Retirement Benefits Tax Act

[AI summary unavailable — showing source text] Retirement Benefits Tax Act - Sets minimum standards relating to funding eligibility and vesting. Defines "minimum funding standard" as the excess of the sum of (1) the normal cost of the plan for such year plus interest on the unfunded liability, computed under the funding method used to determine normal costs, 5 percent of the unfunded liability for nonforfeitable benefits under the plan (computed as the excess of the present value of the then accrued nonforfeitable benefits over the fair market value of the assets), and the total of the amounts determined under clauses (1) and (2) with respect to the plan for each of the preceding plan years beginning after December 31, 1973, over "the total of the amounts determined under clauses (1) and (2) with respect to the plan for each of the preceding plan years beginning after December 31, 1973, over "the total of the amounts contributed to or under the plan for each of the preceding plan years beginning after December 31, 1973. Outlines the criteria which must be met in order for a trust to qualify under this Act and defines the term "employee's accrued benefits". States that a trust has vested when an employee's rights to his accrued …