H.R.5817 - To provide that taxpayers may rely on Internal Revenue Service guidelines in determining the funding limits for pension plans.101st Congress (1989-1990)
|Sponsor:||Rep. McEwen, Bob [R-OH-6] (Introduced 10/11/1990)|
|Committees:||House - Ways and Means; Education and Labor|
|Latest Action:||House - 10/26/1990 Referred to the Subcommittee on Labor-Management Relations. (All Actions)|
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Text: H.R.5817 — 101st Congress (1989-1990)All Information (Except Text)
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- Bill and resolution texts for 1989-1992 (101st-102nd Congresses) predate authenticated digital publishing.
Introduced in House
HR 5817 IH 101st CONGRESS 2d Session H. R. 5817 To provide that taxpayers may rely on Internal Revenue Service guidelines in determining the funding limits for pension plans. IN THE HOUSE OF REPRESENTATIVES October 11, 1990 Mr. MCEWEN introduced the following bill; which was referred jointly to the Committees on Ways and Means and Education and Labor A BILL To provide that taxpayers may rely on Internal Revenue Service guidelines in determining the funding limits for pension plans. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. RELIANCE ON IRS GUIDELINES IN DETERMINING PENSION PLAN FUNDING LIMITS. (a) GUIDELINES FOR ACTUARIAL ASSUMPTIONS- For purposes of section 412(c)(3) of the Internal Revenue Code of 1986 and section 302(c)(3) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1082(c)(3)), actuarial assumptions used by a plan shall be treated as reasonable if such assumptions are within the guidelines set forth in the Actuarial Guidelines Handbook (Internal Revenue Manual 7(10)5(10), as in effect on December 12, 1984). (b) PERIOD PROVISION IN EFFECT- The provisions of subsection (a) shall apply for all plan years ending after December 12, 1984, and beginning before such time as modifications to the guidelines become final, except that such modifications shall be applied prospectively. (c) RELIANCE ON PROFESSIONAL GUIDANCE- If a plan lacks sufficient experience to fall within the purview of the Actuarial Guidelines Handbook, deference shall be given to the judgment of the plan's enrolled actuary with respect to the selection of the actuarial assumption.