IN THE SENATE OF THE UNITED STATES
May 9, 2017
Mrs. McCaskill (for herself, Mr. Blunt, Mr. Durbin, and Ms. Duckworth) introduced the following bill; which was read twice and referred to the Committee on Finance
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.
This Act may be cited as the
Vested Employee Pension Benefit Protection Act.
Minimum age for distributions during working retirement
Paragraph (36) of section 401(a) of the Internal Revenue Code of 1986 is amended to read as follows:
Distributions during working retirement
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.
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 April 30, 2013, if—
the trust to which subparagraph (A) applies was in existence before January 1, 1970, and
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.
The amendment made by this section shall apply to distributions made before, on, or after the date of the enactment of this Act.