H.R.3503 - Retirement Account Portability Act of 1998105th Congress (1997-1998)
|Sponsor:||Rep. Pomeroy, Earl [D-ND-At Large] (Introduced 03/19/1998)|
|Committees:||House - Ways and Means; Education and the Workforce|
|Latest Action:||04/17/1998 Referred to the Subcommittee on Employer-Employee Relations.|
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Summary: H.R.3503 — 105th Congress (1997-1998)All Bill Information (Except Text)
Introduced in House (03/19/1998)
Retirement Account Portability Act of 1998 - Amends the Internal Revenue Code to permit rollovers to and from State and tax- exempt instrumentality and public school retirement plans.
(Sec. 3) Permits individual retirement plan (IRA) rollovers only if the entire amount is deposited into another defined contribution retirement plan and certain other conditions are met.
(Sec. 4) Permits rollover of after-tax contributions in an exempt trust if such amount is reported by the trustee and the recipient retirement plan agrees to report such amount in a subsequent distribution.
(Sec. 5) Provides for faster vesting of employer matching contributions.
(Sec. 6) Amends the Employee Retirement Income Security Act of 1974 (ERISA) to extend single employer missing participant provisions to multiemployer plans. Authorizes transfer of a missing participant's benefits to a corporation upon termination of certain pension plans.
(Sec. 7) Amends the Code to extend the IRA and employee exempt trust 60-day rollover period in the case of combat zone service.
(Sec. 9) States that a transferee defined contribution plan shall not be treated as having failed to meet certain requirements because it does not provide for some or all of the distribution forms available under a transferor defined contribution plan.
(Sec. 10) Authorizes employers to disregard rollovers for purposes of employee cash-out amounts under the Code and ERISA.
(Sec. 11) Authorizes trustee-to-trustee transfers to purchase permissive service credit with respect to Federal or public school and State and tax-exempt instrumentality pension plans.