S.3028 - Employee Pension Bankruptcy Protection Act of 2002107th Congress (2001-2002)
Summary: S.3028 — 107th Congress (2001-2002)
Employee Pension Bankruptcy Protection Act of 2002 - Amends the Federal bankruptcy code to allow representatives of employees and retirees to appear and be heard before the bankruptcy court to protect the benefits to which they are entitled as participants or beneficiaries under a pension plan. Permits this in cases where the debtor is the sponsor of an employee pension benefit plan under certain provisions of the Employee Retirement Income Security Act of 1974 (ERISA), and such plan is likely to be terminated under title IV of ERISA or substantially underfunded by the debtor, resulting in a hardship to the participants or beneficiaries.
Introduced in Senate (10/02/2002)
Allows the representative to be heard with respect to a sale of all or substantially all of the assets of the debtor or with respect to a plan of reorganization. Permits such participants and beneficiaries to employ counsel and other professionals who shall be compensated from the debtor's estate.