Summary: H.R.1603 — 107th Congress (2001-2002)All Information (Except Text)

There is one summary for H.R.1603. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (04/26/2001)

Amends the Internal Revenue Code with respect to limitations on benefits and contributions under qualified plans to apply to multiemployer plans the same treatment in the adjustment to the $90,000 limit on benefits, where the benefit begins before the Social Security retirement age, as is accorded to plans maintained by governments and tax-exempt organizations. Exempts multiemployer plans from the alternative benefit limit of 100 percent of the participant's average compensation for his or her high three years.

States that multiemployer plans shall not be combined or aggregated with other plans for limitation purposes.