SAVE Act of 2017
Latest action · Dec 13, 2017 Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, 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.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedDec 13, 2017
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Small businesses Add Value for Employees Act of 2017 or the SAVE Act of 2017
This bill amends the Internal Revenue Code to modify the requirements for employer-established individual retirement accounts (IRAs) and pension plans.
With respect to SIMPLE (Savings Incentive Match Plan for Employees) IRAs, the bill:
- repeals restrictions on rollovers to retirement plans,
- allows employers to terminate the plan at any time during the year,
- repeals the increased penalty on early distributions, and
- allows additional contributions.
The bill also:
- establishes automatic deferral IRAs to permit the automatic enrollment of employees earning at least $5,000 for the preceding year,
- establishes secure deferral arrangements for automatically enrolling employees at a rate of at least 6% of pay with annual increases and specified matching contributions,
- allows small employers a tax credit for the cost of adopting safe harbor requirements for automatic contribution arrangements,
- allows unused benefits in a flexible spending arrangement to be transferred to a retirement or deferred compensation plan,
- increases the tax credit for small employer pension plan startup costs, and
- establishes multiple small employer retirement plans that provide for automatic employee contributions.
The Department of the Treasury must: (1) modify requirements for the timing of notices to participants in automatic contribution pension plans, and (2) develop specified financial educational materials.
The bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) exempt IRAs that permit payroll deductions from additional pension plan requirements, (2) require disclosures relating to lifetime income from pension plans and annuities, and (3) set forth safe harbor criteria for the selection of an annuity contract and an insurer.
Cosponsors 1
Members who signed on, in the order they did. All signed on Dec 13, 2017.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-WA | David G. Reichert | Original | Dec 13, 2017 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Ways and Means Committee | Referred Dec 13, 2017 |
| House | Education and Workforce Committee | Referred Dec 13, 2017 |
Actions 2
Everything that happened, newest first.
- Dec 13, 2017Introduced in House
- Dec 13, 2017Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, 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.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 163, no. 203, December 13, 2017, page H9900.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 4067 | SAVE Act of 2015 | Reintroduction of | Mar 23, 2016 |
| HR 4604 | Increasing Access to a Secure Retirement Act of 2017 | Related bill | Dec 7, 2017 |
Titles 3
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Internal Revenue Code of 1986 to encourage retirement savings by modifying requirements with respect to employer-established IRAs, and for other purposes.
- Short Titles as Introduced
- SAVE Act of 2017
- Small businesses Add Value for Employees Act of 2017
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Administrative law and regulatory procedures
- Civil actions and liability
- Consumer affairs
- Department of Labor
- Department of the Treasury
- Elementary and secondary education
- Employee benefits and pensions
- Financial literacy
- Income tax credits
- Income tax deductions
- Income tax deferral
- Insurance industry and regulation
- Sales and excise taxes
- Small business
- Taxation
- Teaching, teachers, curricula
Text 1
Each version as it was printed, newest first.
- Dec 13, 2017Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
