A bill to amend the Internal Revenue Code of 1986 to provide for retirement savings for the 21st century.
TABLE OF CONTENTS:
Title I: New Employer Pension Plans Must Be 401(k) Plans and
Not 403(b) or 457 Plans
Title II: Safe Annuities and Trusts
Title III: Enhanced Portability of Retirement Plans
Title IV: Credit for Pension Plan Startup Costs of Small
Employers
Title V: Miscellaneous Improvements to Pension Plans
21st Century Retirement Savings Act - Title I: New Employer Pension Plans Must Be 401(k) Plans and Not 403(b) or 457 Plans - Amends the Internal Revenue Code to require new State and local government and tax-exempt organization pension plans to be 401(k) plans.
Title II: Safe Annuities and Trusts - Requires employers to establish SAFE annuities (a defined individual retirement annuity).
Title III: Enhanced Portability of Retirement Plans - Permits specified rollovers. Makes other revisions concerning portability.
Title IV: Credit for Pension Plan Startup Costs of Small Employers - Establishes a small employer pension plan cost startup credit.
Title V: Miscellaneous Improvements to Pension Plans - Permits IRA "catch-up" contributions.
Repeals the 25 percent limitation on defined contribution plans.
Provides for faster vesting of employer matching contributions.
Revises provisions concerning: (1) pension benefit statements; and (2) assignment and alienation.
Sets penalties for pension plans failing to meet requirements.
Referred to House Education and the Workforce
Introduced in Senate
Sponsor introductory remarks on measure. (CR S12563-12564)
Read twice and referred to the Committee on Finance.
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