Retirement Equity Act of 1983

Summary

Retirement Equity Act of 1983 - Amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 to lower the age limitation for participation in a qualified retirement plan from 25 to 21. Allows a limited amount of maternity or paternity leave to be taken by an individual without being treated as a break in service for purposes of computing creditable service towards retirement benefits. Requires spousal consent in order for a retirement plan participant to elect not to take a joint and survivor annuity. Requires that such consent must be in writing and must be witnessed by either a plan representative or a notary public. Allows the assignment of the benefits of a qualified retirement plan in the case of a judgment, decree or order relating to child support, alimony payments, or marital property rights pursuant to a State's domestic relations law. Requires the continuation of benefits to a surviving former spouse in cases where payments of joint and survivor benefits began prior to a divorce. Sets forth requirements relating to the method of distribution of divorce distributions. Sets forth rules for the tax treatment of divorce distributions. Increases the allowable mandatory distributions from a retirement plan from $1,750 to $3,500. Requires that a plan participant must be notified that benefits may be forfeitable if the participant dies before a certain date.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 26 January 1983

  Open at official source

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