[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[S. 3341 Introduced in Senate (IS)]
<DOC>
116th CONGRESS
2d Session
S. 3341
To amend the Internal Revenue Code of 1986 to restrict the tax benefits
of executive deferred compensation and increase disclosure, and for
other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
February 27, 2020
Mr. Van Hollen (for Mr. Sanders (for himself and Mr. Van Hollen))
introduced the following bill; which was read twice and referred to the
Committee on Finance
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to restrict the tax benefits
of executive deferred compensation and increase disclosure, and for
other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``CEO and Worker Pension Fairness
Act''.
SEC. 2. NONQUALIFIED DEFERRED COMPENSATION.
(a) In General.--Section 409A of the Internal Revenue Code of 1986
is amended to read as follows:
``SEC. 409A. NONQUALIFIED DEFERRED COMPENSATION.
``(a) In General.--Except as otherwise provided in subsection (c),
any compensation which is deferred under a nonqualified deferred
compensation plan shall be includible in the gross income of the person
who performed the services to which such compensation relates in the
calendar year when there is no substantial risk of forfeiture of the
rights of such person to such compensation.
``(b) Definitions.--For purposes of this section--
``(1) Substantial risk of forfeiture.--The rights of a
person to compensation shall be treated as subject to a
substantial risk of forfeiture only if such person's rights to
such compensation are conditioned upon the future performance
of substantial services by any person. Such rights shall not be
treated as subject to a substantial risk of forfeiture solely
by reason of a covenant not to compete or the occurrence of a
condition related to a purpose of the compensation other than
the future performance of services.
``(2) Nonqualified deferred compensation plan.--The term
`nonqualified deferred compensation plan' means any plan which
provides for the deferral of compensation, other than--
``(A) a qualified employer plan,
``(B) any bona fide vacation leave, sick leave,
compensatory time, disability pay, or death benefit
plan, and
``(C) any other plan or arrangement designated by
the Secretary consistent with the purposes of this
section.
``(3) Qualified employer plan.--The term `qualified
employer plan' means any plan, contract, pension, account, or
trust described in section 408(p)(2)(D)(ii) or a simple
retirement account (within the meaning of section 408(p)).
``(4) Plan includes arrangements, etc.--The term `plan'
includes any agreement or arrangement, including an agreement
or arrangement which includes only 1 person.
``(5) Exception.--Compensation shall not be treated as
deferred if the service provider receives payment of such
compensation not later than 2\1/2\ months after the end of the
taxable year of the service recipient during which the right to
the payment of such compensation is no longer subject to a
substantial risk of forfeiture.
``(6) Treatment of earnings.--References to deferred
compensation shall be treated as including references to income
(whether actual or notional) attributable to such compensation
or such income.
``(7) Treatment of qualified stock.--An arrangement under
which an employee may receive qualified stock (as defined in
section 83(i)(2)) shall not be treated as a nonqualified
deferred compensation plan with respect to such employee solely
because of such employee's election, or ability to make an
election, to defer recognition of income under section 83(i).
``(8) Aggregation rules.--Except as provided by the
Secretary, rules similar to the rules of subsections (b) and
(c) of section 414 shall apply.
``(c) Treatment of Equity-Based Compensation.--
``(1) In general.--Except as provided in paragraph (7),
subsection (a) shall not apply to any equity-based
compensation, and such equity-based compensation shall be
includible in income as provided in paragraphs (2) through (6).
``(2) Plan failures.--
``(A) Gross income inclusion.--
``(i) In general.--If at any time during a
taxable year a nonqualified deferred
compensation plan--
``(I) fails to meet the
requirements of paragraphs (3), (4),
and (5), or
``(II) is not operated in
accordance with such requirements,
all equity-based compensation deferred under
the plan for the taxable year and all preceding
taxable years shall be includible in gross
income for the taxable year to the extent not
subject to a substantial risk of forfeiture and
not previously included in gross income.
``(ii) Application only to affected
participants.--Clause (i) shall only apply with
respect to all compensation deferred under the
plan for participants with respect to whom the
failure relates.
``(B) Interest and additional tax payable with
respect to previously deferred equity-based
compensation.--
``(i) In general.--If equity-based
compensation is required to be included in
gross income under subparagraph (A) for a
taxable year, the tax imposed by this chapter
for the taxable year shall be increased by the
sum of--
``(I) the amount of interest
determined under clause (ii), and
``(II) an amount equal to 20
percent of the equity-based
compensation which is required to be
included in gross income.
