PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Finance.
Congressional Research Service
Version 00 · Introduced in Senate · Feb 25, 1999
TABLE OF CONTENTS: Title I: Restrictions on Loans from Qualified Retirement Plans Title II: Promotion of Availability of Private Pensions Upon Retirement Title III: Group Health Plans Title IV: Application of Certain Prohibited Transactions Rules for 401(K) Plans Title V: Retirement Savings and Security Subtitle A: Portability Subtitle B: Enhanced Security Title VI: Expanded Individual Retirement Accounts to Increase Coverage and Portability Subtitle A: Retirement Savings Incentives Subtitle B: Distributions and Investments Comprehensive Pension and Retirement Security Act of 1999 - Title I: Restrictions on Loans From Qualified Retirement Plans - Amends the Internal Revenue Code (IRC) to prohibit qualified employer plans from making loans through credit cards and other intermediaries. (Sec. 102) Treats loans from qualified employer plans as distributions unless they are used to purchase a first home, to pay higher education or financially devastating medical expenses, or during periods of unemployment. Title II: Promotion of Availability of Private Pensions Upon Retirement - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the IRC to require the availability of a defined contribution plan option (in lieu of the defined benefit plan) for participants in defined benefit plans to which an employer makes contributions. (Sec. 202) Amends ERISA to require fiduciaries to make timely investments of plan contributions. (Sec. 203) Amends the IRC to increase the additional tax penalty for early distributions from pension plans. Title III: Group Health Plans - Amends ERISA and the IRC to require advance notice of material reductions in covered services under group health plans. Title IV: Application of Certain Prohibited Transactions Rules for 401(K) Plans - Amends ERISA to provide for the application of certain prohibited transactions rules to IRC section 401(k) plans. Title V: Retirement Savings and Security - A: Portability - Directs the Pension Benefit Guaranty Corporation (PBGC) to prescribe specified rules relating to missing participants for multiemployer plans that terminate under certain ERISA provisions. Subtitle B: Enhanced Security - Chapter 1: General Provisions - Revises certain formulas for determining payments with respect to benefits guarantees (increasing the guaranteed amounts) under certain insolvent multiemployer plans. (Sec. 512) Directs the Secretary of Labor, as chairman of the PBGC board, to send a reversion report to the President and Congress on plans from which residual assets were distributed to employers. (Sec. 513) Sets forth a full funding limitation for multiemployer plans under ERISA. (Sec. 514) Increases maximum civil penalties for certain prohibited transactions under ERISA. (Sec. 515) Modifies the phase-in of guarantee and the allocation of assets under ERISA provisions relating to substantial owner benefits. Chapter 2: ERISA Enforcement - Pension Audit Improvement Act of 1999 - Repeals the mandate for limited scope audits. (Sec. 523) Establishes certain reporting and enforcement requirements for employee benefit plans. Requires a plan administrator to notify the Secretary of Labor, within five business days, of: (1) irregularities that may have occurred with respect to the plan; and (2) the termination of the plan's accountant. Requires plan accountants to notify the Secretary of: (1) such irregularities, if the administrator does not do so; and (2) any disagreements they may have with the reasons given by the administrator for their termination. Sets forth civil penalties for violations of such requirements. (Sec. 524) Sets forth additional requirements for qualified public accountants for plans under ERISA. (Sec. 525) Revises ERISA provisions for fiduciary penalties to: (1) make discretionary the imposition and amount of civil penalties for breach of fiduciary responsibility; and (2) provide for the applicable recovery amount and other rules. Title VI: Expanded Individual Retirement Accounts to Increase Coverage and Portability - Subtitle A: Retirement Savings Incentives - Amends the IRC with respect to deductions from gross income for contributions to individual retirement accounts (IRAs) and retirement savings to: (1) increase the applicable dollar amount component in the formulas for certain income limitations, and phase out certain limitations; and (2) require coordination of the IRA deduction limit with the elective deferral limit. Subtitle B: Distributions and Investments - Allows the use of distributions from IRAs without additional tax: (1) to pay financially devastating medical expenses (treats certain lineal descendants and ancestors as dependents, and treats long-term care services as medical care); or (2) by the unemployed. (Sec. 612) Requires IRA contributions to be held at least five years in certain cases.
People & committees
Sen. Schumer, Charles E. [D-NY] · D–NY
Legislative record
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Read twice and referred to the Committee on Finance.
Sponsor introductory remarks on measure. (CR S2022)
Introduced in Senate
Primary sources
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Source last updated: Aug 20, 2025. Consult Congress.gov for the current record.
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