June 27, 1991
TO: PENSION COMMITTEE NO. 19-91
RE: PRYOR INTRODUCES PENSION SIMPLIFICATION BILL
__________________________________________________________
Senator Pryor, with Senator Bentsen, yesterday introduced
S. 1364, the Employee Benefits Simplification Act. A companion
bill, H.R. 2742, was introduced in the House of Representatives
by Rep. Cardin. A copy of the Senate bill is attached.
The bill reflects the provisions described in the draft
summary released earlier this week by Senator Pryor. (See
Institute Memorandum to Pension Committee No. 16-91, dated June
25, 1991.) In particular, the bill contains the SARSEP revisions
recommended by the Institute. They would permit employers with
100 or fewer employees to establish SARSEPs. Discrimination
rules would be met either if (1) all non-highly compensated
participating employees received a mandatory matching
contribution or (2) all eligible employees received a 3 percent
base contribution.
We will keep you informed of developments.
W. Richard Mason
Assistant Counsel - Pension
Attachment