Amends the Internal Revenue Code to provide that a money purchase pension plan shall not lose its tax exemption because the plan includes a qualified salary reduction arrangement. Defines "qualified salary reduction arrangement" and "money purchase pension plan" for purposes of this Act.
Provides that distributions from such a plan shall be taxable to the beneficiary in the same manner as an annuity.
Sets forth transitional rules for contributions made to such plans before the effective date of this Act.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
Referred to Subcommittee on Select Revenue Measures.
Subcommittee Hearings Held.
Subcommittee Consideration and Mark-up Session Held.
Forwarded by Subcommittee to Full Committee (Amended).
Committee Consideration and Mark-up Session Held.
Ordered to be Reported (Amended).
Reported to House (Amended) by House Committee on Ways and Means. Report No: 97-831.
Reported to House (Amended) by House Committee on Ways and Means. Report No: 97-831.
Placed on Union Calendar No: 514.
Called up by House Under Suspension of Rules.
Passed/agreed to in House: Passed House (Amended) by Voice Vote.
Passed House (Amended) by Voice Vote.
Received in the Senate and read twice and referred to the Committee on Finance.
Committee on Finance. Committee consideration and Mark Up Session held.
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