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United States · Bill · S

S. 318 (102nd)

PRIME Retirement Account Act of 1991

openUnited States· United States Congress· EN

Introduced

31 January 1991

Last action

27 September 1991 · Committee

Status

Subcommittee on Private Retirement Plans and IRS. Hearings held. Hearings printed: S.Hrg. 102-481.

Sponsors

Sen. Packwood, Bob [R-OR], Sen. Bentsen, Lloyd M. [D-TX], Sen. Dole, Robert J. [R-KS], Sen. Bumpers, Dale [D-AR], Sen. Kasten, Robert W., Jr. [R-WI], Sen. Kassebaum, Nancy Landon [R-KS], Sen. Chafee, John H. [R-RI], Sen. Symms, Steven D. [R-ID], Sen. Baucus, Max [D-MT], Sen. Danforth, John C. [R-MO], Sen. Breaux, John B. [D-LA], Sen. Durenberger, Dave [R-MN], Sen. Gorton, Slade [R-WA], Sen. Cohen, William S. [R-ME], Sen. McConnell, Mitch [R-KY], Sen. Roth Jr., William V. [R-DE], Sen. Stevens, Ted [R-AK], Sen. Cochran, Thad [R-MS], Sen. Mikulski, Barbara A. [D-MD], Sen. Riegle, Donald W., Jr. [D-MI], Sen. Grassley, Chuck [R-IA]

Subjects

Taxation

Source updated

26 August 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

PRIME Retirement Account Act of 1991 - Amends the Internal Revenue Code to establish a simplified retirement plan for small business to be known as PRIME accounts (private retirement incentives matched by employers). Allows an income tax deduction to employees who make pre-tax contributions of up to $3,000 annually to a PRIME account and requires an employer to match such contributions up to three percent of the employee's compensation. Declares that such accounts are not to be treated as pension plans. Excludes such accounts from limitation on the maximum amount allowed for retirement savings deductions. Specifies the pension plan rules that are applicable to PRIME accounts. Establishes a 25-percent penalty on withdrawals made from such accounts during the first three years. Imposes penalties upon: (1) account trustees for failure to provide requirement information to employers; and (2) employers for failure to make required notifications to employees.

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

Timeline

  1. 31 January 1991

    Introduced

    Read twice and referred to the Committee on Finance.

    Source: IntroReferral

  2. 31 January 1991

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 27 September 1991

    Committee

    Subcommittee on Private Retirement Plans and IRS. Hearings held. Hearings printed: S.Hrg. 102-481.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

2 official files

Introduced in Senate (text)

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  • Introduced in Senate (text)

    Introduced in Senate · EN

    ViewDownloadOpen at official source

  • Introduced in Senate

    summary · EN · 31 January 1991

    Open at official source

    Leesvertaling

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

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

Sponsors

Related records

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Sources

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