Legislation afoot for qualified plans

From: jmorgan@ecentral.com
Subject: Legislation afoot for qualified plans
Date: Sun, 10 May 1998 10:22:34 -0600

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In "Pensions for small-biz workers get boost", in the May 8-14, 1998
_Denver Business Journal_, Sougata Mukherjee writes that Reps. Rob
Portman, R-Ohio and Ben Cardin, D-MD introduced a bill on May 6th
that would, among other things:

1. Raise the contribution cap on a SIMPLE IRA from $6,000 to $10,000.

2. Raise the contribution cap on 401(k) plans from $10,000 to $15,000.

3. Provide a "catch-up" feature for workers ages 50 and older, allowing
them to contribute as much as $5,000 above the cap to their
qualified plans.

4. Mandate faster vesting of employee contributions to qualified plans,
requiring full vesting after three years of service, or graduated vesting
in 20% increments over the first 5 years of service.

5. Raise the age at which minimum distributions must begin from 70.5
to 75 years.

We'll see how this one flies.=A0 Time to contact your legislators and ask
them to support the worker bees again.

Cheers.

Jeff Morgan
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J. Morgan - jmorgan@ecentral.com

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