HR 739 106th Congress House Taxation Annuities Charities Civil Service pensions Defined benefit pension plans Defined contribution plans Dismissal of employees Education Elementary and secondary education Government Operations and Politics Government paperwork Income tax Individual retirement accounts Labor and Employment Local employees Pension funds Personal income tax Public schools School personnel Social Welfare

Retirement Account Portability Act of 1999

Introduced: February 11, 1999 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Mar 5, 1999

Referred to the Subcommittee on Employer-Employee Relations.

Feb 11, 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.

Feb 11, 1999

Introduced in House

Plain-English summary Congressional Research Service

Retirement Account Portability Act of 1999 - Amends the Internal Revenue Code to permit rollovers from State and tax-exempt instrumentalities and from and to public school retirement plans.

(Sec. 3) Permits individual retirement plan (IRA) rollovers only if the entire amount is deposited into another defined contribution retirement plan and certain other conditions are met.

(Sec. 4) Provides for faster vesting of employer matching contributions.

(Sec. 5) Amends the Employee Retirement Income Security Act of 1974 (ERISA) to extend single employer missing participant provisions to multiemployer plans. Authorizes transfer of a missing participant's benefits to a corporation upon termination of certain pension plans.

(Sec. 6) Removes certain restrictions on the rollover of after-tax contributions. Provides a hardship exception to the 60-day transfer requirement.

(Sec. 7) Permits distributions upon severance from employment (currently upon separation from employment).

(Sec. 8) States that a transferee defined contribution plan shall not be treated as having failed to meet certain requirements because it does not provide for some or all of the distribution options available under a transferor defined contribution plan.

(Sec. 9) Authorizes employers to disregard rollovers for purposes of employee cash-out amounts under the Code and ERISA.

(Sec. 10) Authorizes trustee-to-trustee transfers to purchase permissive service credit with respect to Federal or public school and State and tax-exempt instrumentality pension plans.

What's happening now March 5, 1999

Referred to the Subcommittee on Employer-Employee Relations.

Committees of jurisdiction 3