3.0.0 5 2023-01-11T13:33:58Z 2023-01-11T13:33:58Z Senate S 2016-11-16 114 ssfi00 Finance Committee Senate Standing Referred to 2016-11-17T01:17:45Z Retirement Security Preservation Act of 2016 114 6335 HR 2016-11-16 Referred to the House Committee on Ways and Means. Identical bill CRS Retirement Enhancement and Savings Act of 2016 114 3471 S 2016-11-16 Placed on Senate Legislative Calendar under General Orders. Calendar No. 670. Related bill CRS 2016-11-16 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2016-11-16 Introduced in Senate IntroReferral 10000 9 Library of Congress C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD N P000449 Sen. Portman, Rob [R-OH] Rob Portman R OH 2016-11-16 True Taxation Employee benefits and pensions Income tax deferral Taxation 00 2016-11-16 Introduced in Senate 2017-03-15T14:31:31Z Retirement Security Preservation Act of 2016

This bill amends the Internal Revenue Code to modify the nondiscrimination requirements for certain defined benefit retirement plans that limit participation or certain features to a closed class, such as individuals who were hired before a certain date.

(Under current law, the plans may not discriminate in favor of highly compensated employees and must meet minimum participation requirements.)

The bill applies only to a defined benefit plan that: (1) closed before September 21, 2016; or (2) was in effect for at least five years when it closed and did not substantially increase the coverage or value of the benefits, rights, or features for the closed class during the five-year period before it closed, except as the result of certain business acquisitions or mergers.

Such a plan meets the nondiscrimination requirements if it: (1) satisfies certain testing rules for the year that the class closes and the two succeeding plan years, and (2) is not amended in a discriminatory manner after the class is closed.

A defined contribution plan that offers additional contributions or benefits to a closed class whose benefits under a defined benefit plan have been reduced or eliminated meets the nondiscrimination requirements if: (1) the group receiving the contributions or benefits satisfies certain testing rules for the year in which the group is closed and for two subsequent plan years, and (2) the plan is not amended in a discriminatory manner.

A defined benefit plan that is either closed or has ceased benefit accruals for all participants (frozen plan) satisfies the minimum participation requirements if the plan met the requirements when it was closed or frozen.

]]> Retirement Security Preservation Act of 2016 Display Title Retirement Security Preservation Act of 2016 Official Title as Introduced A bill to amend the nondiscrimination provisions of the Internal Revenue Code of 1986 to protect older, longer service participants. Introduced in Senate IS Short Titles as Introduced Retirement Security Preservation Act of 2016 Introduced in Senate 2016-11-16T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s5is/xml/BILLS-114s5is.xml 2016-11-16 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.