Bipartisan House bill seeks to ease compliance burdens for retirement plan sponsors, participants
A bipartisan House bill aims to ease compliance burdens for retirement plan sponsors and participants. Among the pension reforms: plan assets would not be reduced by credit balance when determining funded status for benefit restrictions, IRS would have to make interim amendment rules more workable, and certain plans with service-based normal retirement ages would be deemed lawful (minimum 30 years of service or plan is governmental). DC plan participants could see minimum required distributions lowered in the wake of broad market downturns. Any action on the bill will have to wait until 2012.