HB 2526

Abstract

Creates the Employee and Retiree Benefit Protection Act. Provides that unsecured claims for contributions to employee and retiree benefit plans, including health and pension benefits, arising from all past, present, and future obligations of an employer to fully funds those plans, have a higher priority in bankruptcy proceedings than the priorities set forth in the federal Bankruptcy Code. Provides that employee and retiree health and pension benefits provided to an employee or retiree shall be continued to be provided to the employee or retiree in the same manner and with the same benefits that would otherwise have been provided to that employee or retiree if the employer has not been subject to bankruptcy proceedings. Effective immediately.