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Senate Report 106-411 - RETIREMENT SECURITY AND SAVINGS ACT OF 2000

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Table of Contents

Beginning
I. LEGISLATIVE BACKGROUND
II. EXPLANATION OF THE BILL
TITLE I. INDIVIDUAL RETIREMENT ARRANGEMENTS (`IRAS')
(SECS. 101-104 OF THE BILL AND SECS. 219, 408, AND 408A OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
TITLE II. EXPANDING COVERAGE
A. INCREASE IN BENEFIT AND CONTRIBUTION LIMITS (SEC. 201 OF THE BILL AND SECS. 401(A)(17), 402(G), 408(P) 415, AND 457 OF...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
B. PLAN LOANS FOR SUBCHAPTER S SHAREHOLDERS, PARTNERS, AND SOLE PROPRIETORS (SEC. 202 OF THE BILL AND SEC. 4975 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
C. MODIFICATION OF TOP-HEAVY RULES (SEC. 203 OF THE BILL AND SEC. 416 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
D. ELECTIVE DEFERRALS NOT TAKEN INTO ACCOUNT FOR PURPOSES OF DEDUCTION LIMITS (SEC. 204 OF THE BILL AND SEC. 404 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
E. REPEAL OF COORDINATION REQUIREMENTS FOR DEFERRED COMPENSATION PLANS OF STATE AND LOCAL GOVERNMENTS AND TAX-EXEMPT ORGANIZATIONS...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
F. DEDUCTION LIMITS (SEC. 206 OF THE BILL AND SEC. 404 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
G. OPTION TO TREAT ELECTIVE DEFERRALS AS ROTH AFTER-TAX CONTRIBUTIONS (SEC. 207 OF THE BILL AND SEC. 402A OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
H. CREDIT FOR LOW-AND MIDDLE-INCOME SAVERS (SEC. 208 OF THE BILL AND NEW SEC. 25B OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
I. SMALL BUSINESS TAX CREDIT FOR QUALIFIED RETIREMENT PLAN CONTRIBUTIONS (SEC. 209 OF THE BILL AND NEW SEC. 450 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
J. SMALL BUSINESS TAX CREDIT FOR NEW RETIREMENT PLAN EXPENSES (SEC. 210 OF THE BILL AND NEW SEC. 45E OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
TITLE III. ENHANCING FAIRNESS FOR WOMEN
A. ADDITIONAL SALARY REDUCTION CATCH-UP CONTRIBUTIONS (SEC. 301 OF THE BILL AND SEC. 414 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
B. EQUITABLE TREATMENT FOR CONTRIBUTIONS OF EMPLOYEES TO DEFINED CONTRIBUTION PLANS (SEC. 302 OF THE BILL AND SECS. 413(B),...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
C. FASTER VESTING OF EMPLOYER MATCHING CONTRIBUTIONS (SEC. 303 OF THE BILL AND SEC. 417 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
D. SIMPLIFY AND UPDATE THE MINIMUM DISTRIBUTION RULES (SEC. 304 OF THE BILL AND SECS. 401(A)19 AND 457 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
E. CLARIFICATION OF TAX TREATMENT OF DIVISION OF SECTION 457 PLAN BENEFITS UPON DIVORCE (SEC. 305 OF THE BILL AND SEC. 457...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
F. MODIFICATIONS RELATING TO HARDSHIP WITHDRAWALS (SEC. 306 OF THE BILL AND SECS. 401(K) AND 402 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
G. PENSION COVERAGE FOR DOMESTIC AND SIMILAR WORKERS (SEC. 307 OF THE BILL AND SEC. 4972 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
TITLE IV. INCREASING PORTABILITY FOR PARTICIPANTS
A. ROLLOVERS OF RETIREMENT PLAN AND IRA DISTRIBUTIONS (SECS. 401-403 OF THE BILL AND SECS. 401, 402, 403(B), 408, 457, AND...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
B. WAIVER OF 60-DAY RULE (SEC. 404 OF THE BILL AND SECS. 402 AND 408 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
C. TREATMENT OF FORMS OF DISTRIBUTION (SEC. 405 OF THE BILL AND SEC. 411(D)(6) OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
D. RATIONALIZATION OF RESTRICTIONS ON DISTRIBUTIONS (SEC. 406 OF THE BILL AND SECS. 401(K), 403(B), AND 457 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
E. PURCHASE OF SERVICE CREDIT UNDER GOVERNMENTAL PENSION PLANS (SEC. 407 OF THE BILL AND SECS. 403(B) AND 457 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
F. EMPLOYERS MAY DISREGARD ROLLOVERS FOR PURPOSES OF CASH-OUT RULES (SEC. 408 OF THE BILL AND SEC. 411(A)(11) OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
