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H.R. 2609 Equal Treatment of Pensions and Bankruptcy Act of 2003

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To amend title 11, United States Code, to provide for the avoidance of certain transfers, and the alternate prosecution of certain actions, relating to certain retirement benefits.
Equal Treatment of Pensions and Bankruptcy Act
of 2003 (Introduced in House)

HR 2609 IH

108th CONGRESS

1st Session

H. R. 2609

To amend title 11, United States Code, to provide for the
avoidance of certain transfers, and the alternate prosecution of certain
actions, relating to certain retirement benefits.

IN THE HOUSE OF REPRESENTATIVES

June 26, 2003

Mr. CONYERS introduced the following bill; which was referred to the
Committee on the Judiciary

A BILL

To amend title 11, United States Code, to provide for the
avoidance of certain transfers, and the alternate prosecution of certain
actions, relating to certain retirement benefits.

    Be it enacted by the Senate and House of Representatives of
    the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the `Equal Treatment of Pensions and
    Bankruptcy Act of 2003'.

SECTION 2. AVOIDANCE OF CERTAIN TRANSFERS; ALTERNATE PROSECUTION
OF ACTION.

    Section 547 of title 11, United States Code, is amended by
    adding at the end the following:

    `(h) Notwithstanding subsections (b) and (c), the trustee may
    avoid a transfer of a debtor's interest in property to any trust or
    similar arrangement to fund supplemental retirement benefits or other
    deferred compensation for the benefit of an insider or other management
    employee made on or within one year before the date of the filing of the
    petition.

    `(i) If the trustee consents or fails to commence a proceeding
    authorized under section 506, 543, 544, 545, 547, 548, 549, 550, 552,
    553, or 724, on request of a party in interest or a committee of
    creditors appointed under section 1102 of this title, after notice and a
    hearing, the court may authorize such party in interest or committee of
    creditors to commence and prosecute such proceeding if the court finds
    that commencing and prosecuting such proceeding is in the best interest
    of the estate and for the benefit of the estate.'.


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