S.2635 - 21st Century Retirement Savings Act105th Congress (1997-1998)
|Sponsor:||Sen. Gregg, Judd [R-NH] (Introduced 10/14/1998)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 10/14/1998 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: S.2635 — 105th Congress (1997-1998)All Information (Except Text)
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
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.