98th Congress > House > Vote 237
Description: TO PASS H.R. 2769, TO PROMOTE ECONOMIC REVITALIZATION AND TO FACILITATE EXPANSION OF ECONOMIC OPPORTUNITIES IN THE CARIBBEAN BASIN REGION. (MOTION PASSED)
Bill summary: (Measure passed Senate, amended)
Retirement Equity Act of 1983 -
Title I: Amendments Relating to the Internal Revenue Code of 1954
- Amends the Internal Revenue Code to lower the age requirement for participation in a tax-deferred retirement plan from 25 to 21. Lowers the minimum age at which years of employment begin to be credited for retirement plan vesting purposes from 22 to 18.
Provides that nonvested participants in a retirement plan with a break in service of up to five years will not
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lose credit for pre-break periods of service. Permits limited breaks in service for paternity or maternity leave without loss of vesting credits.
Requires tax-deferred retirement plans to offer survivor benefits to plan participants who have attained age 45 and have ten years of creditable service. Requires spousal consent in order for a retirement plan participant to elect not to take a joint and survivor annuity. Requires that such consent must be in writing and must be witnessed by either a plan representative or a notary public.
Allows the assignment of the benefits of a retirement plan in the case of a judgment, decree or order relating to child support, alimony payments, or marital property rights pursuant to a State's domestic relations law. Sets forth rules for the tax treatment of retirement plans distributions pursuant to a divorce decree.
Increases the amount of allowable mandatory distributions from a retirement plan from $1,750 to $3,500.
Requires that a plan participant must be notified that benefits under the plan may be forfeited if the participant dies before a certain date.
Title II: Amendments Relating to the Employee Retirement Income Security Act of 1974
- Amends the Employee Retirement Income Security Act of 1974 (ERISA) to incorporate into such Act the changes made by Title I of this Act.
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Bill titles: A bill to promote economic revitalization and facilitate expansion of economic opportunities in the Caribbean Basin region.
Original source documents: Digest of the Congressional Record vol. 98, p. 5152;
Links for more info on the vote: congress.gov
