To amend the Internal Revenue Code of 1986 to make lifetime income and managed account options of defined contribution retirement savings plans portable.
Bill journey · stage 2 of 5
Under committee review
What it doesSummary introduced in house (Oct 2, 2017)
This bill amends the Internal Revenue Code to allow distributions from certain tax-favored employer-sponsored retirement plans if a lifetime income investment or managed account investment is no longer authorized to be held as an investment option under the plan.
If a lifetime income or managed account investment is no longer authorized to be held as an investment option under the plan, the bill allows: (1) qualified distributions of a lifetime income investment or a managed account investment, or (2) distributions of a lifetime income investment in the form of a qualified plan distribution annuity contract.
A "qualified distribution" is a direct trustee-to-trustee transfer to an eligible retirement plan. A "qualified plan distribution annuity contract" is an annuity contract purchased for a participant and distributed to the participant by an employer-sponsored retirement plan.
What just happenedOct 2, 2017
Referred to the House Committee on Ways and Means.
Who’s behind it
- Introduced in HouseOct 2, 2017
- Oct 2, 2017IntroReferralH11100
Referred to the House Committee on Ways and Means.
Ways and Means Committee - Oct 2, 2017IntroReferralIntro-H
Introduced in House
- Oct 2, 2017IntroReferral1000
Introduced in House