,,ii  #aaf? ,,congress  #a/ ,session    
,s4 #bgcg  ,,9 ,,! ,,s5ate ,,( ,,!      
,,unit$ ,,/ates  ,octob] #cj1 #bjai,mr4 
,man*9 introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on !
 ,judici>y  ,a ,,bill  ,to provide      
protections = p5sions 9 bankruptcy      
proce$+s1 & = o!r purposes4  #a4 ,%ort  
title ,?is ,act may be cit$ z ! ,/op    
,loot+ ,am]ican ,p5sions ,act ( #bjai or
 ! ,,slap ,act4  #b4 ,am5dm5ts to !     
,employee ,retirem5t ,income ,security  
,act ( #aigd & ! ,int]nal ,rev5ue ,code 
( #aihf  7a7 ,m9imum fund+ /&>d  7#a7   
,am5dm5t to ! ,employee ,retirem5t      
,income ,security ,act ( #aigd ,section 
#cjb7;a7 ( ! ,employee ,retirem5t       
,income ,security ,act ( #aigd 7#bi     
,u4,s4,c4 #ajhb7;a77 is am5d$ by add+ at
 ! end ! foll[+3  7#c7 ,cases "u title  
#aa ,a plan %all cont9ue to be requir$  
to satisfy ! m9imum fund+ /&>d "u       
p>agraph 7#a7 if a case "u title #aa1   
,unit$ ,/ates ,code1 is comm5c$ )       
respect to ! employ] unless ! ,secret>y 

( ! ,treasury has waiv$ ! requirem5ts ( 
?is subsection ) respect to ! plan "u   
subsection 7c74  4  7#b7 ,am5dm5t to !  
,int]nal ,rev5ue ,code ( #aihf ,section 
#dab7;a7 ( ! ,int]nal ,rev5ue ,code (   
#aihf is am5d$ by add+ at ! end !       
foll[+3  7#c7 ,cases "u title #aa ,a    
plan %all cont9ue to be requir$ to      
satisfy ! m9imum fund+ /&>d "u p>agraph 
7#a7 if a case "u title #aa1 ,unit$     
,/ates ,code1 is comm5c$ ) respect to ! 
employ] unless ! ,secret>y has waiv$ !  
requirem5ts ( ?is subsection ) respect  
to ! plan "u subsection 7c74  4  7b7    
,obligation ,to contribute ,section     
#dbab ( ! ,employee ,retirem5t ,income  
,security ,act ( #aigd 7#bi ,u4,s4,c4   
#acib7 is am5d$ by add+ at ! end !      
foll[+3  7d7 ,a p]son %all be subject to
 an obligation to contribute "u ?is "p  
not)/&+ ! comm5cem5t ( a case "u title  
#aa1 ,unit$ ,/ates ,code1 ) respect to t
 p]son4  4  7c7 ,obligation ,to pay     
)drawal liability ,section #dbbj7;c7 ( !
 ,employee ,retirem5t ,income ,security 

,act ( #aigd 7#bi ,u4,s4,c4 #acii7;c77  
is am5d$ by add+ at ! end ! foll[+3     
7#i7 ,an employ] %all be subject to an  
obligation to make paym5ts ( )drawal    
liability "u ?is section not)/&+ !      
comm5cem5t ( a case "u title #aa1 ,unit$
 ,/ates ,code1 ) respect to ! employ]4  
4  #c4 ,adm9i/rative exp5ses &          
priorities 9 bankruptcy proce$+s  7a7   
,all[ance ( adm9i/rative exp5ses  7#a7  
,9 g5]al ,section #ejc7;b7 ( title #aa1 
,unit$ ,/ates ,code1 is am5d$-- 7,a7 9  
p>agraph 7#h77;,b71 by /rik+ &2  7,b7 9 
p>agraph 7#i71 by /rik+ ! p]iod at ! end
 & ins]t+ a semicolon2 &  7,c7 by add+  
at ! end ! foll[+3  7#aj7 unpaid m9imum 
requir$ contributions1 z def9$ 9 section
 #cjb7;c77#d77;,c77iii77,i7 ( !         
,employee ,retirem5t ,income ,security  
,act ( #aigd 7#bi ,u4,s4,c4             
#ajhb7;c77#d77;,c77iii77,i77 & section  
#diga7;c77#d7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf2 &  7#aa7 )drawal liability    
det]m9$ "u "p #a ( subtitle ,e ( title  
,,iv ( ! ,employee ,retirem5t ,income   