``(ii) Interest.--For purposes of clause
(i), the interest determined under this clause
for any taxable year is the amount of interest
at the underpayment rate plus 1 percentage
point on the underpayments that would have
occurred had the deferred equity-based
compensation been includible in gross income
for the taxable year in which first deferred
or, if later, the first taxable year in which
such compensation is not subject to a
substantial risk of forfeiture.
``(3) Distributions.--
``(A) In general.--The requirements of this
paragraph are met if the plan provides that equity-
based compensation deferred under the plan may not be
distributed earlier than--
``(i) separation from service as determined
by the Secretary (except as provided in
subparagraph (B)(i)),
``(ii) the date the participant becomes
disabled (within the meaning of subparagraph
(C)),
``(iii) death,
``(iv) a specified time (or pursuant to a
fixed schedule) specified under the plan at the
date of the deferral of such compensation,
``(v) to the extent provided by the
Secretary, a change in the ownership or
effective control of the corporation, or in the
ownership of a substantial portion of the
assets of the corporation, or
``(vi) the occurrence of an unforeseeable
emergency.
``(B) Special rules.--
``(i) Specified employees.--In the case of
any specified employee, the requirement of
subparagraph (A)(i) is met only if
distributions may not be made before the date
which is 6 months after the date of separation
from service (or, if earlier, the date of death
of the employee). For purposes of the preceding
sentence, a specified employee is a key
employee (as defined in section 416(i) without
regard to paragraph (5) thereof) of a
corporation any stock in which is publicly
traded on an established securities market or
otherwise.
``(ii) Unforeseeable emergency.--For
purposes of subparagraph (A)(vi)--
``(I) In general.--The term
`unforeseeable emergency' means a
severe financial hardship to the
participant resulting from an illness
or accident of the participant, the
participant's spouse, or a dependent
(as defined in section 152(a)) of the
participant, loss of the participant's
property due to casualty, or other
similar extraordinary and unforeseeable
circumstances arising as a result of
events beyond the control of the
participant.
``(II) Limitation on
distributions.--The requirement of
subparagraph (A)(vi) is met only if, as
determined under regulations of the
Secretary, the amounts distributed with
respect to an emergency do not exceed
the amounts necessary to satisfy such
emergency plus amounts necessary to pay
taxes reasonably anticipated as a
result of the distribution, after
taking into account the extent to which
such hardship is or may be relieved
through reimbursement or compensation
by insurance or otherwise or by
liquidation of the participant's assets
(to the extent the liquidation of such
assets would not itself cause severe
financial hardship).
``(C) Disabled.--For purposes of subparagraph
(A)(ii), a participant shall be considered disabled if
the participant--
``(i) is unable to engage in any
substantial gainful activity by reason of any
medically determinable physical or mental
impairment which can be expected to result in
death or can be expected to last for a
continuous period of not less than 12 months,
or
``(ii) is, by reason of any medically
determinable physical or mental impairment
which can be expected to result in death or can
be expected to last for a continuous period of
not less than 12 months, receiving income
replacement benefits for a period of not less
than 3 months under an accident and health plan
covering employees of the participant's
employer.
``(4) Acceleration of benefits.--
``(A) In general.--The requirements of this
paragraph are met if the plan does not permit the
acceleration of the time or schedule of any payment of
equity-based compensation under the plan, except as
provided in regulations by the Secretary.
``(B) Exception.--A plan shall not be treated as
failing to meet the requirement of subparagraph (A)
solely because the plan terms permit the removal of
participants who are or become ineligible to
participate in the plan, and to distribute the benefits
of such participants to another qualified retirement
plan (as defined in section 4974(c)) of the
participants, if such removal is necessary to maintain
the plan's exemption from the provisions of the
Employee Retirement Income Security Act of 1974.
``(5) Elections.--
``(A) In general.--The requirements of this
paragraph are met if the requirements of subparagraphs
(B) and (C) are met.
``(B) Initial deferral decision.--
``(i) In general.--The requirements of this
subparagraph are met if the plan provides that
equity-based compensation for services
performed during a taxable year may be deferred
at the participant's election only if the
election to defer such compensation is made not
later than the close of the preceding taxable
year or at such other time as provided in
regulations.
