S.Amdt. 1772
What it does: Adds SEC. __. SOCIAL SECURITY LEVEL-INCOME OPTIONS at the end of division D
Sen. Mark L. Pryor (D-AR)What it changes
1 change to S. 1813
Adds SEC. __. SOCIAL SECURITY LEVEL-INCOME OPTIONS at the end of division D
Adds a sectionInserted: SEC. __. SOCIAL SECURITY LEVEL-INCOME OPTIONS.
Inserted: (a) ERISA Amendment.--Section 206(g)(3)(E) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1056(g)(3)(E)) is amended by adding at the end the following new sentence: "For purposes of applying clause (i) in the case of payments the annuity starting date for which occurs on or before December 31, 2014, payments under a social security leveling option shall be treated as not in excess of the monthly amount paid under a single life annuity (plus an amount not in excess of a social security supplement described in the last sentence of section 204(b)(1)(G)).".
Inserted: (b) IRC Amendment.--Section 436(d)(5) of the Internal Revenue Code of 1986 is amended by adding at the end the following new sentence: "For purposes of applying subparagraph (A) in the case of payments the annuity starting date for which occurs on or before December 31, 2014, payments under a social security leveling option shall be treated as not in excess of the monthly amount paid under a single life annuity (plus an amount not in excess of a social security supplement described in the last sentence of section 411(a)(9)).".
Inserted: (c) Effective Date.--
Inserted: (1) In general.--The amendments made by this section shall apply to annuity payments the annuity starting date for which occurs on or after January 1, 2013.
Inserted: (2) Permitted application.--A plan shall not be treated as failing to meet the requirements of section 206(g) of the Employee Retirement Income Security Act of 1974 (as amended by this section) and section 436(d) of the Internal Revenue Code of 1986 (as so amended) merely because the plan sponsor elects to apply the amendments made by this section to payments the annuity starting date for which occurs before January 1, 2013.
Original wording
At the end of division D, add the following:
Read automatically from the Congressional Record. Check the original before relying on it.
As printed
SA 1772. Mr. PRYOR submitted an amendment intended to be proposed by him to the bill S. 1813, to reauthorize Federal-aid highway and highway safety construction programs, and for other purposes; which was ordered to lie on the table; as follows:
At the end of division D, add the following:
SEC. __. SOCIAL SECURITY LEVEL-INCOME OPTIONS.
(a) ERISA Amendment.--Section 206(g)(3)(E) of the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1056(g)(3)(E)) is amended by adding at the end the following new sentence: “For purposes of applying clause (i) in the case of payments the annuity starting date for which occurs on or before December 31, 2014, payments under a social security leveling option shall be treated as not in excess of the monthly amount paid under a single life annuity (plus an amount not in excess of a social security supplement described in the last sentence of section 204(b)(1)(G)).”.
(b) IRC Amendment.--Section 436(d)(5) of the Internal Revenue Code of 1986 is amended by adding at the end the following new sentence: “For purposes of applying subparagraph (A) in the case of payments the annuity starting date for which occurs on or before December 31, 2014, payments under a social security leveling option shall be treated as not in excess of the monthly amount paid under a single life annuity (plus an amount not in excess of a social security supplement described in the last sentence of section 411(a)(9)).”.
(c) Effective Date.--
(1) In general.--The amendments made by this section shall apply to annuity payments the annuity starting date for which occurs on or after January 1, 2013.
(2) Permitted application.--A plan shall not be treated as failing to meet the requirements of section 206(g) of the Employee Retirement Income Security Act of 1974 (as amended by this section) and section 436(d) of the Internal Revenue Code of 1986 (as so amended) merely because the plan sponsor elects to apply the amendments made by this section to payments the annuity starting date for which occurs before January 1, 2013.
Legislative Activity
Stay on top of the latest movement without scrolling through every action
Senate amendment submitted
March 5, 2012