H.R. 2944

To amend the Internal Revenue Code of 1986 to reduce the retirement plan period of service requirements for long-term, part-time employees.

Latest
Raw Text PDF XML

I

117th CONGRESS

1st Session

H. R. 2944

IN THE HOUSE OF REPRESENTATIVES

April 30, 2021

Ms. Sewell introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To amend the Internal Revenue Code of 1986 to reduce the retirement plan period of service requirements for long-term, part-time employees.

1.

One-year reduction in period of service requirement for long-term, part-time workers

(a)

In general

Section 401(k)(2)(D)(ii) of the Internal Revenue Code of 1986 is amended by striking 3 and inserting 2.

(b)

Clarification of prior service for purposes of vesting rules

Section 112(b) of the Setting Every Community Up for Retirement Enhancement Act of 2019 is amended by striking section 401(k)(2)(D)(ii) and inserting paragraphs (2)(D)(ii) and (15)(B)(iii) of section 401(k).

(c)

Effective date

The amendments made by this section shall take effect as if included in the enactment of section 112 of the Setting Every Community Up for Retirement Enhancement Act of 2019.