Section 1 Short title
This Act may be cited as the “Pension Priority Act”.
Pension Priority Act
A BILL
To amend title 11, United States Code, to prioritize certain pension claims in bankruptcy, and for other purposes.
Sec. 2 Priorities
In general— Section 507(a) of title 11, United States Code, is amended—
by redesignating paragraphs (8) through (10) as paragraphs (9) through (11), respectively; and
by inserting after paragraph (7) the following:
“(8) Eighth, allowed unsecured claims (not otherwise subject to higher priority)—
“(A) resulting from the termination of an employee pension benefit plan covered under section 4 of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1003);
“(B) for withdrawal liability determined under part 1 of subtitle E of title IV of such Act (29 U.S.C. 1381 et seq.);
“(C) for awards pursuant to paragraph (2) of subsection (g) of section 502 of such Act (29 U.S.C. 1132(g)(2));
“(D) for delinquent contributions described in section 515 of such Act (29 U.S.C. 1145) and obligations treated as delinquent obligations under such Act;
“(E) for other obligations owed to an employee pension benefit plan (if the plan is covered under section 4 of such Act (29 U.S.C. 1003)); or
“(F) for other obligations owed to the Pension Benefit Guaranty Corporation.”
Technical and conforming amendments— Title 11, United States Code, is amended—
in section 502(i), by striking “507(a)(8)” and inserting “507(a)(9)”;
in section 503(b)(1)(B)(i), by striking “507(a)(8)” and inserting “507(a)(9)”;
in section 523(a)(1)(A), by striking “507(a)(8)” and inserting “507(a)(9)”;
in section 726(b), by striking “(9), or (10)” and inserting “(9), (10), or (11)”;
in section 1123(a)(1), by striking “507(a)(8)” and inserting “507(a)(9)”; and
in section 1328(a)(2), by striking “507(a)(8)(C)” and inserting “507(a)(9)(C)”.