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CRS851006Epage03
Title
CRS851006Epage03
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info:fedora/mu:25657
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ABSTRACT On September 26, 1985 tax reform proposals for use in markpup» in the Committee on Ways and Means were announced. The Administration has also proposed some changes in its May 28, 1985 tax reform, including the elimina- tion of indexing of inventories. This report updates effectuve tax rates in "Effects of Business Tax Provisions inthe Administration's Tax Proposal
CRS851006Epage06
Title
CRS851006Epage06
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CRS851006Epage04
Title
CRS851006Epage04
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CRS85-1006Ep07a
Title
CRS85-1006Ep07a
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CRS86106EPWpage01
Title
CRS86106EPWpage01
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info:fedora/mu:38612
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SECURITY ACT OF 1974 (ERISA), L A [As AMENDED A Washingtam Eimtwrmsitwi ?_§w@$fi January 2, 1985 Update May 15, 1986 F mmJ*””VMiW”'A?yM»V HD 7100
CRS86106EPWpage02
Title
CRS86106EPWpage02
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The Congressional Research Service works exclusively for the Congress, conducting research, analyzing legislatirm. anti providing information at the request of committees. Mem- bers, and their ffs. _.a '93, akes such research available. without pam- anv forms including studies. rep«.\.rt_;~t. r.:<2m;r>::.;;=.— an ‘ background briefings. Upon request. {j?.{?% M p in analyzing
CRS86106EPWpage03
Title
CRS86106EPWpage03
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info:fedora/mu:38612
Text
ABSTRACT Protection and guarantees for employees covered by private pension and welfare benefit plans are provided in the Employee Retirement Income Security% Act of 1974 (ERISA). This report summarizes the provisions of ERISA and per- tinent provisions of the Internal Revenue Code of 1954, as amended through the. the Single-Employer Pension Plan Amendments Act of 1986.
CRS86106EPWpage04
Title
CRS86106EPWpage04
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info:fedora/mu:38612
CRS86106EPWpage14
Title
CRS86106EPWpage14
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under the plan; or (b) the later of (1) the date at which a plan participant attains age 65; or (2) the 10th anniversary of the date at which a plan participant com- menced participation in the plan. 19. Barty-in-Interest-Includes (a) any fiduciary (administrator, officer, trustee, or custodian), counsel, or employee of an employee benefit plan; (b) a person providing services to such plan; (c
CRS86106EPWpage21
Title
CRS86106EPWpage21
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contributions, the plan must meet one of three standards for full or partial (graded) vesting: o full vesting (the right to 100 percent of benefit accruals) after .10 years of covered service; 0 graded vesting with 25 percent vesting attained after 5 years of covered service, increasing by 5 percent each year for the next 5 years and 10 percent each year thereafter so that 100 percent vesting is attained
CRS86106EPWpage17
Title
CRS86106EPWpage17
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, and the employee works 1,000 hours in 1983, 501 hours in 1984, 501 hours in 1985, and 1,000 hours in 1986, the employee would not have a break in ser~ vice (although the plan would not be required to accrue benefits or give vest- ing schedule credit for l984 and 1985).
CRS86106EPWpage15
Title
CRS86106EPWpage15
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p CRS~7 Following is a general explanation of ERISA and applicable provisions of the Internal Revenue Code. This report summarizes the law affecting employee benefit plans but does not give a legal interpretation.
CRS86106EPWpage16
Title
CRS86106EPWpage16
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CRS86106EPWpage18
Title
CRS86106EPWpage18
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of a nonvested participant, years of service before any break in service are required to be taken into account upon reemployment unless the number of consecutive l-year breaks in service equals or exceeds the greater of (1) 5 years or (2) the aggregate number of years of service before the con- secutive 1-year breaks in service. If any years of service are not required to be taken into account by reason ofia
CRS86106EPWpage20
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CRS86106EPWpage20
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CRS86106EPWpage19
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CRS86106EPWpage19
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certain periods of absence from_work. This rule applies to an individé ual who is absent from work because of (1) pregnancy, (2) birth of a child of the individual, (3) a child being placed with the individual for adoption (but not foster care), or (4) caring for the child during the period immediately following the birth or adoption. During the period of absence, the individual is treated as having com
CRS86106EPWpage23
Title
CRS86106EPWpage23
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cRs-i5- or which slow down the rate of benefit accrual after that point, allows vested benefits to be calculated at 3 percent of the maximum benefit multiplied by the years of participation (up to IOQ percent of the benefit). ’ . o.The third test (fractional rule) for benefit accrual is geared to a worker's proportionate time under the plan. For example, if an employee's maximum possible period of accrual would have been 40 years from the date of beginning plan participation to the date of the plan's normal retirement age (from 25-65), the worker starting under the plan at age 25 and working to age 60 would get 35/40 of the maximum credit toward a pension. » B. Suspension of Benefits A plan may suspend pension benefits for any period in which the individual is reemployed by the same employer under whose plan the benefits are paid. In the case of a multiemployer plan, a suspension is permitted when the employee is employed in the same industry, in the same trade or craft, or in the same geographical area covered under the contract as was the case immediately before he retired. C. Changes in Vesting Schedule Generally, plan amendments are not permitted to reduce benefits already accrued by an employee. If at any time the vesting schedule in a single employ~ _er plan is changed, the change cannot reduce the percentage of the accrued ben- efit vested by each participant to the date when the plan amendment is adopted. In addition, any participant with at least 5 years of service may elect to re~ main under the preamendment vesting schedule. However, amendments to certain financially troubled multiemployer plans, which are termed plans in "reorganization," may reduce benefits attributed to employer contributions if certain conditions are met. Benefits which are sub~ ject to this reduction are those which have been in effect for less than 60
CRS86106EPWpage22
Title
CRS86106EPWpage22
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limit the amount of "back loading;T a practice of providing a higher benefit accrual rate for later years of service than for earlier years. Any amount of "front loading" is permitted (i.e., providing a higher accrual rate. for earlier years of service than for later years). o Under the first test (133-1/3 rule), plans that have more than one rate of pension benefit accrual cannot have
CRS86106EPWpage26
Title
CRS86106EPWpage26
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CRS-l8 terminated before august 23, 1984, generally must elect survivor coverage. Notice of this right need only be included in the summary annual report senti to them. In order to waive the preretirement spouse's benefit, effective January 1, 1985, the participant and spouse must both sign a waiver form. The spouse's signature must be either signed in the presence of a plan
CRS86106EPWpage25
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CRS86106EPWpage25
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23, 1984 (the date the law was signed by the President). Former employees with existing benefit rights based on at least 10 years of service must have 1 hour of service in a plan year beginning after December 31, 1975. Survivor benefit coverage is generally automatic for married employees. However, former employees who

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