Sec. 2. Increase in amount of accrued benefit which a pension plan may distribute after employee separation
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Section 411(a)(11)(A) of the Internal Revenue Code of 1986 is amended by striking $5,000 and inserting $8,000 . Section 411(a)(11) of such Code is amended by adding at the end the following new subparagraph: In the case of any plan year beginning after 2019, the Secretary shall adjust the $8,000 amount in subparagraph
(A)at the same time and in the same manner as under section 415(d), except that the base period shall be the calendar quarter beginning July 1, 2018, and any increase under this subparagraph which is not a multiple of $50 shall be rounded to the next lowest multiple of $50. . Section 401(a)(31)(B)(ii) of such Code is amended by striking $5,000 and inserting the dollar limit in effect under section 411(a)(11)(A) . Section 411(a)(7)(B)(i) of such Code is amended by striking under section 411(a)(11)(A) and inserting in effect under paragraph (11)(A) . Section 457(e)(9)(A)(i) of such Code is amended by inserting in effect after the dollar limit . Section 203(e)(1) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1053(e)(1) ) is amended by striking $5,000 and inserting $8,000 . Section 203(e) of such Act ( 29 U.S.C. 1053(e) ) is amended by adding at the end the following new paragraph: In the case of any plan year beginning after 2019, the Secretary of the Treasury shall adjust the $8,000 amount in paragraph
(1)at the same time and in the same manner as under section 415(d) of the Internal Revenue Code of 1986, except that the base period shall be the calendar quarter beginning July 1, 2018, and any increase under this paragraph which is not a multiple of $50 shall be rounded to the next lowest multiple of $50. . Section 204(d)(1) of such Act ( 29 U.S.C. 1054(d)(1) ) is amended by inserting in effect after the dollar limit . The amendments made by this section shall apply to plan years beginning after the date of the enactment of this Act.
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Sec. 2
Increase in amount of accrued benefit which a pension plan may distribute after employee separation
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