The House of Representatives on Thursday passed an amendment to the Treasury and General Government Appropriations Act that would bar the IRS from using taxpayers’ dollars to pay for any activities that violate age discrimination laws. The legislation by Reps. Bernard Sanders, I-Vt., and Gil Gutknecht, R-Minn. aims to stop the IRS from approving cash balance conversions.
But Mark J. Ugoretz, president of the ERISA Industry Association, which represents large employers, told House lawmakers in a letter on Wednesday that the amendment is based on the sponsors’ belief that cash balance plans violate age discrimination laws. ‘‘They do not, and we strongly urge that you oppose any such amendments,’’ he wrote.
