Rep. Bernard Sanders, I-Vt., is expected to introduce an amendment barring the IRS from using any money to issue guidance or regulations that would violate age discrimination provisions in tax and federal pension laws, or permit employers to retroactively cut benefits owed to participants. The amendment also would forbid the IRS from using any federal funds for issuing new guidance on cash balance plans that would revoke guidance issued in 1996, which required plan sponsors to compute benefits owed to cash balance plan participants by calculating the net present value of benefits at retirement age.
The amendment, to be introduced next week, will be part of the fiscal 2003 Treasury and Postal departments' appropriations bill.
