Secure Assets For Employees (SAFE) Plan Act of 1997 - Amends the Internal Revenue Code to allow an eligible employer, if specified requirements are met, to establish and maintain a SAFE annuity (an individual retirement annuity) or a SAFE trust (a trust forming part of a defined benefit plan), both to be funded by the employer. Makes the employer contributions deductible without limitation and otherwise provides for the treatment of contributions and distributions. Mandates a penalty for early withdrawals. Requires simplified employer reports for SAFE annuities and simplified actuarial reports for SAFE trusts.
Amends the Employee Retirement Income Security Act of 1974 to exempt SAFE trusts from coverage requirements and SAFE annuities from certain employer reporting requirements.
Introduced in House
Introduced in House
Referred to House Ways and Means
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to House Education and the Workforce
Sponsor introductory remarks on measure. (CR E964-965)
Referred to the Subcommittee on Employer-Employee Relations.
Llama 3.2 · runs locally in your browser
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line