Senate Democratic leadership introduces Retirement Security Act

Article Abstract:

The Retirement Security Act was introduced in the US Senate on Jan. 21, 1997, by Sen. Thomas A. Daschle to provide expanded retirement plan options to both individuals and employers. The bill focuses on expanding portability and coverage. Individual retirement account availability would be expanded and income thresholds for deductibility would be phased out. Incentives would be made available to small employers to encourage the use of benefit plans. Provisions are also included to promote pension equity for women.

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors, Pension & Benefit Regulation, Taxation, Compensation and benefits, Women, Small business, Pensions, Individual retirement accounts

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Pomeroy introduces Retirement Account Portability Act of 1998

Article Abstract:

The bipartisan Retirement Account Portability Act of 1998 was introduced into Congress by Earl Pomeroy and Jim Kolbe to remedy problems which working Americans face regarding their retirement benefits when they change employment. The bill centers around rollovers in IRC section 457 and 403(b) retirement plans. Nonprofit organization and government employees would no longer be restricted in their ability to rollover funds when changing employment to profit-making organizations.

Rollovers (Finance)

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Payment to retirement plan in excess of deductible limits did not result from mistake of fact

Article Abstract:

The Internal Revenue Service (IRS) has ruled that an employer's excess contributions to a retirement plan were not the result of mistake of fact. The employer had made contributions that were greater than the maximum deductible contribution for the year. The IRS noted that errors such as a calculation error or a misplaced decimal point would constitute a mistake of fact. The IRS therefore, did not allow the employer to recover the excess contribution.

Economic aspects, Mistake (Law)

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