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US S2308

Church Plan Clarification Act of 2015


summary

Introduced
11/19/2015
In Committee
11/19/2015
Crossed Over
12/11/2015
Passed
Dead
01/03/2017

Introduced Session

114th Congress

Bill Summary

Church Plan Clarification Act of 2015 (Sec. 2) This bill amends the Internal Revenue Code, with respect to the tax treatment of church pension plans, to: (1) provide that an organization otherwise eligible to participate in a church plan shall not be aggregated with another such organization and treated as a single employer with it for pension benefit rules and testing purposes unless one such organization provides at least 80% of the operating funds for the other organization during the recipient organization's preceding tax year and there is a degree of common management or supervision between the organizations, and (2) allow transfers and mergers of qualified church retirement plans without tax consequences. The bill amends the Tax Equity and Fiscal Responsibility Act of 1982 to adopt benefit accrual limitations for church defined benefits plans established before 1982. The bill also: (1) preempts any state law relating to wage, salary, or payroll payment, collection, deduction, garnishment, assignment, or withholding that would prohibit or restrict the inclusion in any church plan of an automatic contribution arrangement; and (2) allows church plans and their supporting organizations to invest plan assets in a group trust (as defined by Internal Revenue Service Revenue Rulings).

Committee Categories

Budget and Finance

Sponsors (4)

Last Action

Held at the desk. (on 12/11/2015)

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