S 3028
107th Congress
Senate
Labor and Employment
Bankruptcy
Corporate collapse
Debtor and creditor
Defined benefit pension plans
Defined contribution plans
Employee pensions
Finance and Financial Sector
Employee Pension Bankruptcy Protection Act of 2002
Introduced: October 2, 2002
See on congress.gov
Everywhere this bill has been
3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 2, 2002
Read twice and referred to the Committee on the Judiciary.
Oct 2, 2002
Sponsor introductory remarks on measure. (CR S9847-9848)
Oct 2, 2002
Introduced in Senate
Plain-English summary
Employee Pension Bankruptcy Protection Act of 2002 - Amends the Federal bankruptcy code to allow representatives of employees and retirees to appear and be heard before the bankruptcy court to protect the benefits to which they are entitled as participants or beneficiaries under a pension plan. Permits this in cases where the debtor is the sponsor of an employee pension benefit plan under certain provisions of the Employee Retirement Income Security Act of 1974 (ERISA), and such plan is likely to be terminated under title IV of ERISA or substantially underfunded by the debtor, resulting in a hardship to the participants or beneficiaries.
Allows the representative to be heard with respect to a sale of all or substantially all of the assets of the debtor or with respect to a plan of reorganization. Permits such participants and beneficiaries to employ counsel and other professionals who shall be compensated from the debtor's estate.
What's happening now
Read twice and referred to the Committee on the Judiciary.
Committees of jurisdiction
1
Cosponsors
1