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Retirement Savings Opportunity Act of 1999

Introduced: April 22, 1999 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 21, 1999
Referred to the Subcommittee on Employer-Employee Relations.
Apr 22, 1999
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.
Apr 22, 1999
Introduced in House
 Plain-English summary Congressional Research Service

TABLE OF CONTENTS:

Title I: Individual Retirement Plans

Title II: Pension Plans

Title III: Small Business Incentives

Title IV: Catchup Contributions

Title V: Plan Amendments

Retirement Savings Opportunity Act of 1999 - Title I: Individual Retirement Plans - Amends the Internal Revenue Code (the Code) to increase from $2,000 to $5,000 (with cost-of-living adjustments) the maximum retirement savings deduction allowable.

(Sec. 102) Repeals income limits for Roth IRA contributions. Increases the income cap for conversions to $1 million.

(Sec. 103) Amends the Code and ERISA (the Employee Retirement Income Security Act of 1974) to permit employees to make IRA contributions under a qualified employer plan.

(Sec. 104) Allows electronic signatures for establishing any individual retirement plan.

Title II: Pension Plans - Provides for optional treatment of elective deferrals as plus contributions. Defines such contributions.

(Sec. 202) Increases the elective deferral limit from $7,000 to $15,000.

(Sec. 203) Increases the limit on the deferred amount for State and local government plans to $12,000.

(Sec. 204) Eliminates the 25 percent compensation limit on contributions to a defined contribution plan, thereby making the maximum contribution limit $30,000 for any individual.

(Sec. 205) Amends the Code and ERISA to revise the percentage of the current liability funding limit. Revises maximum contribution deduction rules and applies them to all defined benefit plans under the Code.

Title III: Small Business Incentives - Establishes a small employer pension plan credit equal to, subject to limitations: (1) 50 percent of qualified employer contributions; and (2) qualified start-up costs.

(Sec. 302) Permits employers to establish SAFE annuities (a defined individual retirement annuity).

(Sec. 303) Increases the $6,000 contribution amount for simple retirement accounts to $10,000.

Title IV: Catchup Contributions - Permits "catchup contributions" for certain individuals over age 50.

Title V: Plan Amendments - Prescribes requirements for plan amendments or annuity contract amendments under the Code and ERISA.

What's happening now May 21, 1999

Referred to the Subcommittee on Employer-Employee Relations.

 Committees of jurisdiction 3
 Cosponsors 2
All 2 Republican 2