Legis Daily

SLAP Act

USA116th CongressS-2737| Senate 
| Updated: 10/30/2019
Joe Manchin

Joe Manchin

Independent Senator

West Virginia

Judiciary Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Stop Looting American Pensions Act of 2019 or the SLAP Act This bill revises certain bankruptcy requirements, including by providing additional protections for employee pay and pensions in the event of a bankruptcy. Specifically, the bill revises the bankruptcy priority requirements of claims for wages and contributions to employee benefit plans, including by increasing the cap of these payments and by eliminating the time period limitation for which unpaid wages and contributions may be claimed; increases the bankruptcy priority of minimum funding contributions towards employee pension benefit plans and withdrawal liability and requires companies to continue making these payments during bankruptcy; expands restrictions on executive pay; places restrictions on the sale of property in bankruptcy proceedings, including by requiring reasonable payment; and extends look back periods regarding fraudulent transfers from two years to six years.
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Timeline
Oct 30, 2019
Introduced in Senate
Oct 30, 2019
Read twice and referred to the Committee on the Judiciary.
  • October 30, 2019
    Introduced in Senate


  • October 30, 2019
    Read twice and referred to the Committee on the Judiciary.

Finance and Financial Sector

BankruptcyCorporate finance and managementEmployee benefits and pensionsFraud offenses and financial crimesWages and earnings

SLAP Act

USA116th CongressS-2737| Senate 
| Updated: 10/30/2019
Stop Looting American Pensions Act of 2019 or the SLAP Act This bill revises certain bankruptcy requirements, including by providing additional protections for employee pay and pensions in the event of a bankruptcy. Specifically, the bill revises the bankruptcy priority requirements of claims for wages and contributions to employee benefit plans, including by increasing the cap of these payments and by eliminating the time period limitation for which unpaid wages and contributions may be claimed; increases the bankruptcy priority of minimum funding contributions towards employee pension benefit plans and withdrawal liability and requires companies to continue making these payments during bankruptcy; expands restrictions on executive pay; places restrictions on the sale of property in bankruptcy proceedings, including by requiring reasonable payment; and extends look back periods regarding fraudulent transfers from two years to six years.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Oct 30, 2019
Introduced in Senate
Oct 30, 2019
Read twice and referred to the Committee on the Judiciary.
  • October 30, 2019
    Introduced in Senate


  • October 30, 2019
    Read twice and referred to the Committee on the Judiciary.
Joe Manchin

Joe Manchin

Independent Senator

West Virginia

Judiciary Committee

Finance and Financial Sector

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
BankruptcyCorporate finance and managementEmployee benefits and pensionsFraud offenses and financial crimesWages and earnings