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Table of Contents
Beginning
SECTION 1. SHORT TITLE; AMENDMENT OF 1986 CODE; TABLE OF CONTENTS.
TITLE I--EXPANDING COVERAGE
SEC. 101. RESTORATION OF LIMITS FORMERLY IN EFFECT.
SEC. 102. PLAN LOANS FOR SUBCHAPTER S OWNERS, PARTNERS, AND SOLE PROPRIETORS.
SEC. 103. SALARY REDUCTION ONLY SIMPLE PLANS.
SEC. 104. MODIFICATION OF TOP-HEAVY RULES.
SEC. 105. ELECTIVE DEFERRALS NOT TAKEN INTO ACCOUNT FOR PURPOSES OF LIMITS.
SEC. 106. REPEAL OF COORDINATION REQUIREMENTS FOR DEFERRED COMPENSATION PLANS OF STATE AND LOCAL GOVERNMENTS AND TAX-EXEMPT...SEC. 107. ELIMINATION OF USER FEE FOR REQUESTS TO IRS REGARDING PENSION PLANS.
SEC. 108. ALTERNATIVE METHOD OF MEETING NONDISCRIMINATION REQUIREMENTS FOR AUTOMATIC CONTRIBUTION TRUST.
SEC. 109. DEDUCTION LIMITS.
SEC. 110. OPTION TO TREAT ELECTIVE DEFERRALS AS AFTER-TAX CONTRIBUTIONS.
`SEC. 402A. OPTIONAL TREATMENT OF ELECTIVE DEFERRALS AS PLUS CONTRIBUTIONS.
SEC. 111. CREDIT FOR PENSION PLAN STARTUP COSTS OF SMALL EMPLOYERS.
`SEC. 45D. SMALL EMPLOYER PENSION PLAN STARTUP COSTS.
TITLE II--ENHANCING FAIRNESS FOR WOMEN AND CHILDREN
SEC. 201. ADDITIONAL SALARY REDUCTION CATCH-UP CONTRIBUTIONS.
SEC. 202. EQUITABLE TREATMENT FOR CONTRIBUTIONS OF EMPLOYEES TO DEFINED CONTRIBUTION PLANS.
SEC. 203. FASTER VESTING OF CERTAIN EMPLOYER MATCHING CONTRIBUTIONS.
SEC. 204. DEFERRED ANNUITIES FOR SURVIVING SPOUSES OF FEDERAL EMPLOYEES.
SEC. 205. SIMPLIFY AND UPDATE THE MINIMUM DISTRIBUTION RULES.
SEC. 206. CLARIFICATION OF TAX TREATMENT OF DIVISION OF SECTION 457 PLAN BENEFITS UPON DIVORCE.
SEC. 207. PERCENTAGE LIMITATIONS ON CONTRIBUTIONS.
SEC. 208. ELIGIBLE ROLLOVER DISTRIBUTIONS.
SEC. 209. IMMEDIATE PARTICIPATION IN THE THRIFT SAVINGS PLAN.
TITLE III--INCREASING PORTABILITY FOR PARTICIPANTS
SEC. 301. ROLLOVERS ALLOWED AMONG VARIOUS TYPES OF PLANS.
SEC. 302. ROLLOVERS OF IRAS INTO WORKPLACE RETIREMENT PLANS.
SEC. 303. ROLLOVERS OF AFTER-TAX CONTRIBUTIONS.
SEC. 304. TREATMENT OF FORMS OF DISTRIBUTION.
SEC. 305. RATIONALIZATION OF RESTRICTIONS ON DISTRIBUTIONS.
SEC. 306. PURCHASE OF SERVICE CREDIT IN GOVERNMENTAL DEFINED BENEFIT PLANS.
SEC. 307. EMPLOYERS MAY DISREGARD ROLLOVERS FOR PURPOSES OF CASH-OUT AMOUNTS.
TITLE IV--STRENGTHENING PENSION SECURITY AND ENFORCEMENT
SEC. 401. REPEAL OF 150 PERCENT OF CURRENT LIABILITY FUNDING LIMIT.
SEC. 402. PENALTY TAX RELIEF FOR SOUND PENSION FUNDING.
TITLE V--REDUCING REGULATORY BURDENS
SEC. 501. INTERMEDIATE SANCTIONS FOR INADVERTENT FAILURES.
SEC. 502. REPEAL OF THE MULTIPLE USE TEST.
