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This bill amends federal bankruptcy law to strengthen protections for employees and retirees in business bankruptcies. It increases wage priority thresholds from $10,000 to $20,000, creates new claims for stock losses in retirement plans and pension losses, restricts executive compensation in bankruptcy cases, and imposes stricter requirements on rejection of collective bargaining agreements and retiree benefits. The bill also establishes priority status for severance pay, WARN Act damages, and employee benefit plan contributions.
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