1. Short title This Act may be cited as the Keeping America’s Pension Promises Act . 2. Restoring anti-cutback provisions Section 201 of the Multiemployer Pension Reform Act of 2014 (division O of Public Law 113–235 ) and the amendments made by such section are repealed, and the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 shall be applied as if such section and amendments had never been enacted. 3. Partitions of eligible multiemployer plans (a) In general Section 4233 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1413 ), as amended by section 122 of the Multiemployer Pension Reform Act of 2014 (division O of Public Law 113–235 ), is amended to read as follows: 4233. Partitions of eligible multiemployer plans (a) (1) Upon the application by the plan sponsor of an eligible multiemployer plan for a partition of the plan, the corporation may order a partition of the plan in accordance with this section. The corporation shall make a determination regarding the application, in accordance with regulations promulgated by the corporation, not later than 270 days after— (A) the date such application was filed; or (B) if later, the date such application was completed. (2) At least 14 days before submitting an application for partition of a plan under paragraph (1), the plan sponsor of the plan shall notify all participants and beneficiaries of such application, in the form and manner prescribed by regulations issued by the corporation. (b) For purposes of this section, a multiemployer plan is an eligible multiemployer plan if— (1) the plan is in critical status and is projected to become insolvent within the meaning of section 4245— (A) during the current plan year or any of the 14 succeeding plan years; or (B) during the current plan year or any of the 19 succeeding plan years, if the plan has a ratio of inactive participants to active participants that exceeds 2 to 1 and the funded percentage of the plan is less than 80 percent