Pension simplification provisions enacted as part of small business tax bill

Article Abstract:

The Small Business Job Protection Act of 1996 made SIMPLE retirement plans available to small businesses and revised a number of generally applicable qualified plan laws. SIMPLE pension or 401(k) plans can be established by meeting the contribution limit of $6,000 per employee and using one of two contribution formulas. All employees earning $5,000 per year or more must be eligible. Revisions to existing benefits law include changes in the definition of highly compensated employees, the nondiscrimination safe harbor for cash or deferred arrangements and the availability of 401(k) plans to tax-exempts.

Qualified benefit plans, Simplified employee pensions

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Reps. Portman and Cardin introduce pension reform legislation

Article Abstract:

The Comprehensive Retirement Security and Pension Reform Act was introduced into Congress by Representatives Benjamin Cardin and Rob Portman as an initiative to reform pension law and increase Americans' retirement security. The bill includes generalized reform and reforms specifically aimed at small business, women, disabled, families, state and local government ,and exempt organizations.

United States, Planning, Law reform, Legal reform

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