Modify the required distribution rules for beneficiaries of tax-favored employer-sponsored retirement plans or traditional individual retirement arrangements after the death of the employee or account-holder, generally requiring full distribution of those plans within 10 years.
Increase to 72 the age after which required minimum distributions from certain retirement accounts must begin.
Modify requirements for multiple-employer and pooled-employer pension plans to make it easier for businesses to maintain such plans.
Reduce Pension Benefit Guaranty Corporation premiums for certain multiple-employer plans of cooperatives or charities.
Allow penalty-free distributions from qualified retirement plans for births and adoptions.
Make it easier for long-term, part-time employees to participate in elective deferrals.
Increase penalties for failing to file individual and retirement plan returns.
Require administrators of pension and benefit plans to disclose the plan’s lifetime income stream to beneficiaries.
The Congressional Budget Act of 1974, as amended, stipulates that revenue estimates provided by the staff of the Joint Committee on Taxation (JCT) are the official estimates for all tax legislation considered by the Congress. CBO therefore incorporates such estimates into its cost estimates of the effects of legislation. Most of the estimates for the provisions of H.R. 1994 were provided by JCT.