US Congress Senate Bill 3341 (Prior Session Legislation)

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Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: Introduced on February 27 2020 - 25% progression, died in committee
Action: 2020-02-27 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Limits tax benefits for deferred compensation of highly compensated employees (e.g., corporate chief executive officers) and increases disclosure requirements for such compensation. The bill includes such deferred compensation in taxable income when there is no substantial risk of forfeiture (i.e., when vested) of the rights of the person entitled to such compensation rather than at distribution. The bill transfers revenue from this revised tax treatment of deferred compensation from the Treasury to the Pension Benefit Guaranty Corporation to increase insurance coverage of multiemployer pension plans. The bill requires the Department of Labor to report on nonqualified deferred compensation plans of highly compensated employees known as top hat plans. The Department of the Treasury must disclose amounts deferred under such plans on W-2 forms

CEO and Worker Pension Fairness Act

Sen. Bernard Sanders [I-VT]

Sen. Chris Van Hollen [D-MD]

Sen. Kirsten Gillibrand [D-NY]

Date	Chamber	Action
2020-02-27	Senate	Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/3341/all-info
Text	https://www.congress.gov/116/bills/s3341/BILLS-116s3341is.pdf