G. TIME OF INCLUSION OF BENEFITS UNDER SECTION 457 PLANS (SEC. 409 OF THE BILL AND SEC. 457 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
TITLE V. STRENGTHENING PENSION SECURITY AND ENFORCEMENT
A. PHASE IN REPEAL OF 155 PERCENT OF CURRENT LIABILITY FUNDING LIMIT; DEDUCTION FOR CONTRIBUTIONS TO FUND TERMINATION LIABILITY...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
B. EXCISE TAX RELIEF FOR SOUND PENSION FUNDING (SEC. 503 OF THE BILL AND SEC. 4972 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
C. NOTICE OF SIGNIFICANT REDUCTION IN PLAN BENEFIT ACCRUALS (SEC. 504 OF THE BILL AND SECS. 411(D) AND 417(E) AND NEW SEC....PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
D. MODIFICATIONS TO SECTION 415 LIMITS FOR MULTIEMPLOYER PLANS (SEC. 505 OF THE BILL AND SEC. 415 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
E. INVESTMENT OF EMPLOYEE CONTRIBUTIONS IN 401(K) PLANS (SEC. 506 OF THE BILL AND SEC. 1524(B) OF THE TAXPAYER RELIEF ACT...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
F. PERIODIC PENSION BENEFIT STATEMENTS (SEC. 507 OF THE BILL AND SEC. 105(A) OF ERISA)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
G. PROHIBITED ALLOCATIONS OF STOCK IN AN S CORPORATION ESOP (SEC. 508 OF THE BILL AND SEC. 409 AND 4979A OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
TITLE VI. REDUCING REGULATORY BURDENS
A. MODIFICATION OF TIMING OF PLAN VALUATIONS (SEC. 601 OF THE BILL AND SEC. 412 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
B. ESOP DIVIDENDS MAY BE REINVESTED WITHOUT LOSS OF DIVIDEND DEDUCTION (SEC. 602 OF THE BILL AND SEC. 404 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
C. REPEAL TRANSITION RULE RELATING TO CERTAIN HIGHLY COMPENSATED EMPLOYEES (SEC. 603 OF THE BILL AND SEC. 1114(C)(4) OF THE...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
D. EMPLOYEES OF TAX-EXEMPT ENTITIES (SEC. 604 OF THE BILL)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
E. TREATMENT OF EMPLOYER-PROVIDED RETIREMENT ADVICE (SEC. 605 OF THE BILL AND SEC. 132 OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
F. REPORTING SIMPLIFICATION (SEC. 606 OF THE BILL)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
G. IMPROVEMENT TO EMPLOYEE PLANS COMPLIANCE RESOLUTION SYSTEM (SEC. 607 OF THE BILL)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
H. REPEAL OF THE MULTIPLE USE TEST (SEC. 608 OF THE BILL AND SEC. 401(M) OF THE CODE)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
I. FLEXIBILITY IN NONDISCRIMINATION AND LINE OF BUSINESS RULES (SEC. 609 OF THE BILL AND SECS. 401(A)(4), 410(B), AND 414(R)...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
J. EXTENSION TO ALL GOVERNMENTAL PLANS OF MORATORIUM ON APPLICATION OF CERTAIN NONDISCRIMINATION RULES APPLICABLE TO STATE...PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
K. NOTICE AND CONSENT PERIOD REGARDING DISTRIBUTIONS; DISCLOSURE OF OPTIONAL FORMS OF BENEFIT (SEC. 611 OF THE BILL AND SEC....PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
L. ANNUAL REPORT DISSEMINATION (SEC. 612 OF THE BILL AND SEC. 104(B)(3) OF ERISA)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
M. MODIFICATIONS TO THE SAVER ACT (SEC. 613 OF THE BILL AND SEC. 517 OF ERISA)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
N. STUDIES (SEC. 614 OF THE BILL)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
TITLE VII. PROVISIONS RELATING TO PLAN AMENDMENTS
(SEC. 701 OF THE BILL)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
TITLE VIII. COMPLIANCE WITH CONGRESSIONAL BUDGET ACT
(SEC. 801 OF THE BILL)
PRESENT LAW
REASONS FOR CHANGE
EXPLANATION OF PROVISION
EFFECTIVE DATE
III. BUDGET EFFECTS OF THE BILL
A. COMMITTEE ESTIMATES
B. BUDGET AUTHORITY AND TAX EXPENDITURES
C. CONSULTATION WITH THE CONGRESSIONAL BUDGET OFFICE
IV. VOTES OF THE COMMITTEE
V. REGULATORY IMPACT AND OTHER MATTERS
A. REGULATORY IMPACT
B. UNFUNDED MANDATES STATEMENT
C. TAX COMPLEXITY ANALYSIS
VI. CHANGES TO EXISTING LAW MADE BY THE BILL, AS REPORTED
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