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United States · Bill · HR

H.R. 7594 (96th)

A bill to amend the Internal Revenue Code of 1954 to clarify provisions prohibiting discrimination in vesting standards under plans governing qualified trusts, and for other purposes.

referredUnited States· United States Congress· EN

Introduced

17 June 1980

Last action

17 June 1980 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Ashbrook, John M. [R-OH-17], Rep. Erlenborn, John N. [R-IL-14], Rep. Perkins, Carl Dewey [D-KY-7], Rep. Buchanan, John [R-AL-6], Rep. Erdahl, Arlen [R-MN-1], Rep. Coleman, E. Thomas [R-MO-6], Rep. Hinson, Jon C. [R-MS-4], Rep. Edwards, Mickey [R-OK-5], Rep. Goodling, William F. [R-PA-19], DON YOUNG, Rep. Kramer, Ken [R-CO-5], Rep. Crane, Daniel B. [R-IL-19], Rep. Petri, Thomas E. [R-WI-6], Rep. Tauke, Thomas Joseph [R-IA-2], Rep. Jeffords, James M. [R-VT-At Large], Rep. Lagomarsino, Robert J. [R-CA-19], Rep. Derwinski, Edward J. [R-IL-4], Rep. Hillis, Elwood H. [R-IN-5], Rep. Butler, M. Caldwell [R-VA-6], Rep. Frenzel, Bill [R-MN-3]

Subjects

Discovery layer

Source updated

7 February 2024

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to provide that accruals of benefits or forfeitures in a tax- qualified deferred compensation plan, which would otherwise be deemed discriminatory against certain classes of employees, will not be considered to have taken place if: (1) the total present values of such nonforfeitable benefits attributable to employee-officers or shareholders is less than the total present values of nonforfeitable benefits of all other employees; (2) employee-officers or shareholders having nonforfeitable benefits constitute a reasonable cross section of plan participants; or (3) the deferred compensation plan provides that an employee who has completed at least four years of service has a nonforfeitable right to a specified percentage of the accrued benefit derived from employer contributions.

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

Timeline

  1. 17 June 1980

    Introduced

    Introduced in House

    Source: IntroReferral

  2. 17 June 1980

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 17 June 1980

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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

Documents

1 official file

Sponsors

Related records

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Sources

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