Retirement Security Preservation Act of 2019

Summary

Retirement Security Preservation Act of 201 9 This bill amends the Internal Revenue Code to modify the nondiscrimination requirements for certain defined benefit retirement plans that limit participation or certain features to a closed class, such as individuals who were hired before a certain date. (Under current law, the plans may not discriminate in favor of highly compensated employees and must meet minimum participation requirements.) The bill applies only to a defined benefit plan that (1) closed before April 5, 2017; or (2) was in effect for at least five years when it closed and did not substantially increase the coverage or value of the benefits, rights, or features for the closed class during the five-year period before it closed, except as the result of certain business acquisitions or mergers. Such a plan meets the nondiscrimination requirements if it (1) satisfies certain testing rules for the year that the class closes and the two succeeding plan years, and (2) is not amended in a discriminatory manner after the class is closed. A defined contribution plan that offers additional contributions or benefits to a closed class whose benefits under a defined benefit plan have been reduced or eliminated meets the nondiscrimination requirements if (1) the group receiving the contributions or benefits satisfies certain testing rules for the year in which the group is closed and for two subsequent plan years, and (2) the plan is not amended in a discriminatory manner. A defined benefit plan that is either closed or has ceased benefit accruals for all participants (frozen plan) satisfies the minimum participation requirements if the plan met the requirements when it was closed or frozen.

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

Timeline

1. 31 July 2019

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 31 July 2019

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 31 July 2019 · Download file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 31 July 2019

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 31 July 2019

  ViewDownloadOpen at official source

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• Introduced in Senate

  summary · EN · 31 July 2019

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Sen. Cardin, Benjamin L. [D-MD] · D · Sponsor
• Sen. Portman, Rob [R-OH] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → Retirement Enhancement and Savings Act of 2019
• related to → Family Savings Act of 2019
• related to → Setting Every Community Up for Retirement Enhancement Act of 2019
• related to → Retirement Enhancement and Savings Act of 2019