A bill to amend the Internal Revenue Code of 1954 and the Social Security Act to assist in providing means for portability of credits under certain private pension plans, and for other purposes.

Summary

Provides that a trust is not a qualified trust for taxation purposes under the Internal Revenue Code unless it states that after a specified period of employment, not exceeding ten years, the rights of an employee to benefits accrued under the plan as to amounts credited to his account are nonforfeitable. (Adds 26 U.S.C. 401 (a)(11)) Directs the Secretary of Health, Education, and Welfare to receive amounts which are transferred to him from a qualified trust in settlement of an individual's rights when such individual is separated from employment covered by the plan before the time prescribed for payments under the plan to such individual as his beneficiaries. Establishes a special fund to receive these amounts. Authorizes the Secretary of Labor to provide technical assistance to employers trade unions, and administrators of pension funds in their efforts to provide greates retirement protection for individuals who are separated from employment covered under private pension plans.

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Documents

1 official file

• Introduced in House

  summary · EN · 3 January 1973

  Open at official source

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