[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[S. 3700 Introduced in Senate (IS)]

112th CONGRESS
  2d Session
                                S. 3700

To amend the Internal Revenue Code of 1986 to protect employees in the 
      building and construction industry who are participants in 
              multiemployer plans, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           December 20, 2012

Mrs. McCaskill introduced the following bill; which was read twice and 
                  referred to the Committee on Finance

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 to protect employees in the 
      building and construction industry who are participants in 
              multiemployer plans, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Vested Employee Pension Benefit 
Protection Act''.

SEC. 2. MINIMUM AGE FOR DISTRIBUTIONS DURING WORKING RETIREMENT.

    (a) In General.--Paragraph (36) of section 401(a) of the Internal 
Revenue Code of 1986 is amended to read as follows:
            ``(36) Distributions during working retirement.--
                    ``(A) In general.--A trust forming part of a 
                pension plan shall not be treated as failing to 
                constitute a qualified trust under this section solely 
                because the plan provides that a distribution may be 
                made from such trust to an employee who has attained 
                age 62 and who is not separated from employment at the 
                time of such distribution.
                    ``(B) Certain employees in the building and 
                construction industry.--Subparagraph (A) shall be 
                applied by substituting `age 55' for `age 62' in the 
                case of a multiemployer plan described in section 
                4203(b)(1)(B)(i) of the Employee Retirement Income 
                Security Act of 1974, with respect to individuals who 
                were participants in such plan on or before January 1, 
                2013, if--
                            ``(i) the trust to which subparagraph (A) 
                        applies was in existence before January 1, 
                        1970, and
                            ``(ii) before December 31, 2011, at a time 
                        when the plan provided that distributions may 
                        be made to an employee who has attained age 55 
                        and who is not separated from employment at the 
                        time of such distribution, the plan received at 
                        least 1 written determination from the Internal 
                        Revenue Service that the trust to which 
                        subparagraph (A) applies constituted a 
                        qualified trust under this section.''.
    (b) Effective Date.--The amendment made by this section shall apply 
to distributions made before, on, or after the date of the enactment of 
this Act.
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