H.R. 4931 - Retirement Savings Security Act of 2002

COMMITTEE ACTION: REPORTED BY VOICE VOTE on the Thursday, June 20, 2002.
FLOOR ACTION: ADOPTED BY A RECORD VOTE OF 344-52 on , June 21, 2002.
MANAGERS: LINDER/SLAUGHTER
107th Congress
2nd Session

H.R. 4931 - Retirement Savings Security Act of 2002

1. Modified closed rule.

2. Provides one hour of debate in the House equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means.

3. Provides for consideration of the amendment in the nature of a substitute printed in the Rules Committee report accompanying the resolution, if offered by Representative Matsui or his designee, which shall be considered as read and shall be separately debatable for one hour equally divided and controlled by the proponent and an opponent.

4. Waives all points of order against the amendment printed in the report.

5. Provides one motion to recommit with or without instructions.

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RESOLUTION

Resolved, That upon the adoption of this resolution it shall be in order to consider in the House the bill (H.R. 4931) to provide that the pension and individual retirement arrangement provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 shall be permanent. The bill shall be considered as read for amendment. The previous question shall be considered as ordered on the bill and on any amendment thereto to final passage without intervening motion except: (1) one hour of debate on the bill equally divided and controlled by the chairman and ranking minority member of the Committee on Ways and Means; (2) the amendment in the nature of a substitute printed in the report of the Committee on Rules accompanying this resolution, if offered by Representative Matsui of California or his designee, which shall be in order without intervention of any point of order, shall be considered as read, and shall be separately debatable for one hour equally divided and controlled by the proponent and an opponent; and (3) one motion to recommit with or without instructions.


SUMMARY OF THE AMENDMENT MADE IN ORDER

Matsui - Amendment in the Nature of a Substitute.
Democratic Substitute. Provides that the sunset included in last year's tax bill would not apply to the pension provisions contained in the bill with the following exceptions. The substitute would modify the $200,000 compensation limit to provide that this level of compensation is not available to a plan which decreases benefits to non-highly-compensated workers while providing increased benefits to its highly compensated employees. The substitute would modify the top-heavy rules to require that employer matching contributions not be taken into account in determining whether the minimum benefit that must be provided to all non-key employees has been met. In addition, it would indefinitely extend the Section 25B credit for pension contributions by low and moderate income individuals.

The substitute also includes a modification of the million dollar limit on deductible pay, includes changes to the deferred compensation arrangements of corporate insiders, requires the recognition of stock option gains for executives of corporate expatriates, and extends the current golden parachute excise tax to severance payments or other deferred compensation payments made to executives leaving failing companies. (60 minutes)

TEXT OF THE AMENDMENT MADE IN ORDER (.pdf)

Matsui - Substitute Amendment