``(ii) First year of eligibility.--In the
case of the first year in which a participant
becomes eligible to participate in the plan,
such election may be made with respect to
services to be performed subsequent to the
election within 30 days after the date the
participant becomes eligible to participate in
such plan.
``(iii) Performance-based compensation.--In
the case of any equity-based compensation which
is performance-based and is based on services
performed over a period of at least 12 months,
such election may be made no later than 6
months before the end of the period.
``(C) Changes in time and form of distribution.--
The requirements of this subparagraph are met if, in
the case of a plan which permits under a subsequent
election a delay in a payment or a change in the form
of payment of equity-based compensation--
``(i) the plan requires that such election
may not take effect until at least 12 months
after the date on which the election is made,
``(ii) in the case of an election related
to a payment not described in clause (ii),
(iii), or (vi) of paragraph (2)(A), the plan
requires that the payment with respect to which
such election is made be deferred for a period
of not less than 5 years from the date such
payment would otherwise have been made, and
``(iii) the plan requires that any election
related to a payment described in paragraph
(2)(A)(iv) may not be made less than 12 months
prior to the date of the first scheduled
payment under such paragraph.
``(6) Rules relating to funding.--For purposes of this
subsection--
``(A) Offshore property in a trust.--In the case of
assets set aside (directly or indirectly) in a trust
(or other arrangement determined by the Secretary) for
purposes of paying deferred equity-based compensation
under a nonqualified deferred compensation plan, for
purposes of section 83 such assets shall be treated as
property transferred in connection with the performance
of services whether or not such assets are available to
satisfy claims of general creditors--
``(i) at the time set aside if such assets
(or such trust or other arrangement) are
located outside of the United States, or
``(ii) at the time transferred if such
assets (or such trust or other arrangement) are
subsequently transferred outside of the United
States.
This subparagraph shall not apply to assets located in
a foreign jurisdiction if substantially all of the
services to which the nonqualified deferred equity-
based compensation relates are performed in such
jurisdiction.
``(B) Employer's financial health.--In the case of
equity-based compensation deferred under a nonqualified
deferred compensation plan, there is a transfer of
property within the meaning of section 83 with respect
to such compensation as of the earlier of--
``(i) the date on which the plan first
provides that assets will become restricted to
the provision of benefits under the plan in
connection with a change in the employer's
financial health, or
``(ii) the date on which assets are so
restricted,
whether or not such assets are available to satisfy
claims of general creditors.
``(C) Treatment of employer's defined benefit plan
during restricted period.--
``(i) In general.--If--
``(I) during any restricted period
with respect to a single-employer
defined benefit plan, assets are set
aside or reserved (directly or
indirectly) in a trust (or other
arrangement as determined by the
Secretary) or transferred to such a
trust or other arrangement for purposes
of paying deferred equity-based
compensation of an applicable covered
employee under a nonqualified deferred
compensation plan of the plan sponsor
or member of a controlled group which
includes the plan sponsor, or
``(II) a nonqualified deferred
compensation plan of the plan sponsor
or member of a controlled group which
includes the plan sponsor provides that
assets will become restricted to the
provision of benefits under the plan to
an applicable covered employee in
connection with such restricted period
(or other similar financial measure
determined by the Secretary) with
respect to the defined benefit plan, or
assets are so restricted,
such assets shall, for purposes of section 83,
be treated as property transferred in
connection with the performance of services
whether or not such assets are available to
satisfy claims of general creditors. Subclause
(I) shall not apply with respect to any assets
which are so set aside before the restricted
period with respect to the defined benefit
plan.
``(ii) Restricted period.--For purposes of
this subsection, the term `restricted period'
means, with respect to any plan described in
clause (i)--
``(I) any period during which the
plan is in at-risk status (as defined
in section 430(i)),
``(II) any period the plan sponsor
is a debtor in a case under title 11,
United States Code, or similar Federal
or State law, and
``(III) the 12-month period
beginning on the date which is 6 months
before the termination date of the plan
if, as of the termination date, the
plan is not sufficient for benefit
liabilities (within the meaning of
section 4041 of the Employee Retirement
Income Security Act of 1974).
