Sec. 303. Assumption of executive benefit plans
209 words·~1 min read·
/bill/113/s/2589/is/section-303A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 365 of title 11, United States Code, is amended— in subsection (a), by striking and
(d)and inserting (d), (q), and
(r); and by adding at the end the following: No deferred compensation arrangement for the benefit of insiders, senior executive officers, or any of the 20 next most highly compensated employees of the debtor shall be assumed if a defined benefit plan for employees of the debtor has been terminated pursuant to section 4041 or 4042 of the Employee Retirement Income Security Act of 1974, on or after the date of the commencement of the case or within 180 days before the date of the commencement of the case. No plan, fund, program, or contract to provide retiree benefits for insiders, senior executive officers, or any of the 20 next most highly compensated employees of the debtor shall be assumed if the debtor has obtained relief under subsection
(g)or
(h)of section 1114 to impose reductions in retiree benefits or under subsection
(d)or
(e)of section 1113 to impose reductions in the health benefits of active employees of the debtor, or reduced or eliminated health benefits for active or retired employees within 180 days before the date of the commencement of the case. .