,security ,act ( #aigd 7#bi ,u4,s4,c4   
#acha et seq471 includ+ any accel]at$   
paym5t ( su* )drawal liability "u       
section #dbai7;c77#e7 ( ! ,employee     
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #acii7;c77#e774  4 
7#b7 ,con=m+ am5dm5t relat+ to          
priorities ,section #ejg7;a77#e7 ( title
 #aa1 ,unit$ ,/ates ,code1 is am5d$1 9 !
 matt] prec$+ subp>agraph 7,a71 by      
ins]t+ aft] contributions to an employee
 b5efit plan ! foll[+3 1 o!r ?an =      
unpaid m9imum requir$ contributions1 z  
def9$ 9 section                         
#cjb7;c77#d77;,c77iii77,i7 ( ! ,employee
 ,retirem5t ,income ,security ,act (    
#aigd 7#bi ,u4,s4,c4                    
#ajhb7;c77#d77;,c77iii77,i77 & section  
#diga7;c77#d7 ( ! ,int]nal ,rev5ue ,code
 ( #aihf4  7b7 ,increas$ wage priority  
,section #ejg7;a7 ( title #aa1 ,unit$   
,/ates ,code1 is am5d$--  7#a7 9        
p>agraph 7#d7-- 7,a7 by /rik+ #aj1jjj & 
ins]t+ #bj1jjj2  7,b7 by /rik+ )9 #ahj  
days2 &  7,c7 by /rik+ or ! date ( !    

cessation ( ! debtor's bus9ess1 :i*ev]  
occurs fir/12 &  7#b7 9 p>agraph 7#e7-- 
7,a7 9 subp>agraph 7,a7--  7i7 by /rik+ 
)9 #ahj days2 &  7ii7 by /rik+ or ! date
 ( ! cessation ( ! debtor's bus9ess1    
:i*ev] occurs fir/2 &  7,b7 by /rik+    
subp>agraph 7,b7 & ins]t+ ! foll[+3     
7,b7 = ea* su* plan1 to ! ext5t ( !     
numb] ( employees cov]$ by ea* su* plan1
 multipli$ by #bj1jjj4  4  #d4          
,automatic /ay 9 bankruptcy proce$+s    
,section #cfb7;b7 ( title #aa1 ,unit$   
,/ates ,code1 is am5d$-- 7#a7 9 p>agraph
 7#bg71 by /rik+ & at ! end2  7#b7 9    
p>agraph 7#bh71 by /rik+ ! p]iod at !   
end & ins]t+ 2 &2 &  7#c7 by add+ at !  
end ! foll[+3  7#bi7 "u subsection 7a7 (
 ?is section1 ! comm5cem5t or           
cont9uation ( an action or proce$+ by ! 
,director ( ! ,p5sion ,b5efits ,gu>anty 
,corporation to en=ce ! m9imum /&>d "u  
section #cjc7k7 ( ! ,employm5t          
,retirem5t ,income ,security ,act (     
#aigd 7#bi ,u4,s4,c4 #ajhc7k774  4  #e4 
,sales ( prop]ty 9 bankruptcy proce$+s  

7a7 ,9 g5]al ,section #cfc ( title #aa1 
,unit$ ,/ates ,code1 is am5d$-- 7#a7 9  
subsection 7b77#a71 9 ! matt] prec$+    
subp>agraph 7,a71 by /rik+ ,! tru/ee &  
ins]t+ ,subject to subsection 7q71 !    
tru/ee2  7#b7 9 subsection 7c77#a71 by  
/rik+ ,if ! bus9ess & ins]t+ ,subject to
 subsection 7q71 if ! bus9ess2 &  7#c7  
by add+ at ! end ! foll[+3  7q7 7#a7    
,subject to p>agraphs 7#b7 & 7#c71 !    
tru/ee may n sell prop]ty ( ! e/ate "u  
subsection 7b7 or 7c7 unless ! tru/ee is
 able to demon/rate t--  7,a7 ! sale    
complies ) ! provisions ( ?is title2    
7,b7 ! sale has be5 propos$ 9 good fai? 
& n by any means =bidd5 by ! law2  7,c7 
any paym5t made = s]vices or = co/s &   
exp5ses 9 or 9 connection ) ! sale is   
reasonable2  7,d7 if1 ) respect to !    
case1 !re is any fee payable "u section 
#aicj ( title #bh1 ! proce$s ( ! sale w 
be us$ to pay t fee2 &  7,e7 ) respect  
to ea* class ( claims or int]e/s-- 7i7  
su* class has accept$ ! sale2 or  7ii7  
su* class is n impair$ by ! sale4  7#b7 