SEC. 503. SAFETY VALVE FROM MECHANICAL RULES.
SEC. 504. REFORM OF THE LINE OF BUSINESS RULES.
SEC. 505. COVERAGE TEST FLEXIBILITY.
SEC. 506. INCREASE IN RETIREMENT PLAN CASH-OUT AMOUNT.
SEC. 507. MODIFICATION OF TIMING OF PLAN VALUATIONS.
SEC. 508. SECTION 457 INAPPLICABLE TO CERTAIN MIRROR PLANS.
SEC. 509. ESOP DIVIDENDS MAY BE REINVESTED WITHOUT LOSS OF DIVIDEND DEDUCTION.
SEC. 510. MODIFICATION OF 403(b) EXCLUSION ALLOWANCE TO CONFORM TO 415 MODIFICATION.
SEC. 511. TREATMENT OF MULTIEMPLOYER PLANS UNDER SECTION 415.
SEC. 512. ELIMINATION OF PARTIAL TERMINATION RULES FOR MULTIEMPLOYER PLANS.
SEC. 513. NOTICE AND CONSENT PERIOD REGARDING DISTRIBUTIONS.
SEC. 514. CONFORMING AMENDMENTS RELATING TO ELECTION TO RECEIVE TAXABLE CASH COMPENSATION IN LIEU OF NONTAXABLE PARKING BENEFITS.
SEC. 515. EXTENSION TO INTERNATIONAL ORGANIZATIONS OF MORATORIUM ON APPLICATION OF CERTAIN NONDISCRIMINATION RULES APPLICABLE...SEC. 516. EMPLOYEES OF TAX-EXEMPT ENTITIES.
SEC. 517. PERMISSIVE AGGREGATION OF COLLECTIVE BARGAINING UNITS.
SEC. 518. REPEAL OF TRANSITION RULE RELATING TO CERTAIN HIGHLY COMPENSATED EMPLOYEES.
SEC. 519. CLARIFICATION OF TREATMENT OF EMPLOYER-PROVIDED RETIREMENT ADVICE.
SEC. 520. PROVISIONS RELATING TO PLAN AMENDMENTS.
SEC. 521. REPORTING SIMPLIFICATION.
SEC. 522. MODEL PLANS FOR SMALL BUSINESSES.
TITLE VI--AMENDMENTS TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974
Subtitle A--Expanding Coverage and Increasing Portability
SEC. 601. PLAN LOANS FOR SUBCHAPTER S OWNERS, PARTNERS, AND SOLE PROPRIETORS.
SEC. 602. REDUCED PBGC PREMIUM FOR NEW PLANS OF SMALL EMPLOYERS.
SEC. 603. REDUCTION OF ADDITIONAL PBGC PREMIUM FOR NEW AND SMALL PLANS.
SEC. 604. FASTER VESTING OF CERTAIN EMPLOYER MATCHING CONTRIBUTIONS.
SEC. 605. TREATMENT OF FORMS OF DISTRIBUTION.
SEC. 606. EMPLOYERS MAY DISREGARD ROLLOVERS FOR PURPOSES OF CASH-OUT AMOUNTS.
Subtitle B--Strengthening Pension Security and Enforcement
SEC. 611. REPEAL OF 150 PERCENT OF CURRENT LIABILITY FUNDING LIMIT.
SEC. 612. MISSING PARTICIPANTS.
SEC. 613. PERIODIC PENSION BENEFITS STATEMENTS.
SEC. 614. CIVIL PENALTIES FOR BREACH OF FIDUCIARY RESPONSIBILITY.
SEC. 615. PROTECTION OF INVESTMENT OF EMPLOYEE CONTRIBUTIONS TO 401(k) PLANS.
SEC. 616. NOTICE OF SIGNIFICANT REDUCTION IN BENEFIT ACCRUALS.
SEC. 617. TECHNICAL CORRECTIONS TO SAVER ACT.
SEC. 618. CONFORMING AMENDMENTS RELATING TO TRANSFER OF EXCESS DEFINED BENEFIT PLAN ASSETS FOR RETIREE HEALTH BENEFITS.
SEC. 619. MODEL SPOUSAL CONSENT LANGUAGE AND QUALIFIED DOMESTIC RELATIONS ORDER.
SEC. 620. ELIMINATION OF ERISA DOUBLE JEOPARDY.
Subtitle C--Reducing Regulatory Burdens
SEC. 621. MODIFICATION OF TIMING OF PLAN VALUATIONS.
