Protecting Employees and Retirees in Business Bankruptcies Act of 2024

[Congressional Bills 118th Congress] [From the U.S. Government Publishing Office] [H.R. 10538 Introduced in House (IH)] <DOC> 118th CONGRESS 2d Session H. R. 10538 To amend title 11, United States Code, to improve protections for employees and retirees in business bankruptcies. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES December 19, 2024 Mr. Nadler (for himself and Mr. Correa) introduced the following bill; which was referred to the Committee on the Judiciary _______________________________________________________________________ A BILL To amend title 11, United States Code, to improve protections for employees and retirees in business bankruptcies. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; TABLE OF CONTENTS. (a) Short Title.--This Act may be cited as the ``Protecting Employees and Retirees in Business Bankruptcies Act of 2024''. (b) Table of Contents.--The table of contents of this Act is as follows: Sec. 1. Short title; table of contents. Sec. 2. Findings. TITLE I--IMPROVING RECOVERIES FOR EMPLOYEES AND RETIREES Sec. 101. Increased wage priority. Sec. 102. Claim for stock value losses in defined contribution plans. Sec. 103. Priority for severance pay and contributions to employee benefit plans. Sec. 104. Financial returns for employees and retirees. Sec. 105. Priority for WARN Act damages. TITLE II--REDUCING EMPLOYEES' AND RETIREES' LOSSES Sec. 201. Rejection of collective bargaining agreements. Sec. 202. Payment of insurance benefits to retired employees. Sec. 203. Protection of employee benefits in a sale of assets. Sec. 204. Claim for pension losses. Sec. 205. Payments by secured lender. Sec. 206. Preservation of jobs and benefits. Sec. 207. Termination of exclusivity. Sec. 208. Claim for withdrawal liability. TITLE III--RESTRICTING EXECUTIVE COMPENSATION PROGRAMS Sec. 301. Executive compensation upon exit f