Summary of the Provisions of the Individual Retirement Benefits Act of 1971 : S. 3012 (H.R. 12302) and S. 3024 (H.R. 12337).

Format:

Book

Government document

Author/Creator:

Library of Congress. Congressional Research Service.

Language:

English

Subjects (All):

Retirement income.

Self-employed.

Tax incentives.

Physical Description:

1 online resource (15 pages) : digital, PDF file

monochrome

Place of Publication:

[Place of publication not identified] : [publisher not identified], 1972.

System Details:

System requirements: PDF reader software.

text file

PDF

Summary:

Summarizes provisions of S. 3012/H.R. 12302, both the Individual Retirement Benefits Act of 1971, to permit employees who wish to save independently for their retirement, or to supplement employer-financed pensions, to deduct amounts set aside for these purposes from their income tax returns. Examines how S. 3012 would impact vesting, deduction for retirement savings, and contributions on behalf of self-employed individuals and shareholder-employees of electing small business corporations. Reviews S. 3024/H.R. 12337, both the Administration fiduciary standards bill, to amend the Welfare and Pension Plans Disclosure Act to require administrators to manage funds exclusively in the interest of employee beneficiaries, prohibit certain kinds of transactions, broaden reporting and disclosure standards, and strengthen investigatory powers.

Notes:

CRS Report.

Record is based on bibliographic data in ProQuest U.S. Congressional Research Digital Collection (last viewed June 2010). Reuse except for individual research requires license from ProQuest, LLC.

Other Format:

Microfiche version: Library of Congress. Congressional Research Service. Summary of the Provisions of the Individual Retirement Benefits Act of 1971

Access Restriction:

Restricted for use by site license.