3.0.0 1912 2023-01-15T09:03:29Z 2023-01-15T09:03:29Z Senate S S 2003-11-21 108 ssfi00 Finance Committee Senate Standing Referred to 2003-11-21T17:56:07Z 2003-11-21 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S15408-15411) IntroReferral 2003-11-21 Sponsor introductory remarks on measure. (CR S15408) IntroReferral B00100 9 Library of Congress 2003-11-21 Introduced in Senate IntroReferral 10000 9 Library of Congress J000072 Sen. Jeffords, James M. [I-VT] JAMES JEFFORDS I VT MERRILL N S000663 Sen. Snowe, Olympia J. [R-ME] Olympia Snowe R ME J. 2003-11-21 True H000338 Sen. Hatch, Orrin G. [R-UT] ORRIN HATCH R UT GRANT 2003-11-21 True Labor and Employment Administrative procedure Annuities Civil service retirement Defined benefit pension plans Defined contribution plans Forfeiture Government Operations and Politics Government corporations Government paperwork Income tax Individual retirement accounts Law Pension Benefit Guaranty Corporation Pension funds Pension portability Retirement Tax penalties Tax-deferred compensation plans Taxation Trusts and trustees Labor and Employment

00 2003-11-21 Introduced in Senate 2004-01-06T20:32:35Z Retirement Account Portability Act of 2003 - Amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 with respect to pensions and retirement assets to: (1) permit nonspouse beneficiaries (children, parents, etc.) to rollover retirement plan distributions; (2) revise provisions concerning the determination of exercise of control by a beneficiary or participant upon certain rollovers and distributions; (3) provide for the faster vesting of employer nonelective contributions; (4) eliminate the higher (25 percent versus 10 percent) penalty on certain early "simple retirement account" (SIMPLE) distributions; (5) remove specified restrictions on SIMPLE plan portability; (6) revise provisions concerning state and local government pension programs; (7) permit direct rollovers from retirement plans to Roth IRAs; and (8) allow certain mandatory distributions under $5,000 to be made to the Pension Benefit Guarantee Corporation.

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Display Title Official Title as Introduced Introduced in Senate IS Short Titles as Introduced Introduced in Senate 2003-11-21T05:00:00Z 2003-11-21 Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S15408-15411) text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.