SEC. 622. SUBSTANTIAL OWNER BENEFITS IN TERMINATED PLANS.
SEC. 623. NOTICE AND CONSENT PERIOD REGARDING DISTRIBUTIONS.
SEC. 624. ANNUAL REPORT DISSEMINATION.
SEC. 625. EXCESS BENEFIT PLANS.
SEC. 626. BENEFIT SUSPENSION NOTICE.
SEC. 627. PROVISIONS RELATING TO PLAN AMENDMENTS.
SEC. 628. SIMPLIFIED ANNUAL FILING REQUIREMENT FOR PLANS WITH FEWER THAN 25 EMPLOYEES.
AMENDMENTS TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT TO PROMOTE RETIREMENT SECURITY
PURPOSE
COMMITTEE ACTION
COMMITTEE STATEMENT AND VIEWS
TITLE VI--AMENDMENTS TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 1
SUBTITLE A--EXPANDING COVERAGE AND INCREASING PORTABILITY
SECTION 601--PLAN LOANS FOR SUBCHAPTER S OWNERS, PARTNERS AND SOLE PROPRIETORS
SECTION 602--REDUCED PBGC PREMIUM FOR NEW PLANS OF SMALL EMPLOYERS
SECTION 603--REDUCTION OF ADDITIONAL PBGC PREMIUM FOR NEW AND SMALL PLANS
SECTION 604--FASTER VESTING OF CERTAIN EMPLOYER MATCHING CONTRIBUTIONS
SECTION 605--TREATMENT OF FORMS OF DISTRIBUTIONS
SECTION 606--EMPLOYERS MAY DISREGARD ROLLOVERS FOR PURPOSES OF CASH-OUT AMOUNTS
SUBTITLE B--STRENGTHENING PENSION SECURITY AND ENFORCEMENT
SECTION 611--REPEAL OF 150 PERCENT OF CURRENT LIABILITY FUNDING LIMIT
SECTION 612--MISSING PARTICIPANTS
SECTION 613--PERIODIC PENSION BENEFITS STATEMENTS
SECTION 614--CIVIL PENALTIES FOR BREACH OF FIDUCIARY RESPONSIBILITY
SECTION 615--PROTECTION OF INVESTMENT OF EMPLOYEE CONTRIBUTIONS TO 401(K) PLANS
SECTION 616--NOTICE OF SIGNIFICANT REDUCTION IN BENEFIT ACCRUALS
SECTION 617--TECHNICAL CORRECTIONS TO THE SAVER ACT
SECTION 618--CONFORMING AMENDMENTS RELATING TO TRANSFER OF EXCESS DEFINED BENEFIT PLAN ASSETS FOR RETIREE HEALTH BENEFITS
SECTION 619--MODEL SPOUSAL CONSENT LANGUAGE AND QUALIFIED DOMESTIC RELATIONS ORDER
SECTION 620--ELIMINATION OF ERISA DOUBLE JEOPARDY
SUBTITLE C--REDUCING REGULATORY BURDENS
SECTION 621--MODIFICATION OF TIMING OF PLAN VALUATIONS
SECTION 622--SUBSTANTIAL OWNER BENEFITS IN TERMINATED PLANS
SECTION 623--NOTICE AND CONSENT PERIOD REGARDING DISTRIBUTIONS
SECTION 624--ANNUAL REPORT DISSEMINATION
SECTION 625--EXCESS BENEFIT PLANS
SECTION 626--BENEFIT SUSPENSION NOTICE
SECTION 627--PROVISIONS RELATING TO PLAN AMENDMENTS
SECTION 628--SIMPLIFIED ANNUAL FILING REQUIREMENT FOR PLANS WITH FEWER THAN 25 EMPLOYEES
SUMMARY
SECTION-BY-SECTION ANALYSIS OF TITLE VI OF H.R. 1102, AS AMENDED
EXPLANATION OF AMENDMENTS
APPLICATION OF LAW TO THE LEGISLATIVE BRANCH
UNFUNDED MANDATE STATEMENT
CORRESPONDENCE
Sec. 313. Plan loans for suchapter S owners, partners, and sole proprietors
Sec. 315. Reduced PBGC premium for new plans of small employers
Sec. 316. Reduction of additional PBGC premium for new plans
Sec. 318. SAFE annuities and trusts
Sec. 325. Faster vesting of certain employer matching contributions
Sec. 335. Treatment of forms of distribution
Sec. 338. Employers may disregard rollovers for purposes of cash-out amounts
Sec. 341. Repeal of 150 percent of current liability funding limit