``(iii) Special rule for payment of taxes
on deferred equity-based compensation included
in income.--If an employer provides directly or
indirectly for the payment of any Federal,
State, or local income taxes with respect to
any equity-based compensation required to be
included in gross income by reason of this
subparagraph--
``(I) interest shall be imposed
under paragraph (1)(B)(i)(I) on the
amount of such payment in the same
manner as if such payment was part of
the deferred equity-based compensation
to which it relates,
``(II) such payment shall be taken
into account in determining the amount
of the additional tax under paragraph
(1)(B)(i)(II) in the same manner as if
such payment was part of the deferred
equity-based compensation to which it
relates, and
``(III) no deduction shall be
allowed under this title with respect
to such payment.
``(iv) Other definitions.--For purposes of
this subsection--
``(I) Applicable covered
employee.--The term `applicable covered
employee' means any covered employee of
a plan sponsor or a member of a
controlled group which includes the
plan sponsor, and any former employee
who was a covered employee at the time
of termination of employment with the
plan sponsor or a member of a
controlled group which includes the
plan sponsor.
``(II) Covered employee.--The term
`covered employee' means an individual
described in section 162(m)(3) or an
individual subject to the requirements
of section 16(a) of the Securities
Exchange Act of 1934.
``(v) Internal revenue service internal
guidance.--The Secretary shall develop
instructions and training materials for
employees of the Internal Revenue Service to
assist such employees in obtaining and
evaluating information and determining whether
there exists a restricted period with respect
to a company with a single-employer defined
benefit plan, and whether such a company has,
during a restricted period, set aside assets
for the purpose of paying deferred compensation
under a nonqualified deferred compensation
plan.
``(D) Income inclusion for offshore trusts and
employer's financial health.--For each taxable year
that assets treated as transferred under this paragraph
remain set aside in a trust or other arrangement
subject to subparagraph (A), (B), or (C), any increase
in value in, or earnings with respect to, such assets
shall be treated as an additional transfer of property
under this paragraph (to the extent not previously
included in income).
``(E) Interest on tax liability payable with
respect to transferred property.--
``(i) In general.--If amounts are required
to be included in gross income by reason of
subparagraph (A), (B), or (C) for a taxable
year, the tax imposed by this chapter for such
taxable year shall be increased by the sum of--
``(I) the amount of interest
determined under clause (ii), and
``(II) an amount equal to 20
percent of the amounts required to be
included in gross income.
``(ii) Interest.--For purposes of clause
(i), the interest determined under this clause
for any taxable year is the amount of interest
at the underpayment rate plus 1 percentage
point on the underpayments that would have
occurred had the amounts so required to be
included in gross income by subparagraph (A),
(B), or (C) been includible in gross income for
the taxable year in which first deferred or, if
later, the first taxable year in which such
amounts are not subject to a substantial risk
of forfeiture.
``(7) Exception for highly compensated recipients.--In the
case of any highly compensated employee (as defined in section
414(q)), or any person who would be such a highly compensated
employee if such person were an employee of the service
recipient (determined as of the date of the grant of the
equity-based compensation)--
``(A) paragraphs (1) through (6) shall not apply,
and
``(B) equity-based compensation shall be treated
under subsection (a) in the same manner as other
compensation which is deferred under a nonqualified
deferred compensation plan.
``(8) Equity-based compensation.--The term `equity-based
compensation' means--
``(A) a right to compensation based on the value
of, or appreciation in value of, a specified number of
equity units of the service recipient, whether paid in
cash or equity, or
``(B) stock appreciation rights or stock options.
Such term shall not include a transfer of property described in
section 83 (other than stock options) or compensation provided
under that portion of any plan which consists of a trust to
which section 402(b) applies.
``(d) No Inference on Earlier Income Inclusion or Requirement of
Later Inclusion.--Nothing in this section shall be construed to prevent
the inclusion of amounts in gross income under any other provision of
this chapter or any other rule of law earlier than the time provided in
this section. Any amount included in gross income under this section
shall not be treated as required to be included in gross income under
any other provision of this chapter or any other rule of law later than
the time provided in this section.
