Retirement Income, Security, and Savings Act of 1997
TABLE OF CONTENTS:
Title I: Retirement Savings Incentives
Subtitle A: Restoration of IRA Deduction
Subtitle B: Nondeductible Tax-Free IRAs
Title II: Women's Retirement Security
Title III: Expansion of Pension Coverage for Small Business
Title IV: Portability
Title V: Pension Security
Subtitle A: Economically Targeted Investments
Subtitle B: Other Provisions
Title VI: Simplification of Plan Requirements
Title VII: Date for Adoption of Plan Amendments
Retirement Income, Security, and Savings Act of 1997 - Title I: Retirement Savings Incentives - Subtitle A: Restoration of IRA Deduction - Amends the Internal Revenue Code to increase individual retirement account (IRA) income limits applicable to active participants. Repeals active participation restrictions.
(Sec. 102) Provides for IRA contribution inflation adjustments.
Subtitle B: Nondeductible Tax-Free IRAs - Amends the Code to establish a nondeductible tax-free IRA Plus account. Sets forth related provisions.
Title II: Women's Retirement Security - Amends the Code to make an individual's eligibility for deductible IRA contributions independent of spousal pension plan participation.
(Sec. 202) Authorizes pension plan contributions with respect to periods of: (1) maternity and paternity leave; and (2) child-raising periods.
Title III: Expansion of Pension Coverage for Small Business - Amends the Code to allow an eligible employer to establish an employer-funded SAFE annuity (an individual retirement annuity) or a SAFE trust (a trust forming part of a defined benefit plan). Sets forth related provisions.
Makes related amendments to the Employee Retirement Income Security Act of 1974 (ERISA).
(Sec. 302) Treats as not an elective deferral certain retirement and SIMPLE account matching contributions made on behalf of a self-employed individual.
(Sec. 304) Provides for payroll deduction contributions to IRAs.
Title IV: Portability - Amends the Code to allow specified pension plan rollovers, and related nondisqualification of receiving plans.
(Sec. 405) Provides a hardship exception with respect to the 60-day exempt trust rollover provision.
(Sec. 406) Amends the Code and ERISA to set forth the circumstances in which a defined contribution plan will not be treated as failing to meet requirements merely because the transferee plan does not provide some or all the forms of distribution previously available under another defined contribution plan.
Title V: Pension Security - Subtitle A: Economically Targeted Investments - Expresses the sense of the Congress that economically targeted investments violate ERISA intent.
(Sec. 502) Sets forth specified prohibitions on Department of Labor interpretations and activities with respect to employee benefit plan investment.
(Sec. 503) Amends ERISA to prohibit any Federal agency or instrumentality from establishing or maintaining a clearinghouse or database relating to economically targeted investments.
(Sec. 504) Requires termination of any Federal contracts that are in violation of this title.
Subtitle B: Other Provisions - Amends the Code to provide for a phased-in increase to full employer funding of pension liabilities.
Title VI: Simplification of Plan Requirements - Directs the Secretaries of the Treasury and Labor to issue guidance with respect to the use of new technologies and paperless transactions.
(Sec. 602) Makes certain nondiscrimination and participation requirements inapplicable to a government plan.
(Sec. 603) Amends ERISA to eliminate specified plan description and related requirements.
Title VII: Date for Adoption of Plan Amendments - Sets forth plan adoption dates.
Sponsor introductory remarks on measure. (CR S8425)