S. 2505, A bill to allow employees of a commercial passenger airline carrier who receive payments in a bankruptcy proceeding to roll over such payments into an individual retirement plan, and for other purposes

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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S. 2505 would allow employees of a commercial passenger airline carrier who receive payments in a bankruptcy proceeding to roll over such payments into an individual retirement plan.

Detailed Summary

Allows employees of commercial passenger airlines who receive payments from a bankruptcy case filed between September 11, 2001, and January 1, 2007, as compensation for lost pension plan benefits to rollover such payments into an individual retirement account (IRA), except for a Roth IRA, without tax or tax penalty.

Status of the Legislation

Latest Major Action: 12/18/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Finance.

Points in Favor

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Points Against

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