S. 1381
Introduced in Senate · April 23, 2025April 9, 2025
Mr. Durbin (for himself, Mr. Hawley, Mr. Schatz, Ms. Duckworth, Ms. Klobuchar, and Mr. Whitehouse) introduced the following bill; which was read twice and 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.
1. Short title; table of contents; 2. Findings; TITLE I—IMPROVING RECOVERIES FOR EMPLOYEES AND RETIREES; 101. Increased wage priority; 102. Claim for stock value losses in defined contribution plans; 103. Priority for severance pay and contributions to employee benefit plans; 104. Financial returns for employees and retirees; 105. Priority for WARN Act damages; TITLE II—REDUCING EMPLOYEES’ AND RETIREES’ LOSSES; 201. Rejection of collective bargaining agreements; 202. Payment of insurance benefits to retired employees; 203. Protection of employee benefits in a sale of assets; 204. Claim for pension losses; 205. Payments by secured lender; 206. Preservation of jobs and benefits; 207. Termination of exclusivity; 208. Claim for withdrawal liability; TITLE III—RESTRICTING EXECUTIVE COMPENSATION PROGRAMS; 301. Executive compensation upon exit from bankruptcy; 302. Limitations on executive compensation enhancements; 303. Prohibition against special compensation payments; 304. Assumption of executive benefit plans; 305. Recovery of executive compensation; 306. Preferential compensation transfer; TITLE IV—OTHER PROVISIONS; 401. Union proof of claim; 402. Exception from automatic stay; 403. Effect on collective bargaining agreements under the Railway Labor Act
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,