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HR 3561 112th Congress House Taxation Accounting and auditing Administrative law and regulatory procedures Department of the Treasury Employee benefits and pensions Income tax deductions Internal Revenue Service (IRS) Sales and excise taxes Self-employed Wages and earnings

Small Business Pension Promotion Act of 2011

Introduced: December 5, 2011 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
Mar 29, 2012
Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Dec 5, 2011
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.
Dec 5, 2011
Introduced in House
 Plain-English summary Congressional Research Service

Small Business Pension Promotion Act of 2011 - Authorizes the Secretary of the Treasury to take steps to address any significant and broadly applicable decrease in the value of investments held by defined contribution plans and individual retirement accounts (IRAs), including by allowing: (1) taxpayers to use a later asset valuation date than otherwise required, and (2) additional time for making distributions from such plans and accounts.

Amends the Internal Revenue Code to: (1) allow a deduction in computing the net earnings from self-employment income for pension and IRA contributions, (2) allow a determination of the adjusted funding target attainment percentage for tax-exempt retirement plans without regard to the reduction for credit balances for funding-based limits on benefits under single employer plans, (3) repeal the excise tax on nondeductible contributions to qualified employer plans, and (4) provide a  special rule for determining normal retirement age for certain existing defined benefit plans. Makes conforming amendments to the Employee Retirement Income Security Act (ERISA).

Requires the Secretary to revise administrative rules governing interim amendments of qualified pension plans to provide greater flexibility and reduce plan sponsor burden.

What's happening now March 29, 2012

Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

 Committees of jurisdiction 3
 Cosponsors 3
All 3 Democratic 3