H.R.3632 - To amend the Internal Revenue Code of 1986 to grant relief to participants in multiemployer plans from certain section 415 limits on defined benefit pensions.105th Congress (1997-1998)
|Sponsor:||Rep. Weller, Jerry [R-IL-11] (Introduced 04/01/1998)|
|Committees:||House - Ways and Means|
|Latest Action:||04/01/1998 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.3632 — 105th Congress (1997-1998)All Bill Information (Except Text)
Introduced in House (04/01/1998)
Amends the Internal Revenue Code with respect to limitations on benefits and contributions under qualified plans to apply to multiemployer plans the same treatment in the adjustment to the $90,000 limit on benefits, where the benefit begins before the Social Security retirement age, as is accorded to plans maintained by governments and tax-exempt organizations.
Exempts multiemployer plans from the alternative benefit limit of 100 percent of the participant's average compensation for his or her high three years.