,,ii #aafth ,,congress #ast ,session ,s4 #bgcg ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,october #cj1 #bjai,mr4 ,manchin introduced the following bill2 which was read twice and referred to the ,committee on the ,judiciary ,a ,,bill ,to provide protections for pensions in bankruptcy proceedings1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,stop ,looting ,american ,pensions ,act of #bjai or the ,,slap ,act4 #b4 ,amendments to the ,employee ,retirement ,income ,security ,act of #aigd and the ,internal ,revenue ,code of #aihf 7a7 ,minimum funding standard 7#a7 ,amendment to the ,employee ,retirement ,income ,security ,act of #aigd ,section #cjb7;a7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajhb7;a77 is amended by adding at the end the following3 7#c7 ,cases under title #aa ,a plan shall continue to be required to satisfy the minimum funding standard under paragraph 7#a7 if a case under title #aa1 ,united ,states ,code1 is commenced with respect to the employer unless the ,secretary of the ,treasury has waived the requirements of this subsection with respect to the plan under subsection 7c74 4 7#b7 ,amendment to the ,internal ,revenue ,code of #aihf ,section #dab7;a7 of the ,internal ,revenue ,code of #aihf is amended by adding at the end the following3 7#c7 ,cases under title #aa ,a plan shall continue to be required to satisfy the minimum funding standard under paragraph 7#a7 if a case under title #aa1 ,united ,states ,code1 is commenced with respect to the employer unless the ,secretary has waived the requirements of this subsection with respect to the plan under subsection 7c74 4 7b7 ,obligation ,to contribute ,section #dbab of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #acib7 is amended by adding at the end the following3 7d7 ,a person shall be subject to an obligation to contribute under this part notwithstanding the commencement of a case under title #aa1 ,united ,states ,code1 with respect to that person4 4 7c7 ,obligation ,to pay withdrawal liability ,section #dbbj7;c7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #acii7;c77 is amended by adding at the end the following3 7#i7 ,an employer shall be subject to an obligation to make payments of withdrawal liability under this section notwithstanding the commencement of a case under title #aa1 ,united ,states ,code1 with respect to the employer4 4 #c4 ,administrative expenses and priorities in bankruptcy proceedings 7a7 ,allowance of administrative expenses 7#a7 ,in general ,section #ejc7;b7 of title #aa1 ,united ,states ,code1 is amended-- 7,a7 in paragraph 7#h77;,b71 by striking and2 7,b7 in paragraph 7#i71 by striking the period at the end and inserting a semicolon2 and 7,c7 by adding at the end the following3 7#aj7 unpaid minimum required contributions1 as defined in section #cjb7;c77#d77;,c77iii77,i7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajhb7;c77#d77;,c77iii77,i77 and section #diga7;c77#d7 of the ,internal ,revenue ,code of #aihf2 and 7#aa7 withdrawal liability determined under part #a of subtitle ,e of title ,,iv of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #acha et seq471 including any accelerated payment of such withdrawal liability under section #dbai7;c77#e7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #acii7;c77#e774 4 7#b7 ,conforming amendment relating to priorities ,section #ejg7;a77#e7 of title #aa1 ,united ,states ,code1 is amended1 in the matter preceding subparagraph 7,a71 by inserting after contributions to an employee benefit plan the following3 1 other than for unpaid minimum required contributions1 as defined in section #cjb7;c77#d77;,c77iii77,i7 of the ,employee ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajhb7;c77#d77;,c77iii77,i77 and section #diga7;c77#d7 of the ,internal ,revenue ,code of #aihf4 7b7 ,increased wage priority ,section #ejg7;a7 of title #aa1 ,united ,states ,code1 is amended-- 7#a7 in paragraph 7#d7-- 7,a7 by striking #aj1jjj and inserting #bj1jjj2 7,b7 by striking within #ahj days2 and 7,c7 by striking or the date of the cessation of the debtor's business1 whichever occurs first12 and 7#b7 in paragraph 7#e7-- 7,a7 in subparagraph 7,a7-- 7i7 by striking within #ahj days2 and 7ii7 by striking or the date of the cessation of the debtor's business1 whichever occurs first2 and 7,b7 by striking subparagraph 7,b7 and inserting the following3 7,b7 for each such plan1 to the extent of the number of employees covered by each such plan1 multiplied by #bj1jjj4 4 #d4 ,automatic stay in bankruptcy proceedings ,section #cfb7;b7 of title #aa1 ,united ,states ,code1 is amended-- 7#a7 in paragraph 7#bg71 by striking and at the end2 7#b7 in paragraph 7#bh71 by striking the period at the end and inserting 2 and2 and 7#c7 by adding at the end the following3 7#bi7 under subsection 7a7 of this section1 the commencement or continuation of an action or proceeding by the ,director of the ,pension ,benefits ,guaranty ,corporation to enforce the minimum standard under section #cjc7k7 of the ,employment ,retirement ,income ,security ,act of #aigd 7#bi ,u4,s4,c4 #ajhc7k774 4 #e4 ,sales of property in bankruptcy proceedings 7a7 ,in general ,section #cfc of title #aa1 ,united ,states ,code1 is amended-- 7#a7 in subsection 7b77#a71 in the matter preceding subparagraph 7,a71 by striking ,the trustee and inserting ,subject to subsection 7q71 the trustee2 7#b7 in subsection 7c77#a71 by striking ,if the business and inserting ,subject to subsection 7q71 if the business2 and 7#c7 by adding at the end the following3 7q7 7#a7 ,subject to paragraphs 7#b7 and 7#c71 the trustee may not sell property of the estate under subsection 7b7 or 7c7 unless the trustee is able to demonstrate that-- 7,a7 the sale complies with the provisions of this title2 7,b7 the sale has been proposed in good faith and not by any means forbidden by the law2 7,c7 any payment made for services or for costs and expenses in or in connection with the sale is reasonable2 7,d7 if1 with respect to the case1 there is any fee payable under section #aicj of title #bh1 the proceeds of the sale will be used to pay that fee2 and 7,e7 with respect to each class of claims or interests-- 7i7 such class has accepted the sale2 or 7ii7 such class is not impaired by the sale4 7#b7 ,the trustee1 on request of the proponent of the sale1 may sell property of the estate under subsection 7b7 or 7c7 if-- 7,a7 all of the applicable requirements of paragraph 7#a7 other than subparagraph 7,e7 are met with respect to a sale of property2 and 7,b7 the sale does not discriminate unfairly1 and is fair and equitable1 with respect to each class of claims or interests that is impaired under1 and has not accepted1 the sale4 7#c7 ,the trustee may not sell substantially all of the property of the estate under subsection 7b7 or 7c7 during the #fj-;day period beginning on the date of the filing of the petition unless the court determines that-- 7,a7 there is a high likelihood that the value of the property of the estate will decrease significantly during that period2 and 7,b7 the requirements under paragraph 7#a7 have been satisfied with respect to each sale that would contribute to substantially all of the property of the estate being sold4 4 7b7 ,protection of employee benefits in a sale of assets ,section #cfc7;b7 of title #aa1 ,united ,states ,code1 is amended by adding at the end the following3 7#c7 7,a7 ,in approving a sale under this subsection1 the court shall consider the extent to which a bidder has offered to maintain existing jobs1 preserve terms and conditions of employment1 and assume or match pension and retiree health benefit obligations in determining whether an offer constitutes the highest or best offer for such property4 4 #f4 ,fraudulent transfers and obligations ,section #edh of title #aa1 ,united ,states ,code1 is amended-- 7#a7 in subsection 7a77#a71 in the matter preceding subparagraph 7,a71 by striking #b years and inserting #f years2 and 7#b7 in subsection 7b71 by striking #b years and inserting #f years4 #g4 ,limitations on executive compensation enhancements ,section #ejc7;c7 of title #aa1 ,united ,states ,code1 is amended-- 7#a7 in paragraph 7#a71 in the matter preceding subparagraph 7,a7-- 7,a7 by inserting 1 a senior executive officer1 or any of the twenty next most highly compensated employees or consultants after an insider2 7,b7 by inserting or for the payment of performance or incentive compensation1 or a bonus of any kind1 or other financial returns designed to replace or enhance incentive1 stock1 or other compensation in effect before the date of the commencement of the case1 after remain with the debtor's business12 and 7,c7 by inserting clear and convincing before evidence in the record2 and 7#b7 by amending paragraph 7#c7 to read as follows3 7#c7 other transfers or obligations1 to or for the benefit of insiders1 senior executive officers1 managers1 or consultants providing services to the debtor1 in the absence of a finding by the court1 based upon clear and convincing evidence1 and without deference to the debtor's request for such payments1 that such transfers or obligations are essential to the survival of the debtor's business or 7in the case of a liquidation of some or all of the debtor's assets7 essential to the orderly liquidation and maximization of value of the assets of the debtor1 in either case1 because of the essential nature of the services provided1 and then only to the extent that the court finds such transfers or obligations are reasonable compared to individuals holding comparable positions at comparable companies in the same industry and not disproportionate in light of economic concessions by the debtor's nonmanagement workforce during the case4 4 #h4 ,applicability ,this ,act and the amendments made by this ,act shall apply with respect to any case that is commenced on or after the date of enactment of this ,act4