Text: HF00594 Text: HF00596 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
PAG LIN
1 1 Section 1. NEW SECTION. 730.6 EMPLOYEE PENSION PLANS –
1 2 PENALTY.
1 3 1. For purposes of this section:
1 4 a. "Employee pension plan" means a qualified pension plan
1 5 subject to the requirements of section 401(k) of the Internal
1 6 Revenue Code.
1 7 b. "Timely deposit" means within a period of time
1 8 consistent with federal requirements governing the time
1 9 employers are required to deposit an employee's pension
1 10 contribution into an employee pension plan.
1 11 2. A person who fails to timely deposit an employee's
1 12 contributions following a payroll deduction of the
1 13 contribution from the employee's pay into the employee pension
1 14 plan for the employee violates this section.
1 15 3. A person who violates this section commits a serious
1 16 misdemeanor.
1 17 EXPLANATION
1 18 This bill provides that a person commits a serious
1 19 misdemeanor if the person fails to timely deposit an
1 20 employee's contribution made through a payroll deduction into
1 21 an employee pension plan. An employee pension plan is defined
1 22 as a qualified plan under section 401(k) of the Internal
1 23 Revenue Code. Timely deposit is defined consistently with
1 24 federal requirements.
1 25 LSB 2053HH 77
1 26 ec/sc/14.4
Text: HF00594 Text: HF00596 Text: HF00500 - HF00599 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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