PlainBillCongress, translated.Legislation. Context. Public interest.Congressional Research Service
Version 00 · Introduced in Senate · Jun 25, 1997
TABLE OF CONTENTS: Title I: Pension ProSave Plans Title II: Establishment of Pension ProSave System Subtitle A: Definitions Subtitle B: Establishment of Pension ProSave System Title III: Pension Portability Clearinghouse Title IV: Simplified Defined Benefit Plans Pension ProSave Act - Title I: Pension ProSave Plans - Amends the Internal Revenue Code with respect to deferred compensation and other matters to establish a system under which any employer may establish a Pension ProSave Plan: (1) for the exclusive benefit of its employees and their beneficiaries; and (2) the only contributions to which are contributions to Pension ProSave Accounts established on behalf of such employees. Specifies requirements for contributions, vesting, distributions and loans, and reporting. Provides that a Pension ProSave Plan shall be treated in the same manner as a qualified pension, profit-sharing, or stock bonus plan including a certain kind of tax-exempt trust. Title II: Establishment of Pension ProSave System - Subtitle A: Definitions - Sets forth definitions for purposes of this Act. Subtitle B: Establishment of Pension ProSave System - Directs the Board of Directors of the Pension Portability Clearinghouse (established by this Act) to establish a system of Pension ProSave Accounts under which: (1) employers and employees may make contributions on behalf of employees under a Pension ProSave Plan; (2) individuals may make qualified rollover contributions to Pension ProSave Accounts; and (3) amounts in the Pension ProSave Accounts are invested, and loans and distributions of amounts in such Accounts are made, as provided in this Act. Title III: Pension Portability Clearinghouse - Establishes the Pension Portability Clearinghouse within the executive branch of the Government and the Pension Portability Clearinghouse Advisory Council. Title IV: Simplified Defined Benefit Plans - Amends the Internal Revenue Code to set forth a simplified method for complying with pension requirements.
People & committees
Sen. Bingaman, Jeff [D-NM] · D–NM
Legislative record
A procedural vote is different from passage. Passage in one chamber does not establish enactment. Explore the glossary.
Committee on Labor and Human Resources. Hearings held.
Read twice and referred to the Committee on Labor and Human Resources.
Sponsor introductory remarks on measure. (CR S6360-6362)
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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