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ARTICLE · 03 MAY 2005

Bankruptcy Reform Legislation Includes Changes Affecting Employee Benefit Plans and Executive Compensation

Pillsbury Winthrop Shaw Pittman
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On April 20, 2005, President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 into law. This article highlights the most significant provisions of the Act affecting employee benefit plans and executive compensation.

United StatesFinance and Banking
Howard Clemons
Howard Clemons
Peter Hunt
Peter Hunt
Kurt Lawson
Kurt Lawson

On April 20, 2005, President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 into law. This article highlights the most significant provisions of the Act affecting employee benefit plans and executive compensation. These include amendments providing additional protection from creditors for employee contributions to and interests in retirement plans and education savings plans, facilitating employees' repayment of plan loans, and placing significant additional restrictions on pre- and postpetition payments to insiders and on prepetition modifications to retiree health plans.

On April 20, 2005, President Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (Pub. L. No. 109-8) (the "Act") into law. The Act makes a number of changes affecting employee benefits and executive compensation. Of particular interest, the Act—

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