Retirement Equity Act of 1984

Retirement Equity Act of 1983 - Amends the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code to lower from age 25 to age 21 the age limitation for minimum participation and vesting standards for pension plans.

Prohibits certain defined benefit plans from requiring, as a condition for plan participation, that employees complete period of service extending beyond the earlier of age 25 or the vesting expectation date.

Lowers from age 22 to age 18 the age limitation for the computation of periods of service.

States that years of service may be disregarded when computing periods of service for participation or vesting purposes if breaks in service during such a period amounted to five or more one-year breaks.

Treats breaks in service due to pregnancy, birth, or adoption of a child as completed hours of service according to a specified formula. Accords such treatment only in the year of the pregnancy, birth or adoption, and only to participants who would incur a one-year break in service without such treatment.

Requires pension plans which provide life annuity benefits to pay such benefits in the form of a qualified joint and survivor annuity. Requires that each pension plan participant have the option of electing, waiving, or revoking the joint and survivor annuity form of benefit. Conditions the efficacy of such election upon: (1) the written consent of a participant's spouse; (2) a written acknowledgement by a participant's spouse of the effect of such election; and (3) an official witnessing of such spousal consent by a plan representative or notary public. Limits such consent to the signatory spouse. Requires pension plans to furnish participants with written explanations of the terms and rights of election regarding joint and survivor annuities.

Prohibits joint and survivor annuity payments from being less than the actuarial equivalent of payments made if the annuitant had lived to the earliest date of retirement or had separated from service on the date of death.

Requires the surviving spouse's consent for any distribution of nonforfeitable benefits exceeding $3,500. Requires such benefits to be paid according to the surviving spouse's written requests.

States that plans subject to funding requirements must provide benefits payable in the form of an annuity.

Exempts qualified domestic relations orders from the Act's proscriptions against alienation and assignment of pension plan benefits. Sets procedural guidelines for the payment of such benefits to an alternate payee under such orders. Prohibits alternative payees from receiving any portion of any increase in a participant's accrued benefits if such increases occur after payments to such payees have begun.

Declares that alternate payees under domestic relations orders are not considered to be, by virtue of such orders, participants or beneficiaries under the pension plan.

Increases from $1,750 to $3,500 the allowable mandatory distribution from a retirement plan.

Requires notification to participants that certain benefits may be forfeitable if the participant dies before a certain date.

Sets December 31, 1984 as the effective date of this Act for existing plans. Provides transitional dates and certain effective dates for plans maintained under collective bargaining agreements.