Incentives for Older Workers Act

A bill to improve the employability of older Americans.

4/29/2008--Introduced.
Incentives for Older Workers Act - Amends the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (IRC) to prohibit a reduction in benefits for an employee under a defined benefit pension plan who has begun a phased retirement and was employed on a substantially full-time basis during the previous 12-month period before phased retirement. Defines "phased retirement" as the period when an employee is employed on substantially less than a full-time basis or with substantially reduced responsibilities after reaching age 50 or completing 30 years of creditable service under the plan. Amends the Social Security Act to raise from 70 to 72 the age up to which inidividuals are allowed to earn delayed retirement credits for purposes of the calculation of increased old-age insurance benefit payments. Revises federal old-age, survivors, and disability insurance benefits requirements to eliminate the 50% reduction in such benefits due to an individual who claims benefits before reaching 66 years old and who continues to work. (Retains the 33 1/3% offset.) Directs the Secretary of Labor to award a grant to establish a National Resource Center on Aging and the Workforce to act as a national information clearinghouse on workforce issues, challenges, and solutions for older workers. Revises Civil Service Retirement System (CSRS) annuity computation requirements for retiring CSRS employees whose employment service includes part-time service. Amends the Workforce Investment Act of 1998 (WIA) to revise the composition of state and local workforce investment boards to include representatives of older individuals. Sets aside 5% of WIA funds allocated to local areas for certain adult employment and training activities for activities for older workers. Amends the IRC to expand eligibility for the Work Opportunity Tax Credit to qualified older workers (age 55 or older whose income does not exceed 125% of the poverty line). Allows certain defined benefit pension plans to define normal retirement age as the earlier of the attainment of:
(1) a specified allowed age; or
(2) at least 30 years of service.


... morehide bill summarySee Full Bill Text

Sponsor

• Sen. Gordon Smith [R, OR]
• and 2 Co-Sponsors
  • Sen. Kent Conrad [D, ND]
  • Sen. Herbert Kohl [D, WI]
  close

Committees

• Senate Finance

Amendments

This bill has no amendments.

Amendments to S.2933

Number	Status	Purpose

Bill Status

Make a Bill Status Widget (Close help)

OpenCongress widgets allow you to display information about bills and issue areas on your own website or blog. First, select which bill or issue you want to track, then customize the appearance of the panel, and finally paste a simple chunk of HTML into your site. Now your community will have an easy, up-to-date way to track the status of important bills and issues in Congress.

Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
April 29, 2008

Show All Actions (3 actions)Hide Actions

All Bill Actions

• Apr 29, 2008: Read twice and referred to the Committee on Finance.
• Apr 29, 2008: Sponsor introductory remarks on measure. (CR S3510-3511)
• Introduced on Apr 29, 2008.

---

Related Issue Areas:

• Taxation
• Tax credits
• State and local government
• Social security beneficiaries
• 18 more
• Social security
• Retirement age
• Part-time employment
• Older workers
• Old age, survivors and disability insurance
• Labor
• Job training
• Income tax
• Grants-in-aid
• Government publicity
• Government information
• Government employees
• Federal employees
• Defined benefit pension plans
• Civil service retirement
• Budgets
• Aged
• Pensions

Data from the Congressional Research Service

Show More User Statistics... Hide User Statistics

In the News

May 05, 2008 Federal Government Making Effort to Retain Older Workers

D., introduced S. 2933, the Incentives for Older Workers Act, comprised of a number of provisions to increase the participation of older workers in the ...

Was this article useful? Yes or No

Source: Senior-Spectrum, CA

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

See most useful news articles

Blog Coverage

August 07, 2008 Genossenschaften/Cooperativa (8)

... von Kapital - all dies sind spezielle Vorteile der Genossenschaft, die nicht ohne Grund auch von der Kommission der Europäischen Gemeinschaften in Bezug auf Entwicklungsregionen hervorgehoben worden sind (Kommission 1989, S. 2933). ...

Was this article useful? Yes or No

Source: Hier spricht der Aushilfshausmeister!

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

June 23, 2008 Penalty-free Withdrawals for Reservists from Retirement Plans to ...

The Incentives for Older Workers Act, S. 2933, would eliminate barriers for older Americans who want to stay in the workforce longer, and encourage employers to recruit and retain older workers.

Was this article useful? Yes or No

Source: ICMA-RC News

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

May 30, 2008 Incentives for Older Workers Act

The Incentives for Older Workers Act, S. 2933, would eliminate barriers for older Americans who want to stay in the workforce longer, and encourage employers to recruit and retain older workers.

Was this article useful? Yes or No

Source: ICMA-RC News

Did you find this article useful? Your opinion counts - together, we're finding the very best news and blog coverage about Congress available on the web.

4 more posts...
See most useful blog posts

Information made available by: