A bill relating to the application of certain provisions of the Internal Revenue Code of 1954 to specified transactions by certain public employee retirement systems created by the State of New York or any of its political subdivisions.

Summary

Provides that no New York City or State pension plan shall be considered to fail the requirements for qualified pension, profit-sharing, and stock bonus plans under the Internal Revenue Code or to have engaged in transactions which would nullify its tax exempt status under the Code solely because such plan acquires indebtedness of the City of New York during the period between July 1, 1978, and June 30, 1982, or continues to hold indebtedness previously acquired. Requires the Secretary of the Treasury to review any agreement between a plan and the City to acquire indebtedness and to disapprove within 60 days any agreement that does not meet specified requirements. Sets forth percentage limitations on the amount of indebtedness which a city or State pension plan may acquire. Requires the Secretary, in determining whether to approve or disapprove an agreement to acquire city indebtedness, to consider whether the acquisition of such indebtedness will enable the City of New York to make future contributions to its pension plans and to fund pension and retirement benefits for plan beneficiaries. Provides that an agreement to acquire city indebtedness meets the requirements of this Act if (1) the Secretary has determined that the City of New York is making substantial progress in balancing its budget; (2) the pension plan does not have a negative cash flow in the year it acquires city indebtedness; and (3) certain reports detailing the City's financial condition are submitted to the Secretary and appropriate committees of Congress. Requires the Secretary to notify a pension plan which acquires city indebtedness when such plan has failed to meet a requirement of this Act for acquiring such indebtedness. Amends Title IV, part D (Child Support and Establishment of Paternity) of the Social Security Act to authorize the payment of amounts to States for child support collection or paternity determination services after September 30, 1978.

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Timeline

1. 14 September 1978

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 14 September 1978

   Introduced

   Introduced in House

   Source: IntroReferral

3. 14 September 1978

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in House

  summary · EN · 14 September 1978

  Open at official source

Sponsors

• Rep. Rangel, Charles B. [D-NY-19] · D · Sponsor
• · hswm00 · Standing

Related records

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