To amend the Internal Revenue Code of 1986 to enhance the portability of retirement benefits, and for other purposes.
(Sec. 3) Permits individual retirement plan (IRA) rollovers only if the entire amount is deposited into another defined contribution retirement plan and certain other conditions are met.
(Sec. 4) Provides for faster vesting of employer matching contributions.
(Sec. 5) Amends the Employee Retirement Income Security Act of 1974 (ERISA) to extend single employer missing participant provisions to multiemployer plans. Authorizes transfer of a missing participant's benefits to a corporation upon termination of certain pension plans.
(Sec. 6) Removes certain restrictions on the rollover of after-tax contributions. Provides a hardship exception to the 60-day transfer requirement.
(Sec. 7) Permits distributions upon severance from employment (currently upon separation from employment).
(Sec. 8) Authorizes employers to disregard rollovers for purposes of employee cash-out amounts under the Code and ERISA.
(Sec. 9) Authorizes trustee-to-trustee transfers to purchase permissive service credit with respect to Federal or public school and State and tax-exempt instrumentality pension plans.
Introduced in House
Introduced in House
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 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 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 the Subcommittee on Employer-Employee Relations.
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