Sec. 342. Extension of missing participants program to multiemployer plans
Sec. 344. Failure to provide notice by defined plans significantly reducing future benefit accruals
Sec. 345. Protection of investment of employee contributions to 401(k) plans
Sec. 351. Periodic pension benefits statements
Sec. 362. Modification of timing of plan valuations
Sec. 363. Substantial owner benefits in terminated plans
Sec. 365. Notice and consent period regarding distributions
Sec. 369. Annual report dissemination
Sec. 371. Reporting Simplification
Sec. 381. Provisions relating to plan amendments
Sec. 1305. Transfer of excess defined benefit plan assets for retiree health benefits
Sec. 1406. Technical Corrections to SAVER Act
STATEMENT OF OVERSIGHT FINDINGS AND RECOMMENDATIONS OF THE COMMITTEE
BUDGET AUTHORITY AND CONGRESSIONAL BUDGET OFFICE COST ESTIMATE
CONGRESSIONAL BUDGET OFFICE COST ESTIMATE
STATEMENT OF OVERSIGHT FINDINGS OF THE COMMITTEE ON GOVERNMENT REFORM
CONSTITUTIONAL AUTHORITY STATEMENT
COMMITTEE ESTIMATE
CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED
EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974
TITLE I--PROTECTION OF EMPLOYEE BENEFIT RIGHTS
SUBTITLE A--GENERAL PROVISIONS
DEFINITIONS
SUBTITLE B--REGULATORY PROVISIONS
PART 1--REPORTING AND DISCLOSURE
DUTY OF DISCLOSURE AND REPORTING
FILING WITH SECRETARY AND FURNISHING INFORMATION TO PARTICIPANTS
REPORTING OF PARTICIPANT'S BENEFIT RIGHTS
PART 2--PARTICIPATION AND VESTING
COVERAGE
MINIMUM VESTING STANDARDS
BENEFIT ACCRUAL REQUIREMENTS
REQUIREMENT OF JOINT AND SURVIVOR ANNUITY AND PRERETIREMENT SURVIVOR ANNUITY
OTHER PROVISIONS RELATING TO FORM AND PAYMENT OF BENEFITS
PART 3--FUNDING
COVERAGE
MINIMUM FUNDING STANDARDS
PART 4--FIDUCIARY RESPONSIBILITY
ESTABLISHMENT OF TRUST
EXEMPTIONS FROM PROHIBITED TRANSACTIONS
PART 5--ADMINISTRATION AND ENFORCEMENT
CRIMINAL PENALTIES
CIVIL ENFORCEMENT
NATIONAL SUMMIT ON RETIREMENT SAVINGS
TITLE IV--PLAN TERMINATION INSURANCE
SUBTITLE A--PENSION BENEFIT GUARANTY CORPORATION
DEFINITIONS
PREMIUM RATES
Subtitle B--Coverage
PLANS COVERED
SINGLE-EMPLOYER PLAN BENEFITS GUARANTEED
Subtitle C--Terminations
REPORTABLE EVENTS
ALLOCATION OF ASSETS
SEC. 4050. MISSING PARTICIPANTS.
TAXPAYER RELIEF ACT OF 1997
TITLE XV--PENSIONS AND EMPLOYEE BENEFITS
Subtitle B--Other Provisions Relating to Pensions and Employee Benefits
SEC. 1524. DIVERSIFICATION OF SECTION 401(k) PLAN INVESTMENTS.
ADDITIONAL VIEWS
SECTION 604--FASTER VESTING OF CERTAIN EMPLOYER MATCHING CONTRIBUTIONS
SECTION 612--MISSING PARTICIPANTS
SECTION 616--NOTICE OF SIGNIFICANT REDUCTION IN ACCRUAL BENEFITS
SECTION 619--MODEL SPOUSAL CONSENT FORM AND QUALIFIED DOMESTIC RELATIONS ORDER
SECTION 620--ELIMINATION OF ERISA DOUBLE JEOPARDY
SECTION 624--ANNUAL REPORT DISSEMINATION
SECTION 626--BENEFIT SUSPENSION NOTICE
SECTION 628--SIMPLIFIED ANNUAL FILING REQUIREMENT
ADDITIONAL VIEWS II
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