Pension Benefits. This bill (H.R. 4931) would permanently extend the new incentives for pension and retirement contributions included in last year’s $1.35 trillion, 10-year tax cut law. It would make permanent the increase in the maximum annual contribution levels to IRA and 401(k) plans now slated to end after 2010. The bill would also allow "catch-up" contributions for those age 50 and older, and permit quicker vesting and easier rollovers of pension plans. Furthermore, the bill would encourage more businesses to offer employee pension plans by reducing administrative requirements.
The House passed H.R. 4931 on June 21, 2002 by a vote of 308 to 70 (Roll Call 248). We have assigned pluses to the yeas.
