legislation: 108-s-1912
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| bill_id | congress | bill_type | bill_number | title | policy_area | introduced_date | latest_action_date | latest_action_text | origin_chamber | sponsor_name | sponsor_state | sponsor_party | sponsor_bioguide_id | cosponsor_count | summary_text | update_date | url |
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| 108-s-1912 | 108 | s | 1912 | Retirement Account Portability Act of 2003 | Labor and Employment | 2003-11-21 | 2003-11-21 | Read twice and referred to the Committee on Finance. (text of measure as introduced: CR S15408-15411) | Senate | Sen. Jeffords, James M. [I-VT] | VT | I | J000072 | 2 | Retirement Account Portability Act of 2003 - Amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 with respect to pensions and retirement assets to: (1) permit nonspouse beneficiaries (children, parents, etc.) to rollover retirement plan distributions; (2) revise provisions concerning the determination of exercise of control by a beneficiary or participant upon certain rollovers and distributions; (3) provide for the faster vesting of employer nonelective contributions; (4) eliminate the higher (25 percent versus 10 percent) penalty on certain early "simple retirement account" (SIMPLE) distributions; (5) remove specified restrictions on SIMPLE plan portability; (6) revise provisions concerning state and local government pension programs; (7) permit direct rollovers from retirement plans to Roth IRAs; and (8) allow certain mandatory distributions under $5,000 to be made to the Pension Benefit Guarantee Corporation. | 2023-01-15T09:03:29Z |