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Bill proposes priority payment status for pensions in Bankruptcy Code
October 10, 2017 / 12:55 PM / a month ago

Bill proposes priority payment status for pensions in Bankruptcy Code

Vested employee benefits would become priority payments in bankruptcy under terms of a bill by a Rust Belt congressman who is concerned about the impact of coal company failures on the security of miners’ pensions.

The bill introduced on Thursday would make unfunded vested benefits in defined-benefit pension plans administrative expenses of a debtor’s estate. That would require the benefit claims be paid before other claims, said Representative Tim Ryan.

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