Retirement Savings and Security Act

Summary

TABLE OF CONTENTS: Title I: Short Title; Table of Contents Title II: Revenue Provisions Subtitle A: Expanded Pension Coverage and Simplification Subtitle B: Expanded Individual Retirement Accounts to Increase Coverage and Portability Subtitle C: Other Expansions of Pension Portability Subtitle D: Conforming Amendments Title I: Short Title; Table of Contents - Retirement Savings and Security Act - Sets forth the table of contents of this Act. Title II: Revenue Provisions - Subtitle A: Expanded Pension Coverage and Simplification - Chapter 1: The NEST and Other Coverage Expansion - Amends the Internal Revenue Code to establish national employee savings trusts (NESTS) for employees of small employers. (Sec. 1102) Makes tax-exempt organizations and Indian governmental instrumentalities eligible section 401(k) pension plan employers. (Sec. 1103) Sets forth alternative methods for satisfying section 401(k) nondiscrimination tests. (Sec. 1104) Revises "highly compensated employee" provisions. (Sec. 1106) Repeals the limitation in the case of an employee with defined benefit and a defined contribution plans from the same employer. (Sec. 1107) Makes certain defined contribution plan provisions applicable to all permanently disabled employees. (Sec. 1108) Revises deferred payment provisions with respect to: (1) owner-employee contributions; and (2) State and local plan trust requirements. Chapter 2: Simplification and Cost Savings - Sets forth a special compensation limitation rule with respect to governmental and multiemployer deferred payment plans. States that a governmental plan's eligibility shall not be affected by its excess benefit arrangement. (Sec. 1204) Provides special rules for treatment of governmental and tax-exempt organization deferred compensation plans. (Sec. 1206) Establishes a simplified method for annuity distribution taxation for certain employer plans. (Sec. 1207) Eliminates five-year income averaging for lump-sum distributions. (Sec. 1208) Reduces from 59.5 years old to 59 years old the age at which a recipient may receive certain retirement and annuity distributions penalty-free. (Sec. 1209) Provides a special rule for certain rural cooperative plan distributions. (Sec. 1211) Treats the social security retirement age as the uniform retirement age for purposes of pension plan non-discrimination requirements. (Sec. 1214) Eliminates partial termination rules with respect to multiemployer plans. (Sec. 1217) Increases the tax on prohibited transactions. Subtitle B: Expanded Individual Retirement Accounts to Increase Coverage and Portability - Chapter 1: Retirement Savings Incentives - Subchapter A: IRA Deduction - Increases individual retirement account (IRA) income limitations. Provides inflation adjustments for deductible amounts and income limitations. Subchapter B: Nondeductible Tax-Free IRAs - Establishes nondeductible tax-free IRAs. Chapter 2: Distributions and Investments - Authorizes IRA distributions to be used without the additional ten-percent tax for first home purchases, higher education, financially devastating medical costs, and by the unemployed. (Sec. 1323) Sets forth provisions with respect to the use of IRA funds to purchase qualifying State prepaid tuition instruments. Chapter 3: Termination of Certain Provisions - Sets forth IRA-related termination provisions with respect to: (1) inflation adjustments; (2) contributions to special IRA accounts; (3) early withdrawal tax; and (4) increases in specified limitations. Subtitle C: Other Expansions of Pension Portability - Establishes alternative nondiscrimination rules for certain plans that provide for early participation. (Sec. 1402) Establishes special rules for certain veterans' reemployment rights, including provisions regarding: (1) contributions; (2) elective deferrals; (3) retroactive adjustments; (4) loan repayment suspensions; and (5) compensation. (Sec. 1403) Eliminates the special vesting rule for multiemployer plans. Subtitle D: Conforming Amendments - Makes specified conforming amendments.

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

Timeline

1. 23 May 1996

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 23 May 1996

   Introduced

   Sponsor introductory remarks on measure. (CR S5599-5600)

   Source: IntroReferral

3. 23 May 1996

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

• Introduced in Senate · 23 May 1996 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 23 May 1996

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 23 May 1996

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• Introduced in Senate

  summary · EN · 23 May 1996

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  Leesvertaling

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  Vertaal document

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Sponsors

• Sen. Daschle, Thomas A. [D-SD] · D · Sponsor
• Sen. Bryan, Richard H. [D-NV] · D · Sponsor
• Sen. Dodd, Christopher J. [D-CT] · D · Sponsor
• Sen. Kennedy, Edward M. [D-MA] · D · Sponsor
• Sen. Leahy, Patrick J. [D-VT] · D · Sponsor
• Sen. Mikulski, Barbara A. [D-MD] · D · Sponsor
• Sen. Moseley-Braun, Carol [D-IL] · D · Sponsor
• Sen. Rockefeller, John D., IV [D-WV] · D · Sponsor
• Sen. Simon, Paul [D-IL] · D · Sponsor
• Sen. Ford, Wendell H. [D-KY] · D · Cosponsor
• Sen. Murray, Patty [D-WA] · D · Cosponsor
• · ssfi00 · Standing

Related records

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