SECURE Fix Act of 2020

Bill: 116-hr-5792
Sponsor: full_name: Rep. Posey, Bill [R-FL-8]
Introduced: 2020-02-06
Policy area: Taxation
Subjects: Employee benefits and pensions

Income tax deferral

Income tax exclusion
Latest action: action_date: 2020-02-06
text: Referred to the House Committee on Ways and Means.

Summaries:
action_date: 2020-02-06
action_desc: Introduced in House
text: <p><strong>SECURE Fix Act of 2020</strong></p> <p>This bill repeals restrictions on required distributions from defined contribution pension plans to specified beneficiaries designated by an employee plan participant&nbsp;that such beneficiaries may receive over their lifetimes. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 5792 IN THE HOUSE OF REPRESENTATIVES February 6, 2020 Mr. Posey introduced the following bill; which was referred to the Committee on Ways and Means A BILL To amend the Internal Revenue Code of 1986 to repeal the restrictions on which designated beneficiaries may receive over the life of the beneficiary the required distributions from a defined contribution plan.

1. Short title This Act may be cited as the SECURE Fix Act of 2020 . 2. Repeal of modifications of required distribution rules for designated beneficiaries (a) In general Section 401(a)(9) of the Internal Revenue Code of 1986 is amended by striking subparagraph (H). (b) Conforming amendment Section 401(a)(9)(E) of such Code is amended to read as follows: (E) Designated beneficiary For purposes of this paragraph, the term designated beneficiary means any individual designated as a beneficiary by the employee. . (c) Effective date The amendments made by this section shall take effect as if included in the enactment of section 401 of the Setting Every Community Up for Retirement Enhancement Act of 2019.