1] 11/17/2016

Committees (3)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Education and the Workforce06/19/2015 Referred to
House Education and the Workforce Subcommittee on Health, Employment, Labor, and Pensions11/16/2015 Referred to
House Ways and Means06/19/2015 Referred to
House Judiciary06/19/2015 Referred to
House Judiciary Subcommittee on Regulatory Reform, Commercial And Antitrust Law07/09/2015 Referred to

Related Bills (1)

A related bill may be a companion measure, an identical bill, a procedurally-related measure, or one with text similarities. Bill relationships are identified by the House, the Senate, or CRS, and refer only to same-congress measures.