PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Jul 17, 1998
Retirement Account Portability Act of 1998 - Amends the Internal Revenue Code to permit rollovers to and from State and tax-exempt instrumentality and public school retirement plans. (Sec. 3) Permits individual retirement plan rollovers only if the entire amount is deposited into another defined contribution retirement plan and certain other conditions are met. (Sec. 4) Removes certain restrictions on the rollover of after-tax contributions. (Sec. 5) Amends the Employee Retirement Income Security Act of 1974 to extend single employer missing participant provisions to multiemployer plans. (Sec. 6) Permits distributions upon severance from employment (currently, upon separation from service). (Sec. 7) States that a transferee defined contribution plan shall not be treated as having failed to meet certain requirements because it does not provide for some or all of the distribution forms available under a transferor defined contribution plan. (Sec. 8) Permits employers to disregard rollovers for purposes of cash-out amounts. (Sec. 9) Authorizes trustee-to-trustee transfers to purchase permissive service credit with respect to Federal or public school and State and tax-exempt instrumentality pension plans.
People & committees
Sen. Jeffords, James M. [R-VT] · R–VT
Legislative record
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Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S8484-8487)
Introduced in Senate
Primary sources
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Source last updated: Aug 21, 2025. Consult Congress.gov for the current record.
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