Pension Opportunities for Women's Equality in Retirement Act

Summary

Pension Opportunities for Women's Equality in Retirement Act - Title I: Expanding Coverage - Amends the Internal Revenue Code to increase the$90,000 limit on defined benefit plans to $160,000. Changes the age from which such limit will be reduced from the social security retirement age to 62 and the age from which the limit will be increased from the social security retirement age to 65. Increases the $30,000 limit for defined benefit contribution plans to $40,000. Increases the $150,000 compensation limit to $200,000. Increases the elective deferral limit to $15,000. (Sec. 102) Provides that elective deferrals shall not be taken into account for purposes of limits on certain plan contributions. (Sec. 103) Revises the definition of compensation, for purposes of the deduction rules, to include salary reduction amounts treated as a participant's compensation. (Sec. 104) Provides for optional treatment of elective deferrals as plus contributions. (Sec. 105) Increases the contribution limit for an individual retirement plan (IRA) until it reaches $5,000 in 2006 and provides a cost-of-living adjustment. Title II: Enhancing Fairness for Women - Provides that individuals who have attained age 50 may make additional catch-up elective contributions to employer-sponsored retirement plan. (Sec. 202) Sets forth requirements relating to equitable treatment for contributions of employees to defined contribution plans. Requires that certain contributions by church plans are not to be treated as exceeding a specified limit. (Sec. 203) Provides for faster vesting of certain employer matching contributions. (Sec. 204) Revises requirements relating to tax treatment of division of section 457 plan benefits upon divorce. Title III: Increasing Portability for Participants - Permits rollovers from and to various types of plans. (Sec. 302) Permits IRA rollovers into workplace retirement plans only if certain conditions are met. (Sec. 303) Permits rollover of after-tax contributions in an exempt trust under specified conditions. (Sec. 304) Sets forth a hardship exception to the 60-day rule. Authorizes the Secretary to waive the 60-day rollover period if the failure to waive such requirement would be against equity or good conscience, including cases of casualty, disaster, or other events beyond the reasonable control of the individual subject to such requirement.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 6 June 2000

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 6 June 2000

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• Introduced in Senate

  summary · EN · 6 June 2000

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