| Home > 107th Congressional Bills > H.R. 10 (rh) To provide for pension reform, and for other purposes. [Reported in House] ...
H.R. 10 (rh) To provide for pension reform, and for other purposes. [Reported in House] ...
Calendar No. 69 107th CONGRESS 1st Session H. R. 10 _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES May 3, 2001 Received June 6, 2001 Read the first time June 7, 2001 Read the second time and placed on the calendar _______________________________________________________________________ AN ACT To provide for pension reform, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE; REFERENCES; TABLE OF CONTENTS. (a) Short Title.--This Act may be cited as the ``Comprehensive Retirement Security and Pension Reform Act of 2001''. (b) Amendment of 1986 Code.--Except as otherwise expressly provided, whenever in this Act an amendment or repeal is expressed in terms of an amendment to, or repeal of, a section or other provision, the reference shall be considered to be made to a section or other provision of the Internal Revenue Code of 1986. (c) Table of Contents.--The table of contents of this Act is as follows: Sec. 1. Short title; references; table of contents. TITLE I--INDIVIDUAL RETIREMENT ACCOUNT PROVISIONS Sec. 101. Modification of IRA contribution limits. TITLE II--EXPANDING COVERAGE Sec. 201. Increase in benefit and contribution limits. Sec. 202. Plan loans for subchapter S owners, partners, and sole proprietors. Sec. 203. Modification of top-heavy rules. Sec. 204. Elective deferrals not taken into account for purposes of deduction limits. Sec. 205. Repeal of coordination requirements for deferred compensation plans of State and local governments and tax-exempt organizations. Sec. 206. Elimination of user fee for requests to IRS regarding pension plans. Sec. 207. Deduction limits. Sec. 208. Option to treat elective deferrals as after-tax contributions. Sec. 209. Availability of qualified plans to self-employed individuals who are exempt from the self-employment tax by reason of their religious beliefs. Sec. 210. Certain nonresident aliens excluded in applying minimum coverage requirements. TITLE III--ENHANCING FAIRNESS FOR WOMEN Sec. 301. Catch-up contributions for individuals age 50 or over. Sec. 302. Equitable treatment for contributions of employees to defined contribution plans. Sec. 303. Faster vesting of certain employer matching contributions. Sec. 304. Modifications to minimum distribution rules. Sec. 305. Clarification of tax treatment of division of section 457 plan benefits upon divorce. Sec. 306. Provisions relating to hardship distributions. Sec. 307. Waiver of tax on nondeductible contributions for domestic or similar workers. TITLE IV--INCREASING PORTABILITY FOR PARTICIPANTS Sec. 401. Rollovers allowed among various types of plans. Sec. 402. Rollovers of IRAs into workplace retirement plans. Sec. 403. Rollovers of after-tax contributions. Sec. 404. Hardship exception to 60-day rule. Sec. 405. Treatment of forms of distribution. Sec. 406. Rationalization of restrictions on distributions. Sec. 407. Purchase of service credit in governmental defined benefit plans. Sec. 408. Employers may disregard rollovers for purposes of cash-out amounts. Sec. 409. Minimum distribution and inclusion requirements for section 457 plans. TITLE V--STRENGTHENING PENSION SECURITY AND ENFORCEMENT Sec. 501. Repeal of percent of current liability funding limit. Sec. 502. Maximum contribution deduction rules modified and applied to all defined benefit plans. Sec. 503. Excise tax relief for sound pension funding. Sec. 504. Excise tax on failure to provide notice by defined benefit plans significantly reducing future benefit accruals. Sec. 505. Treatment of multiemployer plans under section 415. Sec. 506. Protection of investment of employee contributions to 401(k) plans. Sec. 507. Periodic pension benefits statements. Sec. 508. Prohibited allocations of stock in S corporation ESOP. TITLE VI--REDUCING REGULATORY BURDENS Sec. 601. Modification of timing of plan valuations. Sec. 602. ESOP dividends may be reinvested without loss of dividend deduction. Sec. 603. Repeal of transition rule relating to certain highly compensated employees. Sec. 604. Employees of tax-exempt entities. Sec. 605. Clarification of treatment of employer-provided retirement advice. Sec. 606. Reporting simplification. Sec. 607. Improvement of employee plans compliance resolution system. Sec. 608. Repeal of the multiple use test. Sec. 609. Flexibility in nondiscrimination, coverage, and line of business rules. Sec. 610. Extension to all governmental plans of moratorium on application of certain nondiscrimination rules applicable to State and local plans. Sec. 611. Notice and consent period regarding distributions. Sec. 612. Annual report dissemination. Sec. 613. Technical corrections to SAVER Act. TITLE VII--OTHER ERISA PROVISIONS Sec. 701. Missing participants. Sec. 702. Reduced PBGC premium for new plans of small employers. Sec. 703. Reduction of additional PBGC premium for new and small plans. Sec. 704. Authorization for PBGC to pay interest on premium overpayment refunds. Sec. 705. Substantial owner benefits in terminated plans. Sec. 706. Civil penalties for breach of fiduciary responsibility. Sec. 707. Benefit suspension notice. Sec. 708. Studies. TITLE VIII--PLAN AMENDMENTS Sec. 801. Provisions relating to plan amendments. TITLE I--INDIVIDUAL RETIREMENT ACCOUNTS SEC. 101. MODIFICATION OF IRA CONTRIBUTION LIMITS. (a) Increase in Contribution Limit.-- (1) In general.--Paragraph (1)(A) of section 219(b) (relating to maximum amount of deduction) is amended by striking ``$2,000'' and inserting ``the deductible amount''. (2) Deductible amount.--Section 219(b) is amended by adding at the end the following new paragraph: ``(5) Deductible amount.--For purposes of paragraph (1)(A)-- ``(A) In general.