Summary: S.2635 — 105th Congress (1997-1998)All Information (Except Text)

There is one summary for S.2635. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (10/14/1998)

TABLE OF CONTENTS:

Title I: New Employer Pension Plans Must Be 401(k) Plans and

Not 403(b) or 457 Plans

Title II: Safe Annuities and Trusts

Title III: Enhanced Portability of Retirement Plans

Title IV: Credit for Pension Plan Startup Costs of Small

Employers

Title V: Miscellaneous Improvements to Pension Plans

21st Century Retirement Savings Act - Title I: New Employer Pension Plans Must Be 401(k) Plans and Not 403(b) or 457 Plans - Amends the Internal Revenue Code to require new State and local government and tax-exempt organization pension plans to be 401(k) plans.

Title II: Safe Annuities and Trusts - Requires employers to establish SAFE annuities (a defined individual retirement annuity).

Title III: Enhanced Portability of Retirement Plans - Permits specified rollovers. Makes other revisions concerning portability.

Title IV: Credit for Pension Plan Startup Costs of Small Employers - Establishes a small employer pension plan cost startup credit.

Title V: Miscellaneous Improvements to Pension Plans - Permits IRA "catch-up" contributions.

Repeals the 25 percent limitation on defined contribution plans.

Provides for faster vesting of employer matching contributions.

Revises provisions concerning: (1) pension benefit statements; and (2) assignment and alienation.

Sets penalties for pension plans failing to meet requirements.