S.649 - Retirement Savings Opportunity Act of 1999106th Congress (1999-2000)
|Sponsor:||Sen. Roth Jr., William V. [R-DE] (Introduced 03/17/1999)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 03/17/1999 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.649 — 106th Congress (1999-2000)All Information (Except Text)
Introduced in Senate (03/17/1999)
TABLE OF CONTENTS:
Title I: Individual Retirement Plans
Title II: Pension Plans
Title III: Small Business Incentives
Title IV: Catchup Contributions
Title V: Plan Amendments
Retirement Savings Opportunity Act of 1999 - Title I: Individual Retirement Plans - Amends the Internal Revenue Code (the Code) to increase from $2,000 to $5,000 (with cost-of-living adjustments) the maximum retirement savings deduction allowable.
(Sec. 102) Repeals income limits for Roth IRA contributions. Increases the income cap for conversions to $1 million.
(Sec. 103) Amends the Code and ERISA (the Employee Retirement Income Security Act of 1974) to permit employees to make IRA contributions under a qualified employer plan.
Title II: Pension Plans - Provides for optional treatment of elective deferrals as plus contributions. Defines such contributions.
(Sec. 202) Increases the elective deferral limit from $7,000 to $15,000.
(Sec. 203) Increases the limit on the deferred amount for State and local government plans to $12,000.
(Sec. 204) Eliminates the 25 percent compensation limit on contributions to a defined contribution plan, thereby making the maximum contribution limit $30,000 for any individual.
(Sec. 205) Amends the Code and ERISA to revise the percentage of the current liability funding limit. Revises maximum contribution deduction rules and applies them to all defined benefit plans under the Code.
Title III: Small Business Incentives - Establishes a small employer pension plan credit equal to, subject to limitations: (1) 50 percent of qualified employer contributions; and (2) qualified start- up costs.
(Sec. 302) Permits employers to establish SAFE annuities (a defined individual retirement annuity).
(Sec. 303) Increases the $6,000 contribution amount for simple retirement accounts to $10,000.
Title IV: Catchup Contributions - Permits "catchup contributions" for certain individuals over age 50.
Title V: Plan Amendments - Prescribes requirements for plan amendments or annuity contract amendments under the Code and ERISA.