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S 3341 116th Congress Senate Taxation Administrative law and regulatory procedures Corporate finance and management Department of Labor Employee benefits and pensions Executive agency funding and structure Income tax deferral Pension Benefit Guaranty Corporation Tax administration and collection, taxpayers Tax-exempt organizations

CEO and Worker Pension Fairness Act

Introduced: February 27, 2020 Introduced by: Sanders, Bernard Independent · Vermont See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 27, 2020
Read twice and referred to the Committee on Finance.
Feb 27, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

CEO and Worker Pension Fairness Act

This bill limits tax benefits for deferred compensation of highly compensated employees (e.g., corporate chief executive officers) and increases disclosure requirements for such compensation.

The bill includes such deferred compensation in taxable income when there is no substantial risk of forfeiture (i.e., when vested) of the rights of the person entitled to such compensation rather than at distribution.

The bill transfers revenue from this revised tax treatment of deferred compensation from the Treasury to the Pension Benefit Guaranty Corporation to increase insurance coverage of multiemployer pension plans.

The bill requires the Department of Labor to report on nonqualified deferred compensation plans of highly compensated employees known as top hat plans. The Department of the Treasury must disclose amounts deferred under such plans on W-2 forms

What's happening now February 27, 2020

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 2