< Back to H.R. 1603 (107th Congress, 2001–2002)

Text of To amend the Internal Revenue Code of 1986 to grant relief to participants in multiemployer plans from certain section 415 ...

...certain section 415 limits on retirement plans.

This bill was introduced on April 26, 2001, in a previous session of Congress, but was not enacted. The text of the bill below is as of Apr 26, 2001 (Introduced).

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HR 1603 IH

107th CONGRESS

1st Session

H. R. 1603

To amend the Internal Revenue Code of 1986 to grant relief to participants in multiemployer plans from certain section 415 limits on retirement plans.

IN THE HOUSE OF REPRESENTATIVES

April 26, 2001

Mr. WELLER (for himself, Mrs. JOHNSON of Connecticut, and Mr. ENGLISH) introduced the following bill; which was referred to the Committee on Ways and Means


A BILL

To amend the Internal Revenue Code of 1986 to grant relief to participants in multiemployer plans from certain section 415 limits on retirement plans.

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

SECTION 1. TREATMENT OF MULTIEMPLOYER PLANS UNDER SECTION 415 LIMIT ON RETIREMENT PLAN BENEFITS.

    (a) DOLLAR LIMIT REDUCTION- Subparagraph (F) of section 415(b)(2) of the Internal Revenue Code of 1986 (relating to plans maintained by governments and tax-exempt organizations) is amended--

      (1) by striking ‘AND TAX-EXEMPT ORGANIZATIONS’ in the heading and inserting ‘, TAX-EXEMPT ORGANIZATIONS, AND MULTIEMPLOYER PLANS’, and

      (2) by inserting in the first sentence ‘a multiemployer plan (as defined in section 414(f)),’ after ‘subtitle,’.

    (b) AVERAGE COMPENSATION LIMIT- Paragraph (11) of section 415(b) of such Code (relating to a special limitation rule for governmental plans) is amended to read as follows:

      ‘(11) SPECIAL LIMITATION RULE FOR GOVERNMENTAL AND MULTIEMPLOYER PLANS- In the case of a governmental plan (as defined in section 414(d)) or a multiemployer plan (as defined in section 414(f)), subparagraph (B) of paragraph (1) shall not apply.’.

    (c) Multiemployer Plans Not Combined or Aggregated With Other Plans-

      (1) IN GENERAL- Subsection (f) of section 415 of such Code (relating to combining of plans) is amended by adding at the end the following new paragraph:

      ‘(3) EXCEPTION FOR MULTIEMPLOYER PLAN- Notwithstanding paragraph (1) and subsection (g), a multiemployer plan (as defined in section 414(f)) shall not be combined or aggregated with any other plan maintained by an employer for purposes of applying the limitations established in this section.’.

      (2) CONFORMING AMENDMENT- Subsection (g) of section 415 of such Code (relating to aggregation of plans) is amended by striking ‘The Secretary’ and inserting ‘Except as provided in subsection (f)(3), the Secretary’.

    (d) EFFECTIVE DATE- The amendments made by this section shall apply to years beginning after December 31, 2001.