Proposals And Issues Relating to the Portability of Pension Plan Benefits : Scheduled for a Hearing Before the Subcommittee On Oversight of the Committee On Ways And Means On July 12, 1988 Jcs-11-88

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Proposals And Issues Relating to the Portability of Pension Plan Benefits : Scheduled for a Hearing Before the Subcommittee On Oversight of the Committee On Ways And Means On July 12, 1988 Jcs-11-88
United States. Congress. Joint Committee On Taxation
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MacKay, Mr. Bates, Mr. Dymally, Mr. Towns, Mr. Rangel, Mr. Berman, Mr. Chan- dler, Mrs. Byron, Mr. Savage, Mr. Morrison, Mr. Murphy, Ms.
Kaptur, Mr. Evans, Mr. Gray, Mr. Fauntroy, Mr. Wolpe, and Mr.
Crockett) Explanation Provisions general In general, H.R. 1992 v^rould provide that (1) the 10-percent early stribution tax (Code sec. 72(t)) is raised to 20 percent; (2) the ex- ptions to the early distribution tax are modified; (3) the distribu- )n rules for qualified plans, SEPs, and eligible def
...erred compensa- >n plans are modified to reduce the amount of preretirement dis- butions; (4) employers that do not maintain qualified plans must tabhsh a salary reduction SEP on request by an employee; (5) lary reduction SEPs may be maintained by any employer; (6) lary reduction SEPs established by an employer must be avail- le to all of the employer's employees, but no other nondiscrim- ition rules apply to such SEPs; (7) integration is impermissible •SEPs; (8) SEPs are subject to Title 1 of ERISA (with certain spe- ll provisions); (9) the Secretary of Labor is to help small employ- 5 in establishing plans; and (10) the Comptroller General is to idy pension plan administration and portability.

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