| Home > 106th Congressional Bills > H.R. 554 (ih) To amend the Internal Revenue Code of 1986 to allow rollover contributions to individual retirement plans from deferred compensation plans maintained by States and local governments and to allow State and local governments to maintain 401(k)...
H.R. 554 (ih) To amend the Internal Revenue Code of 1986 to allow rollover contributions to individual retirement plans from deferred compensation plans maintained by States and local governments and to allow State and local governments to maintain 401(k)...
106th CONGRESS 2d Session H. R. 5549 To amend the Employee Retirement Income Security Act of 1974 to improve the retirement security of American families. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES October 25, 2000 Mr. Andrews (for himself, Mr. Clay, Mr. Kildee, Mr. Owens, Mr. Payne, Mrs. Mink of Hawaii, Ms. Woolsey, Mr. Romero-Barcelo, Mr. Fattah, Mr. Tierney, Mr. Kind, Ms. Sanchez, Mr. Ford, Mr. Kucinich, and Mr. Holt) introduced the following bill; which was referred to the Committee on Education and the Workforce, and in addition to the Committees on Armed Services, and Government Reform, 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 _______________________________________________________________________ A BILL To amend the Employee Retirement Income Security Act of 1974 to improve the retirement security of American families. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE AND TABLE OF CONTENTS. (a) Short Title.--This Act may be cited as the ``Retirement Enhancement Act of 2000''. (b) Table of Contents.--The table of contents is as follows: Sec. 1. Short title and table of contents. TITLE I--IMPROVED PARTICIPATION AND VESTING Sec. 101. Minimum coverage requirements. Sec. 102. Minimum participation requirements. Sec. 103. Faster vesting of benefits under defined contribution plans. Sec. 104. Model small employer group pension plan. Sec. 105. Enforcement under ERISA of requirements for simplified employee pensions. TITLE II--IMPROVED PENSION PROTECTIONS FOR WOMEN Sec. 201. Elimination of integration with workers' compensation and similar benefits. Sec. 202. Spousal consent required for distributions from defined contribution plans. Sec. 203. Modifications of joint and survivor annuity requirements. Sec. 204. Division of pension benefits upon divorce. Sec. 205. Periods of family and medical leave treated as hours of service for pension participation and vesting. Sec. 206. Right of spouse to know distribution information. Sec. 207. Repeal of reduction in military survivor benefit plan annuities at age 62. Sec. 208. Survivor annuities for widows, widowers, and former spouses of Federal employees who die before attaining age for deferred annuity under Civil Service Retirement System. Sec. 209. Order of precedence for disposition of amounts remaining in the thrift savings account of a Federal employee (or former employee) who dies before making an effective election controlling such disposition. Sec. 210. Interest on amounts paid to make up for certain civil service annuity benefits wrongfully denied. Sec. 211. Amendments relating to effective date provision of the Civil Service Retirement Spouse Equity Act of 1984. TITLE III--SIMPLIFIED INVESTMENT STANDARDS Sec. 301. Exemption from prohibited transaction rules for emergent transactions. Sec. 302. Alternative method for publishing the pendency of prohibited transaction exemptions. Sec. 303. Employer protection from liability for the provision of investment advice. Sec. 304. Participation of participants in trusteeship of defined contribution plans. Sec. 305. Removal of $500,000 cap on bonding requirement. Sec. 306. Disclosure regarding investments and voting of proxies. Sec. 307. Diversification in defined contribution plan investments. Sec. 308. Diversification of investments under employee stock ownership plans by participants and beneficiaries over 55 years of age. TITLE IV--IMPROVEMENTS IN PENSION INFORMATION AND ENFORCEMENT Sec. 401. Periodic pension benefit statements. Sec. 402. Benefit Statements required to include information on investment performance. Sec. 403. Disclosures to Secretary of Labor relating to plan termination and relating to plan sponsors after acquisition or merger of plans. Sec. 404. Disclosure of operating income of employers adjusted so as to exclude certain