H.R.739 - Retirement Account Portability Act of 1999106th Congress (1999-2000)
|Sponsor:||Rep. Pomeroy, Earl [D-ND-At Large] (Introduced 02/11/1999)|
|Committees:||House - Ways and Means; Education and the Workforce|
|Latest Action:||House - 03/05/1999 Referred to the Subcommittee on Employer-Employee Relations. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
Summary: H.R.739 — 106th Congress (1999-2000)All Information (Except Text)
Introduced in House (02/11/1999)
Retirement Account Portability Act of 1999 - Amends the Internal Revenue Code to permit rollovers from State and tax-exempt instrumentalities and from and to 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) Provides for faster vesting of employer matching contributions.
(Sec. 5) 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. 6) Removes certain restrictions on the rollover of after-tax contributions. Provides a hardship exception to the 60-day transfer requirement.
(Sec. 7) Permits distributions upon severance from employment (currently upon separation from employment).
(Sec. 8) 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 options available under a transferor defined contribution plan.
(Sec. 9) Authorizes employers to disregard rollovers for purposes of employee cash-out amounts under the Code and ERISA.
(Sec. 10) 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.