H.R. 5398 · 108th Congress
Retirement Enhancement Revenue Act of 2004
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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
AndrewsSponsorNo cosponsors.
Retirement Enhancement Revenue Act of 2004 - Amends the Internal Revenue Code to revise rules relating to tax-exempt retirement and employee benefit plans.
What it does: CRS summary · Introduced in House · Nov 19, 2004
Retirement Enhancement Revenue Act of 2004 - Amends the Internal Revenue Code to revise rules relating to tax-exempt retirement and employee benefit plans.
Imposes new qualification, reporting, and disclosure requirements for public employee pension plans.
Revises pension rules to provide for: (1) automatic enrollment of all eligible employees in 401(k) plans; (2) diversification of defined contribution plans that hold employer securities; (3) an increase to age 75 for beginning mandatory distributions from retirement plans; (4) restrictions on the exclusion of unionized employees from 401(k) plan participation; and (5) removal of the $5,000 limit on certain mandatory retirement plan distributions.
Makes the tax credit for retirement savings contributions refundable and permanent. Allows certain small employers a business tax credit for contributions to employee pension plans.
Modifies requirements for joint and survivor annuities and for railroad retirement benefits for divorced and former spouses.
Revises rules for defined benefit plans to permit such plans to include 401(k) plans. Modifies certain defined benefit plan eligibility rules.
Allows: (1) an exemption from prohibited transaction restrictions for certain transactions between an employee benefit plan and a plan participant (i.e., aborted emergent transactions); (2) loans from retirement plans for health insurance and job training expenses; (3) income averaging of corrected civil service annuity benefit payments; and (4) an exemption from prohibited transaction penalties for certain employer-provided investment advice.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Retirement Enhancement Revenue Act of 2004
Latest action (Nov 19, 2004): Referred to the House Committee on Ways and Means.
Policy area: Labor and Employment · Origin: House · Introduced: Nov 19, 2004
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.