Amends the Internal Revenue Code to provide that a money purchase pension plan shall not lose its tax exemption because the plan includes a qualified salary reduction arrangement. Defines "qualified salary reduction arrangement" and "money purchase pension plan" for purposes of this Act.
Provides that distributions from such a plan shall be taxable to the beneficiary in the same manner as an annuity.
Introduced in Senate
Read second time and referred to Senate Committee on Finance.
Committee on Finance requested executive comment from OMB; Treasury Department.
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