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 plan 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.
Introduced in Senate
Read twice and referred to the Committee on Finance.
Committee on Finance. Measure incorporated into measure H.R. 2769 ordered to be reported.
Referred jointly to the Committees on Finance; Labor and Human Resources by unanimous consent.
Committee on Finance requested executive comment from OMB, Treasury Department, Health and Human Services, Labor Department.
Committee on Labor and Human Resources. Approved for reporting with an amendment in the nature of a substitute favorably.
Committee on Labor and Human Resources. Provisions of measure incorporated into measure S. 2110 ordered to be reported.
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