A bill to amend the Internal Revenue Code of 1986 to provide comprehensive pension protection for women.
Amends the Internal Revenue Code (Code) to repeal the permitted disparity provision with respect to simplified employee pension contributions.
(Sec. 102) Applies minimum coverage requirements to a separate line of business employer plan for qualified trust purposes. Establishes a single line of business special rule.
(Sec. 103) Sets forth provisions concerning the division of pension benefits upon divorce. Amends the Employee Retirement Income Security Act of 1974 to set forth similar provisions.
(Sec. 104) Provides for the continued availability of certain remedies with respect to pre-1985 domestic relations orders.
(Sec. 105) Amends the Railroad Retirement Act of 1974 to eliminate specified employee-annuitant requirements with respect to a divorced wife's annuity.
Title II: Protection of Rights of Former Spouses to Pension Benefits Under Certain Government-Sponsored Retirement Programs - Amends the Railroad Retirement Act of 1974 and Federal law to provide for protection of former spouses to railroad and civil service pension benefits.
Title III: Reforms Related to 401(k) Plans - Requires certain 401(k) plans to issue annual investment reports.
Title IV: Modifications of Joint and Survivor Annuity Requirements - Amends the Employee Retirement Income Security Act of 1974 and the Code to permit, with respect to specified plans, a qualified joint and two-thirds survivor annuity. Defines such an annuity.
Title V: Spousal Consent Required for Distributions from Section 401(k) Plans - Amends the Code to require spousal consent for 401(k) plan distributions.
Title VI: Women's Pension Toll-Free Phone Number - Directs the Secretary of Labor to provide for a women's pension toll-free telephone number. Authorizes appropriations.
Title VII: Periodic Pension Benefits Statements - Amends the Employee Retirement Income Security Act of 1974 to prescribe time periods for furnishing pension benefits statements.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S560-561)
Read twice and referred to the Committee on Finance.
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