CEO and Worker Pension Fairness Act

Senate Bill 3341 - CEO and Worker Pension Fairness Act: Overview, Status, and Impact

Hozzl · 2022-02-08T23:15:19Z

Explore the details of Senate Bill 3341 CEO and Worker Pension Fairness Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

2/8/2022, 11:15 PM

Congressional Summary of S 3341

CEO and Worker Pension Fairness Act

This bill limits tax benefits for deferred compensation of highly compensated employees (e.g., corporate chief executive officers) and increases disclosure requirements for such compensation.

The bill includes such deferred compensation in taxable income when there is no substantial risk of forfeiture (i.e., when vested) of the rights of the person entitled to such compensation rather than at distribution.

The bill transfers revenue from this revised tax treatment of deferred compensation from the Treasury to the Pension Benefit Guaranty Corporation to increase insurance coverage of multiemployer pension plans.

The bill requires the Department of Labor to report on nonqualified deferred compensation plans of highly compensated employees known as top hat plans. The Department of the Treasury must disclose amounts deferred under such plans on W-2 forms

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Current Status of Bill S 3341

Bill S 3341 is currently in the status of Bill Introduced since February 27, 2020. Bill S 3341 was introduced during Congress 116 and was introduced to the Senate on February 27, 2020. Bill S 3341's most recent activity was Read twice and referred to the Committee on Finance. as of February 27, 2020

Bipartisan Support of Bill S 3341

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 S 3341

Primary Policy Focus

Taxation

Potential Impact Areas

- Administrative law and regulatory procedures

- Corporate finance and management

- Department of Labor

- Employee benefits and pensions

- Executive agency funding and structure

- Income tax deferral

- Pension Benefit Guaranty Corporation

- Tax administration and collection, taxpayers

- Tax-exempt organizations

Alternate Title(s) of Bill S 3341

CEO and Worker Pension Fairness Act

A bill to amend the Internal Revenue Code of 1986 to restrict the tax benefits of executive deferred compensation and increase disclosure, and for other purposes.