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Regulation Orgs.

Organizations That Regulate Retirement Plans

QuestionAnswer
Employers who are exempt from ERISA & other key legislation Church and Government
(PPA) Pension Protection Act of 2006 Made EGTRRA provision permanent. Added EACA&QACA. Eliminated the 7-year graded & 5-year cliff vesting schedules. Allowed for reservists distributions. Changed 5500 filing by requiring electronic filing. Req'd benefit statements to be provided Quarterly
(ERTA) Economic Recovery Act of 1981 Allowed voluntary contributions to qualified plans. These are deposits that you may otherwise put in a savings account or your credit union.
(ERISA) Employee Retirement Income Security Act of 1974 First major piece of pension reform legislation. Laid down guidelines for reporting info retirement plans to the IRS & fiduciary requirements for retirement plan sponsors. Established the IRA concept.
What are the two organizations that regulate retirement plans? DOL (Dept. of Labor) & IRS (Internal Revenue Service)
What is a retirement plan? An entity that is established by an organization to help provide money for employees in retirement.
TEFRA - Tax Equity & Fiscal Responsibility Act (1982), DEFRA - Deficit Reduction Act (1984), REA - Retirement Equity Act (1984) Created minimum distribution requirements. Treated certain plan loans as taxable distributions. Added spouse/joint consent requirements. Lowered minimum age for eligibility from 25 to 21.
Unemployment Compensation Amendment of 1992 Added the requirement that certain distributions from qualified retirement plans be subject to a 20% withholding. The purpose of this was to encourage people to leave money in a retirement savings arrangement, like a retirement plan or IRA.
Tax Reform Act of 1986 Substantially affected retirement plans by: New coverage & participation requirements. Added "non-discriminating" testing. Changed the taxes on benefits paid from retirement plans.
(TRA) Taxpayer Relief Act of 1997 Increased the small amounts force-out limit from $3,500 to $5,000.
Small Business Job Protection Act of 1996 a.k.a. Pension Simplification Makes retirement plan administrating easier for the plan sponsor. Allows tax-exempt organizations (other than govs) to establish a 401(k) plan. Changes in 401(k) procedures. Changes in the highly compensated definition. Added SafeHarbor 401(k) plans.
Budget Reconciliation Act of 1993 This law reduced the compensation limits from $235,840 to $150,000. These contributions were used to determine benefits & contributions to a qualified retirement plan.
(EGTRRA) Economic Growth & Tax Relief Reconciliation Act of 2001 Increased annual limits on 401(k), 403(b) & 457(b) contributions (deferrals). Increased dollar limit for 415 purposes. Allowed "catchup" contributions for age 50+. Accelerated vesting schedules for match contributions.
Created by: gregt864