``(e) Regulations.--The Secretary shall prescribe such regulations
as may be necessary or appropriate to carry out the purposes of this
section, including regulations--
``(1) providing for the determination of amounts of
deferral in the case of a nonqualified deferred compensation
plan which is a defined benefit plan,
``(2) relating to changes in the ownership and control of a
corporation or assets of a corporation for purposes of
subsection (c)(2)(A)(v),
``(3) exempting arrangements from the application of
subsection (c)(5) if such arrangements will not result in an
improper deferral of United States tax and will not result in
assets being effectively beyond the reach of creditors,
``(4) defining financial health for purposes of subsection
(c)(5)(B), and
``(5) disregarding a substantial risk of forfeiture in
cases where necessary to carry out the purposes of this
section.''.
(b) Withholding of Tax on Nonresident Aliens.--Section 1441(c)(4)
of the Internal Revenue Code of 1986 is amended by inserting ``(other
than under a nonqualified deferred compensation plan (within the
meaning of section 409A(b)(2))'' after ``compensation for personal
services''.
(c) Termination of Certain Other Nonqualified Deferred Compensation
Rules.--
(1) 457(b) plans of tax exempt organizations.--Section 457
of the Internal Revenue Code of 1986 is amended by adding at
the end the following new subsection:
``(h) Termination of Certain Plans.--
``(1) Tax-exempt organization plans.--This section shall
not apply to amounts deferred which are attributable to
services performed after December 31, 2020, under a plan
maintained by an employer described in subsection (e)(1)(B).
``(2) Ineligible deferred compensation plans.--Subsection
(f) shall not apply to amounts deferred which are attributable
to services performed after December 31, 2020.''.
(2) Nonqualified deferred compensation from certain tax
indifferent parties.--
(A) In general.--Subpart B of part II of subchapter
E of chapter 1 of such Code is amended by striking
section 457A (and by striking the item relating to such
section in the table of sections for such subpart).
(B) Conforming amendment.--Section 26(b)(2) of such
Code is amended by striking subparagraph (X).
(d) Effective Date.--
(1) In general.--Except as otherwise provided in this
subsection, the amendments made by this section shall apply to
amounts which are attributable to services performed after
December 31, 2020.
(2) Accelerated payments.--No later than 120 days after the
date of the enactment of this Act, the Secretary of the
Treasury shall issue guidance providing a limited period of
time during which a nonqualified deferred compensation
arrangement attributable to services performed on or before
December 31, 2020, may, without violating the requirements of
section 409A of the Internal Revenue Code of 1986, be amended
to conform the date of distribution to the date the amounts are
required to be included in income.
(3) Certain back-to-back arrangements.--If the taxpayer is
also a service recipient and maintains one or more nonqualified
deferred compensation arrangements for its service providers
under which any amount is attributable to services performed on
or before December 31, 2020, the guidance issued under
paragraph (2) shall permit such arrangements to be amended to
conform the dates of distribution under such arrangement to the
date amounts are required to be included in the income of such
taxpayer under this subsection.
(4) Accelerated payment not treated as material
modification.--Any amendment to a nonqualified deferred
compensation arrangement made pursuant to paragraph (2) or (3)
shall not be treated as a material modification of the
arrangement for purposes of section 409A of the Internal
Revenue Code of 1986.
(5) Application to existing deferrals.--In the case of any
amount deferred to which this section does not otherwise apply
solely by reason of the fact that the amount is attributable to
services performed before January 1, 2021, to the extent such
amount is not includible in gross income in a taxable year
beginning before 2029, such amounts shall be includible in
gross income in the later of--
(A) the last taxable year beginning before 2029; or
(B) the taxable year in which there is no
substantial risk of forfeiture of the rights to such
compensation.
(e) Transfer of Amounts Collected.--
(1) In general.--The Secretary of the Treasury shall
transfer annually an amount equal to the increase in revenue
attributable to the enactment of subsections (a), (b), and (c)
of this section to the first and the second Pension Benefit
Guaranty funds described in section 4005(a) of the Employee
Retirement Income Security Act of 1974 (29 U.S.C. 1305(a)), and
such amount shall be allocated--
(A) to the fund used with respect to basic benefits
guaranteed under section 4022A of such Act (29 U.S.C.
1322a), until such time that the Pension Benefit
Guaranty Corporation's annual projections report
indicates that such fund and the fund used with respect
to basic benefits guaranteed under section 4022 of such
Act (29 U.S.C. 1322) have substantially similar future
financial conditions and substantially similar risks of
insolvency; and
(B) thereafter, to each of the funds described in
subparagraph (A) in equal amounts, subject to paragraph
(2).
