3.0.0 4012 2023-01-11T13:21:08Z 2023-01-11T13:21:08Z Senate S S 2010-12-07 111 ssfi00 Finance Committee Senate Standing Referred to 2010-12-07T19:34:46Z 2010-12-07 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2010-12-07 Introduced in Senate IntroReferral 10000 9 Library of Congress K000305 Sen. Kohl, Herb [D-WI] HERBERT KOHL D WI H. N Labor and Employment Aging Employee benefits and pensions Employment and training programs Employment discrimination and employee rights Social security and elderly assistance Wages and earnings Labor and Employment 00 2010-12-07 Introduced in Senate 2011-02-09T16:40:05Z Incentives for Older Workers Act - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC) to prohibit a reduction in benefits for an employee under a defined benefit pension plan who has begun a phased retirement and was employed on a substantially full-time basis during the previous 12-month period before phased retirement.

Defines "phased retirement" as the period when an employee is employed on substantially less than a full-time basis or with substantially reduced responsibilities after reaching age 50 or completing 30 years of creditable service under the plan.

Amends the Social Security Act to raise from 70 to 72 the age up to which inidividuals are allowed to earn delayed retirement credits for purposes of the calculation of increased old-age insurance benefit payments.

Revises federal old-age, survivors, and disability insurance benefits requirements to eliminate the 50% reduction in such benefits due to an individual who claims benefits before reaching 66 years old and who continues to work. (Retains the 33 1/3% offset.)

Directs the Secretary of Labor to award a grant to establish a National Resource Center on Aging and the Workforce to act as a national information clearinghouse on workforce issues, challenges, and solutions for older workers.

Amends the Workforce Investment Act of 1998 (WIA) to revise the composition of state and local workforce investment boards to include representatives of older individuals. Sets aside 5% of WIA funds allocated to local areas for certain adult employment and training activities for activities for older workers.

Amends the IRC to expand eligibility for the Work Opportunity Tax Credit to qualified older workers (age 55 or older whose income does not exceed 125% of the poverty line).

Allows certain defined benefit pension plans to define normal retirement age as the earlier of the attainment of: (1) a specified allowed age; or (2) at least 30 years of service.

]]> Incentives for Older Workers Act Display Title Incentives for Older Workers Act Official Title as Introduced A bill to improve the employability of older Americans. Introduced in Senate IS Short Titles as Introduced Incentives for Older Workers Act Introduced in Senate 2010-12-07T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111s4012is/xml/BILLS-111s4012is.xml 2010-12-07 Read twice and referred to the Committee on Finance. 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.