Retirement Equity Act of 1983 - Title I: Amendments Relating to the Internal Revenue Code of 1954 - Amends the Internal Revenue Code to lower the age requirement for participation in a tax-deferred retirement plan from 25 to 21. Lowers the minimum age at which years of employment begin to be credited for retirement plan vesting purposes from 22 to 18.
Provides that nonvested participants in a retirement plan with a break in service of up to five years will not lose credit for pre-break periods of service. Permits limited breaks in service for paternity or maternity leave without loss of vesting credits.
Requires tax-deferred retirement plans to offer survivor benefits to plan participants who have attained age 45 and have ten years of creditable service. Requires spousal consent in order for a retirement plan participant to elect not to take a joint and survivor annuity. Requires that such consent must be in writing and must be witnessed by either a plan representative or a notary public.
Allows the assignment of the benefits of a retirement plan in the case of a judgment, decree or order relating to child support, alimony payments, or marital property rights pursuant to a State's domestic relations law. Sets forth rules for the tax treatment of retirement plans distributions pursuant to a divorce decree.
Increases the amount of allowable mandatory distributions from a retirement plan from $1,750 to $3,500.
Requires that a plan participant must be notified that benefits under the plan may be forfeited if the participant dies before a certain date.
Title II: Amendments Relating to the Employee Retirement Income Security Act of 1974 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to incorporate into such Act the changes made by Title I of this Act.
Rule Granted Providing a Closed Rule with 2 Hours of Debate. Waiver of Points of Order.
Rules Committee Resolution H.Res.246 Reported to House.
Rule Passed House.
Called up by House by Rule.
Considered by House Unfinished Business.
The Clerk Reported Committee Amendments.
House Agreed to Amendments Adopted by the Committee of the Whole.
Passed/agreed to in House: Passed House (Amended) by Yea-Nay Vote: 289 - 129 (Record Vote No: 250).
Roll Call #250 (House)Passed House (Amended) by Yea-Nay Vote: 289 - 129 (Record Vote No: 250).
Roll Call #250 (House)Received in the Senate and read twice and referred to the Committee on Finance.
Committee on Finance requested executive comment from OMB, International Trade Commission, Office of the U.S. Trade Representative, Treasury Department, State Department, Commerce Department, Agriculture Department.
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Committee on Finance. Ordered to be reported with an amendment in the nature of a substitute favorably. As approved by the committee, the amendment incorporates the text of S.1978.
Committee on Finance. Reported to Senate by Senator Dole with an amendment in the nature of a substitute and an amendment to the title. With written report No. 98-285.
Committee on Finance. Reported to Senate by Senator Dole with an amendment in the nature of a substitute and an amendment to the title. With written report No. 98-285.
Placed on Senate Legislative Calendar under General Orders. Calendar No. 503.
Measure laid before Senate by unanimous consent.
Passed/agreed to in Senate: Passed Senate with amendments and an amendment to the Title by Voice Vote.
Passed Senate with amendments and an amendment to the Title by Voice Vote.
Committee on Rules Granted a Rule Providing that the House shall be Considered to Have Agreed to Senate Amendments to H.R.2769 with Amendments Printed in the Rule.
Rules Committee Resolution H.Res.543 Reported to House.