Text: HF02476 Text: HF02478 Text: HF02400 - HF02499 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 knowingly and without the consent of the
1 12 employee fails to timely deposit an employee's contributions
1 13 following a payroll deduction of the contribution from the
1 14 employee's pay into the employee pension plan for the employee
1 15 violates this section.
1 16 3. A person who violates this section commits a serious
1 17 misdemeanor.
1 18 EXPLANATION
1 19 This bill provides that a person commits a serious
1 20 misdemeanor if the person knowingly and without the consent of
1 21 the employee fails to timely deposit an employee's
1 22 contribution made through a payroll deduction into an employee
1 23 pension plan. An employee pension plan is defined as a
1 24 qualified plan under section 401(k) of the Internal Revenue
1 25 Code. Timely deposit is defined consistently with federal
1 26 requirements.
1 27 LSB 2053HZ 77
1 28 ec/sc/14
Text: HF02476 Text: HF02478 Text: HF02400 - HF02499 Text: HF Index Bills and Amendments: General Index Bill History: General Index
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