To amend the Internal Revenue Code of 1986 to grant relief to participants in multiemployer plans from certain section 415 limits on retirement plans.

Hozzl · 2023-01-16T15:03:15Z

Explore the details of House Bill 1603 To amend the Internal Revenue Code of 1986 to grant relief to participants in multiemployer plans from certain section 415 limits on retirement plans. currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Labor and Employment. Stay informed on legislative developments.

1/16/2023, 3:03 PM

Congressional Summary of HR 1603

Amends the Internal Revenue Code with respect to limitations on benefits and contributions under qualified plans to apply to multiemployer plans the same treatment in the adjustment to the $90,000 limit on benefits, where the benefit begins before the Social Security retirement age, as is accorded to plans maintained by governments and tax-exempt organizations. Exempts multiemployer plans from the alternative benefit limit of 100 percent of the participant's average compensation for his or her high three years.

States that multiemployer plans shall not be combined or aggregated with other plans for limitation purposes.

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Current Status of Bill HR 1603

Bill HR 1603 is currently in the status of Bill Introduced since April 26, 2001. Bill HR 1603 was introduced during Congress 107 and was introduced to the House on April 26, 2001. Bill HR 1603's most recent activity was See H.R.1836. as of August 13, 2001

Bipartisan Support of Bill HR 1603

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 1603

Primary Policy Focus

Labor and Employment

Potential Impact Areas

- Annuities

- Defined benefit pension plans

- Pension funds

- Retirement age

- Social Welfare

- Tax-deferred compensation plans

- Taxation

- Wages

Alternate Title(s) of Bill HR 1603

To amend the Internal Revenue Code of 1986 to grant relief to participants in multiemployer plans from certain section 415 limits on retirement plans.