Bill
Bill > S3557
US S3557
A bill to amend the Internal Revenue Code of 1986 to terminate required minimum distributions under tax-favored retirement plans.
summary
Introduced
03/21/2020
03/21/2020
In Committee
03/21/2020
03/21/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A bill to amend the Internal Revenue Code of 1986 to terminate required minimum distributions under tax-favored retirement plans. This bill terminates required minimum distributions from tax-exempt retirement plans after 2019.
AI Summary
This bill terminates required minimum distributions from tax-exempt retirement plans after 2019. Specifically, it amends the Internal Revenue Code to remove the requirement that individuals take minimum distributions from their retirement accounts, such as 401(k)s and individual retirement accounts (IRAs), starting at age 72. The bill also makes changes to the rules around eligible rollover distributions to account for the elimination of the required minimum distributions. The amendments made by this bill will apply for calendar years beginning after December 31, 2019, and provide a transition period for pension plans and annuity contracts to make any necessary amendments to their plans.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Read twice and referred to the Committee on Finance. (on 03/21/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/senate-bill/3557/all-info |
| BillText | https://www.congress.gov/116/bills/s3557/BILLS-116s3557is.pdf |
| Bill | https://www.congress.gov/116/bills/s3557/BILLS-116s3557is.pdf.pdf |
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