IRA Employer Plan Coordination Act of 1979

Summary

IRA-Employer Plan Coordination Act of 1979 - Amends the Internal Revenue Code to extend to participants in tax-exempt employer pension plans the income tax deduction for cash contributions to a retirement savings account. Limits such deduction to the excess of the lesser of $1,500 ($1,750 for spousal plans) or an amount equal to 15 percent of an individual's employment compensation for a taxable year, over the total amount of contributions to a tax-exempt private employer plan to which such individual has a nonforfeitable right to 100 percent of his accrued benefits. Disallows deductions for employees covered by government plans, owner-employees, officers of corporations maintaining a plan, ten percent shareholders, and individuals who have attained age 70 1/2. Disallows deductions for individuals who are otherwise qualified but who do not conform to methods prescribed by the Secretary of the Treasury for computing the total amount of plan contributions for a taxable year. Sets forth rules for the mandatory distribution of certain amounts from an individual retirement plan when an individual acquires a nonforfeitable right to 100 percent of his accrued benefits under a tax-exempt private employer plan. Requires an individual retirement account to contain a method for determining the taxable year in which specific contributions are made to it and the amount of income and loss which is attributable to a specific contribution for each taxable year.

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Timeline

1. 18 January 1979

   Introduced

   Introduced in House

   Source: IntroReferral

2. 18 January 1979

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

3. 18 January 1979

   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 · 18 January 1979

  Open at official source

Sponsors

• Rep. Brodhead, William [D-MI-17] · D · Sponsor
• · hswm00 · Standing

Related records

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