components mandated in FASB rules governing accounting for defined benefit pension plans. Sec. 405. Specific information regarding multiemployer plans included in annual report. Sec. 406. Limited scope audits. Sec. 407. Reporting and enforcement requirements for employee benefit plans. Sec. 408. Study of pension trends and characteristics. Sec. 409. Early resolution program for pension benefit claims. Sec. 410. De novo review of benefit determinations. Sec. 411. Allowable relief. Sec. 412. Civil penalty for breach of fiduciary responsibility. Sec. 413. Assessment by Secretary of Labor of penalties for failures to meet disclosure requirements. Sec. 414. Missing participants. Sec. 415. Increase in guaranteed benefit level for multiemployer plans. TITLE V--IMPROVED PENSION PROTECTIONS FOR THE CHANGING WORKFORCE Sec. 501. Loans from retirement plans for health insurance and job training expenses. Sec. 502. Immediate distributions permitted only if distribution rolled to a qualified plan. Sec. 503. Prompt distribution from defined contribution plans upon termination of participant's covered employment. Sec. 504. Extended period for recoupment of overpayments. TITLE VI--GENERAL PROVISIONS Sec. 601. General effective date. Sec. 602. Plan amendments. TITLE I--IMPROVED PARTICIPATION AND VESTING SEC. 101. MINIMUM COVERAGE REQUIREMENTS. (a) In General.--Part 2 of subtitle B of title I of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 201 et seq.) is amended by inserting after section 201 the following new section: ``minimum coverage requirements ``Sec. 201A. (a) General Rule.--Each pension plan maintained by an employer shall benefit all employees of the employer. ``(b) Exclusion of Certain Employees.--For purposes of this section, there shall be excluded from consideration-- ``(1) employees who are included in a unit of employees covered by an agreement which, as determined in accordance with regulations issued by the Secretary, constitutes a collective bargaining agreement between employee representatives and one or more employers, if there is evidence that retirement benefits were the subject of good faith bargaining between such employee representatives and such employer or employers, ``(2) in the case of a trust established or maintained pursuant to an agreement which, as determined in accordance with regulations issued by the Secretary, constitutes a collective bargaining agreement between airline pilots represented in accordance with title II of the Railway Labor Act and one or more employers, all employees not covered by such agreement, and ``(3) employees who are nonresident aliens and who receive no earned income (within the meaning of section 911(d)(2) of the Internal Revenue Code of 1986) from the employer which constitutes income from sources within the United States (within the meaning of section 861(a)(3) of such Code). Paragraph (1) shall not apply with respect to coverage of employees under a plan pursuant to an agreement under such paragraph. Paragraph (2) shall not apply in the case of a plan which provides contributions or benefits for employees whose principal duties are not customarily performed aboard aircraft in flight. ``(c) Exclusion of Employees Not Meeting Age and Service Requirements.-- ``(1) In general.--If a plan-- ``(A) prescribes, consistent with section 202(a), minimum age and service requirements as a condition of participation, and ``(B) excludes all employees not meeting such requirements from participation, then such employees shall be excluded from consideration for purposes of this section. ``(2) Requirements may be met separately with respect to excluded group.--If employees not meeting the minimum age or service requirements of section 202(a)(1) (without regard to subparagraph (B) thereof) are covered under a plan of the employer which meets the requirements of subsection (a) separately with respect to such employees, such employees may be excluded from consideration in determining whether any plan of the employer meets the requirements of subsection (a). ``(3) Requirements not treated as being met before entry date.--An employee shall not be treated as meeting the age and service requirements described in this subsection until the first date on which, under the plan, any employee with the same age and service would be eligible to commence participation in the plan. ``(d) Line of Business Exception.