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)...

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  2d Session
                                H. R. 5549

To amend the Employee Retirement Income Security Act of 1974 to improve 
             the retirement security of American families.



                            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,


    (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.

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.

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 
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 

Sec. 301. Exemption from prohibited transaction rules for emergent 
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.

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 
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.

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 
Sec. 504. Extended period for recoupment of overpayments.
                      TITLE VI--GENERAL PROVISIONS

Sec. 601. General effective date.
Sec. 602. Plan amendments.



    (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 
            ``(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 
            ``(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 
                    ``(A) 2 or more trusts,
                    ``(B) 1 or more trusts and 1 or more annuity plans, 
                    ``(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 
                    ``(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 
            ``(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.''


    (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 
            (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''.


    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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