H.R. 3561 · 112th Congress
Small Business Pension Promotion Act of 2011
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KindSponsor5 cosponsors · 4 D, 1 R
2 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Small Business Pension Promotion Act of 2011 - Authorizes the Secretary of the Treasury to take steps to address any significant and broadly applicable decrease in the value of investments held by defined contribution plans and individual retirement accounts (IRAs), including by allowing: (1) taxpayers to use a later asset valuation date than otherwise…
What it does: CRS summary · Introduced in House · Dec 5, 2011
Small Business Pension Promotion Act of 2011 - Authorizes the Secretary of the Treasury to take steps to address any significant and broadly applicable decrease in the value of investments held by defined contribution plans and individual retirement accounts (IRAs), including by allowing: (1) taxpayers to use a later asset valuation date than otherwise required, and (2) additional time for making distributions from such plans and accounts.
Amends the Internal Revenue Code to: (1) allow a deduction in computing the net earnings from self-employment income for pension and IRA contributions, (2) allow a determination of the adjusted funding target attainment percentage for tax-exempt retirement plans without regard to the reduction for credit balances for funding-based limits on benefits under single employer plans, (3) repeal the excise tax on nondeductible contributions to qualified employer plans, and (4) provide a special rule for determining normal retirement age for certain existing defined benefit plans. Makes conforming amendments to the Employee Retirement Income Security Act (ERISA).
Requires the Secretary to revise administrative rules governing interim amendments of qualified pension plans to provide greater flexibility and reduce plan sponsor burden.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Small Business Pension Promotion Act of 2011
Latest action (Mar 29, 2012): Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Policy area: Taxation · Origin: House · Introduced: Dec 5, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.