To amend the Internal Revenue Code of 1986 to encourage guaranteed lifetime income payments by excluding from income a portion of such payments.
Retirement Security Needs Lifetime Pay Act of 2009 - Amends the Internal Revenue Code to: (1) allow an exclusion from gross income for 50% of lifetime income payments from certain annuity contracts, up to $10,000; (2) exclude longevity insurance benefits from employee benefit plan minimum distribution requirements; and (3) allow a tax exclusion for amounts received as an annuity under any portion of an annuity, endowment, or life insurance contract.
Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S6815-6816)
Introduced in House
Introduced in House
Referred to the House Committee on Ways and Means.
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