Bill > HR4143

This bill, titled the Extension of Section 420 and Retiree Life Insurance Act of 2012, amends the Internal Revenue Code to extend the ability for companies to transfer excess funds from their defined benefit pension plans to retiree health accounts until December 31, 2021, and also allows these excess pension funds to be used for retiree group term life insurance accounts. A defined benefit plan is a type of pension plan where an employer promises a specific monthly income to employees upon retirement. Section 420 of the Internal Revenue Code is the existing provision that governs these transfers, and this bill aims to extend its applicability and expand its scope to include life insurance benefits for retirees.