(2) Adjustments to allocations.--If, after amounts
transferred under paragraph (1) have been allocated in
accordance with paragraph (1)(B), the Director of the Pension
Benefit Guaranty Corporation (referred to in this section as
the ``Director'') determines that the future financial
conditions or risks of insolvency of the funds used with
respect to basic benefits guaranteed under each of sections
4022A and 4022 of the Employee Retirement Income Security Act
of 1974 are no longer substantially similar as described in
paragraph (1)(A), the Director, in consultation with the board
of directors of the Pension Benefit Guaranty Corporation, shall
determine an appropriate allocation of such amounts between
such funds.
SEC. 3. DEPARTMENT OF LABOR OVERSIGHT OF TOP HAT PLANS.
(a) Guidance.--Not later than December 31, 2020, the Secretary of
Labor shall issue guidance defining the term ``select group of
management or highly compensated employees'' for purposes of the
Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et
seq.). Such guidance shall address the participation rate and plan
language with respect to a plan which is unfunded and is maintained by
an employer primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated
employees, and the compensation and description of job duties of
employees eligible to participate in such plans.
(b) Regulations.--Not later than December 31, 2020, the Secretary
of Labor shall issue final regulations requiring the sponsors of plans
that are unfunded and maintained by employers primarily for the purpose
of providing deferred compensation for a select group of management or
highly compensated employees to align eligibility requirements for
participation in such plans with the guidance issued under subsection
(a).
(c) Disclosure Requirement.--Part 1 of title I of the Employee
Retirement Income Security Act of 1974 (29 U.S.C. 1021 et seq.) is
amended by adding at the end the following:
``SEC. 112. PLANS FOR A SELECT GROUP OF MANAGEMENT OR HIGHLY
COMPENSATED EMPLOYEES.
``Beginning January 1, 2021, the plan sponsor of a plan which is
unfunded and is maintained by an employer primarily for the purpose of
providing deferred compensation for a select group of management or
highly compensated employees shall report to the Secretary annually on,
with respect to the previous plan year--
``(1) the job title and salary of each employee
participating in the plan;
``(2) the percentage of the employer's workforce that is
eligible to participate in such plan;
``(3) the percentage of employees who actually participated
in the plan;
``(4) a comparison of the annual compensation of employees
eligible to participate in such plan with the annual
compensation of employees not eligible to participate in the
plan; and
``(5) any other information, as the Secretary determines
appropriate.''.
(d) Treasury Regulations and Guidance.--The Secretary of the
Treasury, in consultation with the Secretary of Labor, shall issue such
regulations or guidance as are necessary--
(1) to assist plans in taking appropriate corrective
actions when employees that are not part of a select group of
management or highly compensated employees (as defined in the
guidance issued pursuant to section 3(a)) are found to be
participating in such plans; and
(2) to clarify the treatment of the consequences for
purposes of the Internal Revenue Code of 1986 of the Secretary
of Labor's guidance on plan corrective actions so that
employees who are not part of the select group described in
paragraph (1) are not adversely affected, including guidance on
actions which plan sponsors should take with respect to
participants in such plans who have already made the maximum
permissible contributions under qualified plans.
SEC. 4. DISCLOSURE OF NONQUALIFIED DEFERRED COMPENSATION ON FORM W-2.
Not later than 6 months after the date of the enactment of this Act
and effective for taxable year 2020, the Secretary of the Treasury (or
the Secretary's delegate) shall--
(1) revise the Form W-2 to require reporting of amounts
deferred under a nonqualified deferred compensation plan in box
12; and
(2) amend the regulations under sections 6051(a)(13) and
6041(g) of the Internal Revenue Code of 1986 to make the
reporting of such deferrals under such sections mandatory.
For purposes of the preceding sentence, the term ``nonqualified
deferred compensation plan'' has the meaning given such term in section
409A(b)(2) of the Internal Revenue Code of 1986.
<all>
CEO and Worker Pension Fairness Act
#3341 | S Congress #116
Policy Area: Taxation
Last Action: Read twice and referred to the Committee on Finance. (2/27/2020)
Bill Text Source: Congress.gov
Summary and Impacts
Original Text