-- ``(1) In general.--If, under section 414(r) of the Internal Revenue Code of 1986, an employer is treated as operating separate lines of business for a year, the employer may apply the requirements of this section for such year separately with respect to employees in each separate line of business. ``(2) Plan must be nondiscriminatory.--Paragraph (1) shall not apply with respect to any plan maintained by an employer unless such plan benefits such employees as qualify under a classification set up by the employer and found by the Secretary of the Treasury not to be discriminatory in favor of highly compensated employees. ``(e) Definitions and Special Rules.--For purposes of this section-- ``(1) Highly compensated employee.--The term `highly compensated employee' has the meaning given such term by section 414(q) of the Internal Revenue Code of 1986. ``(2) Aggregation rules.--An employer may elect to designate-- ``(A) 2 or more trusts, ``(B) 1 or more trusts and 1 or more annuity plans, or ``(C) 2 or more annuity plans, as part of 1 plan to determine whether the requirements of this section are met with respect to such plan. ``(3) Special rules for certain dispositions or acquisitions.-- ``(A) In general.--If a person becomes, or ceases to be, a member of a group described in subsection (b), (c), (m), or (o) of section 414 of such Code, then the requirements of this section shall be treated as having been met during the transition period with respect to any plan covering employees of such person or any other member of such group if-- ``(i) such requirements were met immediately before each such change, and ``(ii) the coverage under such plan is not significantly changed during the transition period (other than by reason of the change in members of a group) or such plan meets such other requirements as the Secretary of the Treasury may prescribe by regulation. ``(B) Transition period.--For purposes of subparagraph (A), the term `transition period' means the period-- ``(i) beginning on the date of the change in members of a group, and ``(ii) ending on the last day of the 1st plan year beginning after the date of such change. ``(4) Eligibility to contribute.--In the case of contributions which are subject to section 401(k) or 401(m) of the Internal Revenue Code of 1986, employees who are eligible to contribute (or elect to have contributions made on their behalf) shall be treated as benefiting under the plan. ``(5) Regulations.--The Secretary of the Treasury shall prescribe such regulations as may be necessary or appropriate to carry out the purposes of this section.'' (b) Employer May Not Request Employee to Waive Rights.--Section 203 of such Act (29 U.S.C. 1053) is amended by adding at the end the following new subsection: ``(f) An employer may not request an employee to waive any right of coverage under, or participation in, any pension plan which is granted by this title.'' SEC. 102. MINIMUM PARTICIPATION REQUIREMENTS. (a) In General.--Sections 202(a)(3), 203(b)(2), and 204(b)(4) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1052(a)(3), 1053(b)(2), and 1054(b)(4)) are each amended by striking ``1,000 hours'' each place it appears and inserting ``750 hours''. (b) Conforming amendments.-- (1) Sections 202(a)(3)(D), 203(b)(2)(D), and 204(b)(4)(E) (29 U.S.C. 1052(a)(3)(D), 1053(b)(2)(D), and 1054(b)(4)(E)) are each amended by striking ``125 days'' and inserting ``94 days''. (2) Sections 202(b)(5)(B) and 203(b)(3)(E)(ii) (29 U.S.C. 1052(b)(5)(B) and 1053(b)(3)(E)(ii)) are each amended by striking ``501 hours'' and inserting ``376 hours''. (3) Section 203(b)(3)(A) (29 U.S.C. 1053(b)(3)(A)) is amended by striking ``500 hours'' and inserting ``375 hours''. SEC. 103. FASTER VESTING OF BENEFITS UNDER DEFINED CONTRIBUTION PLANS. Paragraph (2) of section 203(a) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1053(a)) is amended by striking subparagraphs (A) and (B) and inserting the following: ``(A) A plan satisfies the requirements of this subparagraph if an employee has a nonforfeitable right to 100 percent of the employee's accrued benefit derived from employer contributions-- ``(i) in the case of a defined benefit plan, as of completion by the employee of at least 5 years of service, or ``(ii) in the case of a defined
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