WashingtonWatch.com - H.R. 6382, The Pension Protection Technical Corrections Act of 2008

Revision by webmaster (October 14, 2008, 01:00:00)

Tue, 14 Oct 2008 00:00:00 EDT

H.R. 6382 would make technical corrections related to the Pension Protection Act of 2006.

Detailed Summary

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Pension Protection Technical Corrections Act of 2008 - Title I: Technical Corrections Related to the Pension Protection Act of 2006 - (Sec. 101) Makes technical corrections to the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to conform to the Pension Protection Act of 2006 regarding various specified items, including: (1) the target normal cost of benefits; (2) specified implementation and effective dates for certain requirements; (3) one-participant retirement plans; (4) special age-related rules in accrued benefit requirements for applicable defined benefit plans; (5) inapplicability in certain cases of the limitation on income deductions (for tax purposes) for employer contributions to one or more defined contribution plans; and (6) adjustments to averaging in the determination of the value of the assets of single-employer defined benefit pension plans for minimum funding purposes.

(Sec. 110) Makes technical corrections to the Railroad Retirement Act of 1974 with respect to railroad retirement payments to persons not entitled to an annuity.

Title II: Other Provisions - (Sec. 201) Requires that the value of assets for any ERISA plan under the averaging method be adjusted for expected earnings (in addition to contributions and distributions, as under current law).

(Sec. 202) Modifies the interest rate assumption required with respect to certain small employer plans.

(Sec. 203) Makes technical corrections to the Age Discrimination in Employment Act of 1967 with respect to special age-related rules for determination of the market rate of return in the calculation of interest credits in governmental defined benefit plans.

(Sec. 204) Prescribes a special rule for exclusion from gross income of certain reimbursements from governmental plans for health care expenses of a deceased plan participant's beneficiary.

(Sec. 205) Requires treatment as a qualified rollover contribution of any airline payment amount received by a qualified airline employee in an airline carrier bankruptcy which is transferred to a Roth IRA.

(Sec. 206) Increases by $4 the penalties for failure to file partnership returns and S corporation returns.

Status of the Legislation

Latest Major Action: 8/1/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Points in Favor

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Points Against

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Revision by webmaster (August 2, 2008, 01:00:00)

Sat, 02 Aug 2008 00:00:00 EDT

H.R. 6382 would make technical corrections related to the Pension Protection Act of 2006.

Detailed Summary

Pension Protection Technical Corrections Act of 2008 - Makes technical corrections to the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code to conform to the Pension Protection Act of 2006 regarding various specified items, including: (1) the target normal cost of benefits; (2) specified implementation and effective dates for certain requirements; (3) one-participant retirement plans; (4) special age-related rules in accrued benefit requirements for applicable defined benefit plans; (5) inapplicability in certain cases of the limitation on income deductions (for tax purposes) for employer contributions to one or more defined contribution plans; and (6) adjustments to averaging in the determination of the value of the assets of single-employer defined benefit pension plans for minimum funding purposes.

Makes technical corrections to the Railroad Retirement Act of 1974 with respect to railroad retirement payments to persons not entitled to an annuity.

Makes technical corrections to the Age Discrimination in Employment Act of 1967 with respect to special age-related rules for determination of the market rate of return in the calculation of interest credits in governmental defined benefit plans.

Makes technical corrections to the Internal Revenue Code to modify: (1) the interest rate assumption required with respect to certain small employer plans; and (2) the penalties for failure to file partnership returns and S corporation returns.

Prescribes a special rule for exclusion from gross income of certain reimbursements from governmental plans for medical care.

Requires treatment as a qualified rollover contribution of any airline payment amount received by a qualified airline employee in an airline carrier bankruptcy which is transferred to a Roth IRA.

Status of the Legislation

Latest Major Action: 8/1/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Points in Favor

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Points Against

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Status as of August 1, 2008

Fri, 01 Aug 2008 00:00:00 EDT

8/1/2008: Referred to Senate committee. Status: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Revision by webmaster (July 11, 2008, 01:00:00)

Fri, 11 Jul 2008 00:00:00 EDT

H.R. 6382 would make technical corrections related to the Pension Protection Act of 2006.

Detailed Summary

Makes technical corrections to the Railroad Retirement Act of 1974 with respect to railroad retirement payments to persons not entitled to an annuity.

Prescribes a special rule for exclusion from gross income of certain reimbursements from governmental plans for medical care.

Requires treatment as a qualified rollover contribution of any airline payment amount received by a qualified airline employee in an airline carrier bankruptcy which is transferred to a Roth IRA.

Status of the Legislation

Latest Major Action: 7/10/2008: Received in the Senate.

Points in Favor

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Points Against

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Status as of July 10, 2008

Thu, 10 Jul 2008 00:00:00 EDT

7/10/2008: Received in the Senate.

Revision by webmaster (July 9, 2008, 01:00:00)

Wed, 09 Jul 2008 00:00:00 EDT

H.R. 6382 would make technical corrections related to the Pension Protection Act of 2006.

Detailed Summary

Makes technical corrections to the Railroad Retirement Act of 1974 with respect to railroad retirement payments to persons not entitled to an annuity.

Prescribes a special rule for exclusion from gross income of certain reimbursements from governmental plans for medical care.

Requires treatment as a qualified rollover contribution of any airline payment amount received by a qualified airline employee in an airline carrier bankruptcy which is transferred to a Roth IRA.

Status of the Legislation

Latest Major Action: 7/9/2008: Passed/agreed to in House. Status: On motion to suspend the rules and pass the bill Agreed to by voice vote.

Points in Favor

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Points Against

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Status as of July 9, 2008

Wed, 09 Jul 2008 00:00:00 EDT

7/9/2008: Passed/agreed to in House. Status: On motion to suspend the rules and pass the bill Agreed to by voice vote.

Revision by webmaster (July 8, 2008, 01:00:00)

Tue, 08 Jul 2008 00:00:00 EDT

H.R. 6382 would make technical corrections related to the Pension Protection Act of 2006.

Detailed Summary

Makes technical corrections to the Railroad Retirement Act of 1974 with respect to railroad retirement payments to persons not entitled to an annuity.

Prescribes a special rule for exclusion from gross income of certain reimbursements from governmental plans for medical care.

Requires treatment as a qualified rollover contribution of any airline payment amount received by a qualified airline employee in an airline carrier bankruptcy which is transferred to a Roth IRA.

Status of the Legislation

Latest Major Action: 6/26/2008: Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Points in Favor

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Points Against

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Revision by webmaster (June 27, 2008, 01:00:00)

Fri, 27 Jun 2008 00:00:00 EDT

H.R. 6382 would make technical corrections related to the Pension Protection Act of 2006.

Detailed Summary

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Status of the Legislation

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Points in Favor

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Points Against

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Revision by webmaster (June 27, 2008, 01:00:00)

Fri, 27 Jun 2008 00:00:00 EDT

H.R. 6382 would make technical corrections related to the Pension Protection Act of 2006.

Detailed Summary

(Log in to edit the wiki and be the first to provide a detailed summary of the bill!)

Status of the Legislation

Points in Favor

(Log in to edit the wiki and be the first to show why the bill should pass!)

Points Against

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Status as of June 26, 2008

Thu, 26 Jun 2008 00:00:00 EDT

6/26/2008: Referred to House committee. Status: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.