--The deductible amount shall be determined in accordance with the following table: ``For taxable years The deductible beginning in: amount is: 2002................................... $3,000 2003................................... $4,000 2004 and thereafter.................... $5,000. ``(B) Catch-up contributions for individuals 50 or older.--In the case of an individual who has attained the age of 50 before the close of the taxable year, the deductible amount for taxable years beginning in 2002 or 2003 shall be $5,000. ``(C) Cost-of-living adjustment.-- ``(i) In general.--In the case of any taxable year beginning in a calendar year after 2004, the $5,000 amount under subparagraph (A) shall be increased by an amount equal to-- ``(I) such dollar amount, multiplied by ``(II) the cost-of-living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins, determined by substituting `calendar year 2003' for `calendar year 1992' in subparagraph (B) thereof. ``(ii) Rounding rules.--If any amount after adjustment under clause (i) is not a multiple of $500, such amount shall be rounded to the next lower multiple of $500.''. (b) Conforming Amendments.-- (1) Section 408(a)(1) is amended by striking ``in excess of $2,000 on behalf of any individual'' and inserting ``on behalf of any individual in excess of the amount in effect for such taxable year under section 219(b)(1)(A)''. (2) Section 408(b)(2)(B) is amended by striking ``$2,000'' and inserting ``the dollar amount in effect under section 219(b)(1)(A)''. (3) Section 408(b) is amended by striking ``$2,000'' in the matter following paragraph (4) and inserting ``the dollar amount in effect under section 219(b)(1)(A)''. (4) Section 408(j) is amended by striking ``$2,000''. (5) Section 408(p)(8) is amended by striking ``$2,000'' and inserting ``the dollar amount in effect under section 219(b)(1)(A)''. (c) Effective Date.--The amendments made by this section shall apply to taxable years beginning after December 31, 2001. TITLE II--EXPANDING COVERAGE SEC. 201. INCREASE IN BENEFIT AND CONTRIBUTION LIMITS. (a) Defined Benefit Plans.-- (1) Dollar limit.-- (A) Subparagraph (A) of section 415(b)(1) (relating to limitation for defined benefit plans) is amended by striking ``$90,000'' and inserting ``$160,000''. (B) Subparagraphs (C) and (D) of section 415(b)(2) are each amended by striking ``$90,000'' each place it appears in the headings and the text and inserting ``$160,000''. (C) Paragraph (7) of section 415(b) (relating to benefits under certain collectively bargained plans) is amended by striking ``the greater of $68,212 or one- half the amount otherwise applicable for such year under paragraph (1)(A) for `$90,000''' and inserting ``one-half the amount otherwise applicable for such year under paragraph (1)(A) for `$160,000'''. (2) Limit reduced when benefit begins before age 62.-- Subparagraph (C) of section 415(b)(2) is amended by striking ``the social security retirement age'' each place it appears in the heading and text and inserting ``age 62'' and by striking the second sentence. (3) Limit increased when benefit begins after age 65.-- Subparagraph (D) of section 415(b)(2) is amended by striking ``the social security retirement age'' each place it appears in the heading and text and inserting ``age 65''. (4) Cost-of-living adjustments.--Subsection (d) of section 415 (related to cost-of-living adjustments) is amended-- (A) by striking ``$90,000'' in paragraph (1)(A) and inserting ``$160,000''; and (B) in paragraph (3)(A)-- (i) by striking ``$90,000'' in the heading and inserting ``$160,000''; and (ii) by striking ``October 1, 1986'' and inserting ``July 1, 2001''. (5) Conforming amendments.-- (A) Section 415(b)(2) is amended by striking subparagraph (F). (B) Section 415(b)(9) is amended to read as follows: ``(9) Special rule for commercial airline pilots.-- ``(A) In general.--Except as provided in subparagraph (B), in the case of any participant who is a commercial airline pilot, if, as of the time of the participant's retirement, regulations prescribed by the Federal Aviation Administration require an individual to separate from service as a commercial airline pilot after attaining any age occurring on or after age 60 and before age 62, paragraph (2)(C) shall be applied by substituting such age for age 62. ``(B) Individuals who separate from service before age 60.--If a participant described in subparagraph (A) separates from service before age 60, the rules of paragraph (2)(C) shall apply.''. (C) Section 415(b)(10)(C)(i) is amended by striking ``applied without regard to paragraph (2)(F)''. (b) Defined Contribution Plans.-- (1) Dollar limit.--Subparagraph (A) of section 415(c)(1) (relating to limitation for defined contribution plans) is amended by striking ``$30,000'' and inserting ``$40,000''. (2) Cost-of-living adjustments.--Subsection (d) of section 415 (related to cost-of-living adjustments) is amended-- (A) by striking ``$30,000'' in paragraph (1)(C) and inserting ``$40,000''; and (B) in paragraph (3)(D)-- (i) by striking ``$30,000'' in the heading and inserting ``$40,000''; and (ii) by striking ``October 1, 1993'' and inserting ``July 1, 2001''. (c) Qualified Trusts.-- (1) Compensation limit.--Sections 401(a)(17), 404(l), 408(k), and 505(b)(7) are each amended by striking ``$150,000'' each place it appears and inserting ``$200,000''. (2) Base period and rounding of cost-of-living adjustment.--Subparagraph (B) of section 401(a)(17) is amended-- (A) by striking ``October 1, 1993'' and inserting ``July 1, 2001''; and (B) by striking ``$10,000'' both places it appears and inserting ``$5,000''. (d) Elective Deferrals.-- (1) In general.--Paragraph (1) of section 402(g) (relating to limitation on exclusion for elective deferrals) is amended to read as follows: ``(1) In general.-- ``(A) Limitation.--Notwithstanding subsections
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