S.2329 - Retirement Account Portability Act of 1998105th Congress (1997-1998)
|Sponsor:||Sen. Jeffords, James M. [R-VT] (Introduced 07/17/1998)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 07/17/1998 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.2329 — 105th Congress (1997-1998)All Information (Except Text)
Introduced in Senate (07/17/1998)
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 rollovers only if the entire amount is deposited into another defined contribution retirement plan and certain other conditions are met.
(Sec. 4) Removes certain restrictions on the rollover of after-tax contributions.
(Sec. 5) Amends the Employee Retirement Income Security Act of 1974 to extend single employer missing participant provisions to multiemployer plans.
(Sec. 6) Permits distributions upon severance from employment (currently, upon separation from service).
(Sec. 7) 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. 8) Permits employers to disregard rollovers for purposes of cash-out amounts.
(Sec. 9) 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.