Summary: H.R.7242 — 110th Congress (2007-2008)All Information (Except Text)

There is one summary for H.R.7242. Bill summaries are authored by CRS.

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Introduced in House (10/02/2008)

Pension Protection Act IRC Amendments of 2008 - Makes technical corrections to various pension-related provisions of the Internal Revenue Code, including provisions relating to: (1) the interest rate assumption for applying pension plan benefit limitations; (2) minimum individual retirement account (IRA) distribution requirements; (3) employer-owned life insurance contracts; (4) the deductibility of contributions to defined benefit and contribution plans; (5) the treatment of distributions from governmental retirement plans for health and long-term care insurance for public safety officers; (6) safe harbor rules for combined pension plans; and (7) the inclusion of employee stock ownership plans (ESOPs) in combined pension plans.

Directs the Secretary of the Treasury to issue guidance for allowing a nonspouse pension beneficiary to use a specified life expectancy rule.