A bill to provide joint and survivors' annuity benefits under private pension plans based upon the participant's vested benefit.

Summary

Amends the Employee Retirement Income Security Act of 1974 to repeal the provision permitting pension plans which provide for the payment of annuities before the normal retirement age to pay such benefits in a form other than one having the effect of a qualified joint and survivor annuity, as defined by such Act. Requires a plan to provide a survivor's annuity to the spouse of a participant who dies before the earliest retirement age, such annuity to (1) begin on a date determined as if the participant had lived until earliest retirement age, and (2) consist of payments which are not less than the payments which would have been made under the survivors annuity to which the spouse would have been entitled if the participant had separated from the service immediately preceding his death. Amends the Internal Revenue Code to make similar revisions with respect to requirements for qualifying pension plan trusts thereunder.

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Documents

1 official file

• Introduced in House

  summary · EN · 4 January 1977

  Open at official source

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