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HR 3101 105th Congress House Taxation Annuities Civil Service pensions Defined benefit pension plans Defined contribution plans Government Operations and Politics Income tax Individual retirement accounts Labor and Employment Local employees Nonprofit organizations Personal income tax Self-employed Social Welfare State employees Survivors' benefits Tax exclusion Tax penalties Tax-deferred compensation plans Unemployed

Pension Improvement Act of 1998

Introduced: January 27, 1998 Introduced by: Neal, Richard E. Democratic · Massachusetts See on congress.gov
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 Everywhere this bill has been 6 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 13, 1998
Referred to the Subcommittee on Employer-Employee Relations.
Jan 27, 1998
Referred to House Education and the Workforce
Jan 27, 1998
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Jan 27, 1998
Referred to House Ways and Means
Jan 27, 1998
Sponsor introductory remarks on measure. (CR E11)
Jan 27, 1998
Introduced in House
 Plain-English summary Congressional Research Service

Pension Improvement Act of 1998 - Amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to set separate minimum vesting standards for defined contribution and defined benefit plans.

(Sec. 3) Amends the Internal Revenue Code to require that plans entitle an employee to elect a rollover distribution to an individual retirement plan within 90 days of separation. Imposes a 25 percent tax on early distributions within 2 years after such a rollover. Exempts such rollovers from withholding.

(Sec. 4) Allows penalty-free distributions from individual retirement plans of certain unemployed individuals.

(Sec. 5) Amends the Internal Revenue Code and ERISA to require, if the present value of any nonforfeitable accrued benefit is under a specified dollar amount, that a plan allow a benefit to be immediately distributed only in a trustee-to-trustee transfer to an individual retirement plan. Requires, if the present value of a joint and survivor annuity or preretirement survivor annuity is under a specified dollar amount, that the plan immediately distribute the value only if the participant and the participant's spouse designate one or more individual retirement plans and the distribution is made in a trustee-to-trustee transfer.

Amends the Internal Revenue Code to require that, in order to be treated as not made available as a result of an election or an involuntary distribution, amounts distributed from a State or local government plan or nonprofit organization plan be distributed in a trustee-to-trustee transfer to an individual retirement account. Imposes a 25 percent tax on early distributions within 2 years after such a distribution. Exempts such distributions from withholding.

What's happening now February 13, 1998

Referred to the Subcommittee on Employer-Employee Relations.

 Committees of jurisdiction 3