A bill to amend the Internal Revenue Code of 1954 to allow a deduction for retirement savings in the case of individuals who have limited participation under pension plans and to expand the cases in which joint and survivors annuity coverage is to be provided under certain pension plans.

Summary

Amends the Internal Revenue Code to allow a limited income tax deduction for retirement savings by persons who are active participants in other retirement benefit plans qualifying for special tax consideration. 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 (3) 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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

No timeline events have been ingested for this record yet.

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 16 March 1977

  Open at official source

Sponsors

No sponsors or actors listed by the source.

Related records

No cross-record relationships stored yet.