Legis Daily

SLAP Act

USA117th CongressS-5097| Senate 
| Updated: 11/15/2022
Joe Manchin

Joe Manchin

Independent Senator

West Virginia

Judiciary Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Stop Looting American Pensions Act of 2022 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

Bill from Previous Congress

S 116-2737
SLAP Act
Nov 15, 2022
Introduced in Senate
Nov 15, 2022
Read twice and referred to the Committee on the Judiciary.
  • Bill from Previous Congress

    S 116-2737
    SLAP Act


  • November 15, 2022
    Introduced in Senate


  • November 15, 2022
    Read twice and referred to the Committee on the Judiciary.

Finance and Financial Sector

SLAP Act

USA117th CongressS-5097| Senate 
| Updated: 11/15/2022
Stop Looting American Pensions Act of 2022 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

Bill from Previous Congress

S 116-2737
SLAP Act
Nov 15, 2022
Introduced in Senate
Nov 15, 2022
Read twice and referred to the Committee on the Judiciary.
  • Bill from Previous Congress

    S 116-2737
    SLAP Act


  • November 15, 2022
    Introduced in Senate


  • November 15, 2022
    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