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H.R.3561 - Small Business Pension Promotion Act of 2011

To amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to reduce administrative burdens and encourage retirement plan formation and retention. view all titles (2)

All Bill Titles

  • Official: To amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to reduce administrative burdens and encourage retirement plan formation and retention. as introduced.
  • Short: Small Business Pension Promotion Act of 2011 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
12/05/11
 
 
 
 
 
 
 

Official Summary

Small Business Pension Promotion Act of 2011 - Authorizes the Secretary of the Treasury to take steps to address any significant and broadly applicable decrease in the value of investments held by defined contribution plans and individual retirement accounts (IRAs), including by allowing: (

Official Summary

Small Business Pension Promotion Act of 2011 - Authorizes the Secretary of the Treasury to take steps to address any significant and broadly applicable decrease in the value of investments held by defined contribution plans and individual retirement accounts (IRAs), including by allowing:
(1) taxpayers to use a later asset valuation date than otherwise required, and
(2) additional time for making distributions from such plans and accounts. Amends the Internal Revenue Code to:
(1) allow a deduction in computing the net earnings from self-employment income for pension and IRA contributions,
(2) allow a determination of the adjusted funding target attainment percentage for tax-exempt retirement plans without regard to the reduction for credit balances for funding-based limits on benefits under single employer plans,
(3) repeal the excise tax on nondeductible contributions to qualified employer plans, and
(4) provide a  special rule for determining normal retirement age for certain existing defined benefit plans. Makes conforming amendments to the Employee Retirement Income Security Act (ERISA). Requires the Secretary to revise administrative rules governing interim amendments of qualified pension plans to provide greater flexibility and reduce plan sponsor burden.

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