1. Short title
This Act may be cited as the “Prioritizing Our Workers Act”.
Prioritizing Our Workers Act
A BILL
To amend title 11, United States Code, to include certain pensions as administrative expenses in bankruptcy, and for other purposes.
2. Allowance of administrative expenses
In general— Section 503(b) of title 11, United States Code, is amended—
in paragraph (8)(B), by striking “and” at the end;
in paragraph (9), by striking the period at the end and inserting a semicolon; and
by inserting after paragraph (9) the following:
“(10) notwithstanding section 507(a)(5), all unfunded vested benefits in a defined benefit pension plan; and
“(11) withdrawal liability determined under part 1 of subtitle E of title IV of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1381 et seq.).”
Conforming amendment— Section 507(a)(5) is amended by inserting “except as provided in section 503(b)(10),” after “Fifth,”.