Keep Our Pension Promises Act

The Keep Our Pension Promises Act (H.R. 2844) aims to protect the retirement benefits of workers and retirees participating in multiemployer pension plans. It would repeal a 2014 law that allowed financially troubled pension plans to reduce benefits for current retirees, effectively restoring a long-standing rule that prohibits such cuts.

For everyday citizens, this bill would mean that earned pension benefits cannot be reduced even if a plan is facing financial difficulty. To support these plans, the bill would create a "legacy fund" to help cover benefit costs and would prioritize pension obligations when companies go through bankruptcy. These measures would be funded by closing certain tax loopholes for high-income individuals, such as limiting tax breaks on expensive real estate exchanges and high-value estate transfers.