Older Worker Opportunity Act

RetirementJobs.com Staff Writers

Keep Up the Fight! For 5 years, this bill has been proposed and tabled, even though it's had bi-partisan support. It can help older Americans work in retirement, get jobs and influence employers to become age friendly. But right now, members of Congress are side-tracked. RetirementJobs.com is fighting for you.

CLICK HERE TO SIGN THE PETITION IN SUPPORT OF THIS ACT and urge Washington to help your effort to find a retirement job!

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Read Text of the Bill: H. R. 4591

To promote labor force participation of older Americans, with the goals of increasing retirement security, reducing the projected shortage of experienced workers, maintaining future economic growth, and improving the Nation’s fiscal outlook.

IN THE HOUSE OF REPRESENTATIVES

Mr. SESTAK introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned

A bill to promote labor force participation of older Americans, with the goals of increasing retirement security, reducing the projected shortage of experienced workers, maintaining future economic growth, and improving the Nation’s fiscal outlook.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Older Worker Opportunity Act of 2010’.

SEC. 2. TAX CREDIT FOR EMPLOYING OLDER WORKERS IN FLEXIBLE WORK PROGRAMS.

(a) In General- Subpart D of part IV of subchapter A of chapter 1 of the Internal Revenue Code of 1986 (relating to business related credits) is amended by adding at the end the following new section:

‘SEC. 45R. FLEXIBLE WORK CREDIT.

‘(a) In General- For purposes of section 38, in the case of an eligible employer, the flexible work credit determined under this section for the taxable year shall be equal to 25 percent of the qualified wages for such taxable year.

‘(b) Eligible Employer- For purposes of this section, the term ‘eligible employer’ means an employer which--

‘(1) maintains a qualified trust (within the meaning of section 401(a)), and

‘(2) provides health insurance coverage (as defined in section 9832(b)(1)(A)) to employees and pays no less than 60 percent of the cost of such health insurance coverage with respect to each full-time employee receiving such coverage.

‘(c) Qualified Wages Defined- For purposes of this section--

‘(1) QUALIFIED WAGES- The term ‘qualified wages’ means the wages paid or incurred by an eligible employer during the taxable year to eligible individuals.

‘(2) ELIGIBLE INDIVIDUALS-

‘(A) IN GENERAL- The term ‘eligible individual’ means an individual who, at the time such wages are paid or incurred--

‘(i) has attained the age of 62, and

‘(ii) is participating in a formal flexible work program.

‘(B) LIMITATION- Such term shall not include any individual who begins participation in a formal flexible work program during any period in which more than 20 percent of the employees of the eligible employer are already participating in a formal flexible work program.

‘(3) WAGES-

‘(A) IN GENERAL- The term ‘wages’ has the meaning given such term by subsection (b) of section 3306 (determined without regard to any dollar limitation contained in such section).

‘(B) OTHER RULES- Rules similar to the rules of paragraph (2) and (3) of section 51(c) shall apply for purposes of this section.

‘(C) TERMINATION- The term ‘wages’ shall not include any amount paid or incurred to an individual after December 31, 2012.

‘(4) ONLY FIRST $6,000 OF WAGES PER YEAR TAKEN INTO ACCOUNT- The amount of the qualified wages which may be taken into account with respect to any individual shall not exceed $6,000 per year.

‘(d) Formal Flexible Work Program- For purposes of this section--

‘(1) IN GENERAL- The term ‘formal flexible work program’ means a program of an eligible employer--

‘(A) which consists of core time and flex time,

‘(B) under which core time does not exceed--

‘(i) 20 hours per week,

‘(ii) 3 days per week, or

‘(iii) 1,000 hours per year, and

‘(C) which meets the requirements of subsection (e).

‘(2) CORE TIME- The term ‘core time’ means the specific time--

‘(A) during which an employee is required to perform services related to employment, and

‘(B) which is determined by the employer.

‘(3) FLEX TIME- The term ‘flex time’ means the time other than core time--

‘(A) during which an employee is required to perform services related to employment, and

‘(B) which is determined at the election of the employee.