H.R.3910 - To amend the Internal Revenue Code of 1986 to make lifetime income and managed account options of defined contribution retirement savings plans portable.115th Congress (2017-2018)
|Sponsor:||Rep. Neal, Richard E. [D-MA-1] (Introduced 10/02/2017)|
|Committees:||House - Ways and Means|
|Latest Action:||House - 10/02/2017 Referred to the House Committee on Ways and Means. (All Actions)|
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Summary: H.R.3910 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (10/02/2017)
This bill amends the Internal Revenue Code to allow distributions from certain tax-favored employer-sponsored retirement plans if a lifetime income investment or managed account investment is no longer authorized to be held as an investment option under the plan.
If a lifetime income or managed account investment is no longer authorized to be held as an investment option under the plan, the bill allows: (1) qualified distributions of a lifetime income investment or a managed account investment, or (2) distributions of a lifetime income investment in the form of a qualified plan distribution annuity contract.
A "qualified distribution" is a direct trustee-to-trustee transfer to an eligible retirement plan. A "qualified plan distribution annuity contract" is an annuity contract purchased for a participant and distributed to the participant by an employer-sponsored retirement plan.