A bill to amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1954, to permit the making of certain loans and leases by an employee benefit plan to a substantial employer maintaining the plan, and for other purposes.
Pension Plan Capital Formation Act of 1983 - Amends the Employee Retirement Income Security Act of 1974 (ERISA) to delete from the definition of "qualifying employer real property" the condition that a substantial number of parcels of employer real property be dispersed geographically.
Provides that the Secretary of Labor must consult with and coordinate actions with the Secretary of the Treasury only with respect to specified types of plan exemptions from prohibited transactions.
Exempts from ERISA prohibited transaction provisions certain loans and leases made by an employee benefit plan to a substantial employer maintaining the plan.
Conforms specified ERISA provisions with Internal Revenue Code provisions relating to transactions by parties in interest.
Makes provisions for a prohibited transaction exemption procedure applicable to owner-employees.
Amends the Internal Revenue Code to make conforming amendments.
Provides that the amendments made by this Act shall be effective for taxable years beginning after December 31, 1983.
Introduced in House
Introduced in House
Referred to House Committee on Education and Labor.
Referred to House Committee on Ways and Means.
Referred to Subcommittee on Labor-Management Relations.
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