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Portman-Cardin Pension
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PACE PowerPoint
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- Portman-Cardin
Pension Legislation
-
- Please take a moment to review the Portman-Cardin pension
legislation that
- follows. This legislation will be beneficial to our
members.
-
- Please contact your Congress member using one of the methods
listed at the
- end of this memo.
-
- Thanks for your help,
-
- Don Hill
- PAOC Chair 2001
- 1676 Donelwal Drive
- Lexington KY 40511-9021
-
- H 859 259 0740
- W 859 257 8487
- C 859 489 IEEE
- F 859 323 3287
- d.w.hill@ieee.org
-
- SPECIAL ALERT: IEEE-USA Is Asking Members to Write Their
U.S.
- Representatives in Support of the Portman-Cardin Retirement
Security and
- Pension Reform Act (H.R. 10)
-
- Representatives Rob Portman (R-OH) and Ben Cardin (D-MD)
reintroduced their
- Comprehensive Retirement Security and Pension Reform Act (H.R.
10) in the
- US House of Representatives on March 14, 2001. This bill,
which enjoyed
- broad bipartisan support in the last Congress, passed the
House, not once
- but twice (401 to 25 on July 19th and 401 to 20 on September
19th). The
- pension reform provisions were also included in an omnibus
House-Senate tax
- relief package that was debated (but not enacted) in the
closing days of
- the 106th Congress.
-
- The new Portman-Cardin bill would:
-
- > Increase the current law $2,000 contribution limit
(established in 1981)
- for deductible and non-deductible IRAs to $5,000 in $1,000
annual
- increments,
-
- > Increase 401(k), 403(b), Section 457 and salary
reduction SEP
- contribution limits from $10,500 to $15,000 and SIMPLE
contribution limits
- from $6,000 to $10,000,
-
- > Allow older workers to make "catch-up" contributions of
up to $5,000 a
- year to 401(k) type plans and up to $1,500 to IRAs,
-
- > Reduce vesting requirements for employer matching
contributions to
- defined contribution plans from 5 to 3 years and improve
pension
- portability by facilitating transfers of earned benefits among
and between
- DC plans and IRAs,
-
- > Promote expanded pension coverage by simplifying complex
minimum
- distribution, non- discrimination and top-heavy rules,
and
-
- > Mandate expanded disclosures about plan amendments that
will reduce
- benefit accrual rates in conversions from defined benefit
plans to cash
- balance plans.
-
- The bill does not currently address issues related to
wear-away of
- retirement benefits during cash balance pension plan
conversions, although
- it is expected that related provisions will be added in the
Senate.
-
- The new Portman-Cardin proposal will probably be moved as a
free standing
- bill and added later to President George W. Bush's tax relief
package,
- parts of which have already been passed by the House. A
companion bill is
- also expected to be introduced shortly in the Senate by Sens.
Chuck
- Grassley (R-IA) and Max Baucus (D-MT).
-
- You can read the full Action Alert on-line at
- https://congress.nw.dc.us/cgi-bin/alertpr.pl?dir=ieee&alert=124
and/or send
- a letter to your Representative through IEEE-USA's Legislative
Action
- Center at https://congress.nw.dc.us/ieeeusa
.
- PACE PowerPoint
Presentation
-
- This web address contains an excellent Powerpoint program for
your local
- PACE meeting.
-
- https://www.ieeeusa.org/careers/ieeepep1.ppt
-
- Please visit the site and schedule your meeting.
- Top of
Page
- Updated
04/01/2001