Introduced
by
To prohibit the board of a public employee pension fund from establishing an arrangement and fund designed to avoid limits imposed by section 415 of the U.S. Internal Revenue Code, unless it has been approved by the governing body of the political subdivision that established the pension system. Section 415 places caps on the maximum amount that may be paid to a single pensioner. Therefore, some pension systems have set up separate funds to pay the amount to a pensioner that would exceed the cap.
Referred to the Committee on Senior Health, Security, and Retirement
Amendment offered
by
To replace the previous version of the bill with one recommended by the committee which reported it. The substitute incorporates minor or technical changes resulting from committee testimony and deliberation. These do not affect the substance as previously described.
The amendment passed by voice vote
Passed in the House 107 to 0 (details)
To prohibit the board of a public employee pension fund from establishing an arrangement and fund designed to avoid limits imposed by section 415 of the U.S. Internal Revenue Code, unless it has been approved by the governing body of the political subdivision that established the pension system. Section 415 places caps on the maximum amount that may be paid to a single pensioner. Therefore, some pension systems have set up separate funds to pay the amount to a pensioner that would exceed the cap.
