S.1646 - Technical Clarification to Public Law 113-243 Act of 2015114th Congress (2015-2016)
|Sponsor:||Sen. Inhofe, James M. [R-OK] (Introduced 06/23/2015)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 06/23/2015 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.1646 — 114th Congress (2015-2016)All Information (Except Text)
Introduced in Senate (06/23/2015)
Technical Clarification to Public Law 113-243 Act of 2015
This bill amends the FAA Modernization and Reform Act of 2012 with respect to rollovers to a traditional individual retirement account (IRA) of payments to qualified airline employees in commercial airline carrier bankruptcy cases.
A commercial airline employee shall be qualified for such a rollover if he or she had participated in a commercial airline's tax-exempt defined benefit pension plan that was terminated or otherwise restricted.
The bill prescribes a special rule for airline payments received by a qualified employee from an airline carrier resulting from a bankruptcy case filed after September 11, 2001, and before January 1, 2007, or on November 29, 2011.
Under this special rule, the period for a qualified airline employee to make a tax-exempt rollover of such a payment into a traditional IRA shall be extended to the period beginning on December 18, 2014, and ending 180 days after the enactment of this Act.