,! tru/ee1 on reque/ ( ! propon5t ( !   
sale1 may sell prop]ty ( ! e/ate "u     
subsection 7b7 or 7c7 if--  7,a7 all ( !
 applicable requirem5ts ( p>agraph 7#a7 
o!r ?an subp>agraph 7,e7 are met )      
respect to a sale ( prop]ty2 &  7,b7 !  
sale does n discrim9ate unfairly1 & is  
fair & equitable1 ) respect to ea* class
 ( claims or int]e/s t is impair$ "u1 & 
has n accept$1 ! sale4  7#c7 ,! tru/ee  
may n sell sub/antially all ( ! prop]ty 
( ! e/ate "u subsection 7b7 or 7c7 dur+ 
! #fj-;day p]iod beg9n+ on ! date ( !   
fil+ ( ! petition unless ! c\rt det]m9es
 t--  7,a7 !re is a high likelihood t ! 
value ( ! prop]ty ( ! e/ate w decrease  
significantly dur+ t p]iod2 &  7,b7 !   
requirem5ts "u p>agraph 7#a7 h be5      
satisfi$ ) respect to ea* sale t w\ld   
contribute to sub/antially all ( !      
prop]ty ( ! e/ate be+ sold4  4  7b7     
,protection ( employee b5efits 9 a sale 
( assets ,section #cfc7;b7 ( title #aa1 
,unit$ ,/ates ,code1 is am5d$ by add+ at
 ! end ! foll[+3  7#c7 7,a7 ,9 approv+ a

 sale "u ?is subsection1 ! c\rt %all    
consid] ! ext5t to :i* a bidd] has (f]$ 
to ma9ta9 exi/+ jobs1 pres]ve t]ms &    
conditions ( employm5t1 & assume or mat*
 p5sion & retiree heal? b5efit          
obligations 9 det]m9+ :e!r an (f]       
con/itutes ! highe/ or be/ (f] = su*    
prop]ty4  4  #f4 ,fraudul5t transf]s &  
obligations ,section #edh ( title #aa1  
,unit$ ,/ates ,code1 is am5d$-- 7#a7 9  
subsection 7a77#a71 9 ! matt] prec$+    
subp>agraph 7,a71 by /rik+ #b ye>s &    
ins]t+ #f ye>s2 &  7#b7 9 subsection    
7b71 by /rik+ #b ye>s & ins]t+ #f ye>s4 
#g4 ,limitations on executive           
comp5sation enhancem5ts ,section        
#ejc7;c7 ( title #aa1 ,unit$ ,/ates     
,code1 is am5d$--  7#a7 9 p>agraph 7#a71
 9 ! matt] prec$+ subp>agraph 7,a7--    
7,a7 by ins]t+ 1 a s5ior executive      
(fic]1 or any ( ! tw5ty next mo/ highly 
comp5sat$ employees or consultants aft] 
an insid]2  7,b7 by ins]t+ or = ! paym5t
 ( p]=mance or inc5tive comp5sation1 or 
a bonus ( any k9d1 or o!r f9ancial      

returns design$ to replace or enhance   
inc5tive1 /ock1 or o!r comp5sation 9    
effect be=e ! date ( ! comm5cem5t ( !   
case1 aft] rema9 ) ! debtor's bus9ess12 
&  7,c7 by ins]t+ cle> & conv9c+ be=e   
evid5ce 9 ! record2 &  7#b7 by am5d+    
p>agraph 7#c7 to read z foll[s3  7#c7   
o!r transf]s or obligations1 to or = !  
b5efit ( insid]s1 s5ior executive       
(fic]s1 manag]s1 or consultants provid+ 
s]vices to ! debtor1 9 ! abs5ce ( a f9d+
 by ! c\rt1 bas$ ^u cle> & conv9c+      
evid5ce1 & )\t def]5ce to ! debtor's    
reque/ = su* paym5ts1 t su* transf]s or 
obligations are ess5tial to ! survival (
 ! debtor's bus9ess or 79 ! case ( a    
liquidation ( "s or all ( ! debtor's    
assets7 ess5tial to ! ord]ly liquidation
 & maximization ( value ( ! assets ( !  
debtor1 9 ei!r case1 because ( !        
ess5tial nature ( ! s]vices provid$1 &  
!n only to ! ext5t t ! c\rt f9ds su*    
transf]s or obligations are reasonable  
comp>$ to individuals hold+ comp>able   
positions at comp>able companies 9 !    

same indu/ry & n disproportionate 9     
light ( economic concessions by !       
debtor's nonmanagem5t work=ce dur+ !    
case4  4  #h4 ,applicability ,?is ,act &
 ! am5dm5ts made by ?is ,act %all apply 
) respect to any case t is comm5c$ on or
 aft] ! date ( enactm5t ( ?is ,act4