Secure Assets for Employees (SAFE) Plan Act of 1999

[AI summary unavailable — showing source text] Secure Assets For Employees (SAFE) Plan Act of 1999 - Amends the Internal Revenue Code to allow an eligible employer, if specified requirements are met, to establish and maintain a SAFE annuity (an individual retirement annuity) or a SAFE trust (a trust forming part of a defined benefit plan), both to be funded by the employer. Makes the employer contributions deductible without limitation and otherwise provides for the treatment of contributions and distributions. Mandates a penalty for early withdrawals. Requires simplified employer reports for SAFE annuities and simplified actuarial reports for SAFE trusts. Amends the Employee Retirement Income Security Act of 1974 (ERISA) to exempt SAFE trusts from coverage requirements and SAFE annuities from certain employer reporting requirements.…