Retirement Enhancement and Savings Act of 2018
Latest action · Mar 14, 2018 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.
- IntroducedMar 14, 2018
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Retirement Enhancement and Savings Act of 2018
This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to modify requirements for tax-favored retirement savings accounts, employer-provided retirement plans, and retirement benefits for federal judges.
With respect to employer-provided plans, the bill modifies requirements regarding:
- multiple employer plans,
- automatic enrollment and nonelective contributions,
- loans,
- terminating or transferring plans,
- reporting and disclosure rules,
- nondiscrimination rules,
- selecting lifetime income providers, and
- Pension Benefit Guaranty Corporation premiums.
The bill also increases the tax credit for small employer pension plan startup costs and allows a tax credit for small employers that establish retirement plans that include automatic enrollment.
With respect to Individual Retirement Accounts (IRAs), the bill:
- treats taxable non-tuition fellowship and stipend payments as compensation,
- repeals the maximum age for traditional IRA contributions, and
- permits any IRA to be a shareholder of any S corporation that is a bank.
The bill makes several modifications to retirement benefits for magistrate judges of the U.S. Tax Court and other federal judges.
The bill also modifies various tax provisions to:
- reinstate and increase the tax exclusion for benefits provided to volunteer firefighters and emergency medical responders,
- revise the required distribution rules for pension plans,
- increase penalties for failing to file tax or retirement plan returns, and
- require the Internal Revenue Service to share returns and return information with U.S. Customs Border Protection to administer the heavy vehicle use tax.
Cosponsors 91
Members who signed on, in the order they did. Signatures ran from Mar 14, 2018 to Dec 10, 2018; 15 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NC | Alma S. Adams | Original | Mar 14, 2018 |
| D-NJ | Bill Pascrell, Jr. | Original | Mar 14, 2018 |
| R-OH | Bob Gibbs | Original | Mar 14, 2018 |
| R-NC | George Holding | Original | Mar 14, 2018 |
| R-IN | Jackie Walorski | Original | Mar 14, 2018 |
| D-CT | John B. Larson | Original | Mar 14, 2018 |
| D-CA | Linda T. Sánchez | Original | Mar 14, 2018 |
| D-DE | Lisa Blunt Rochester | Original | Mar 14, 2018 |
| D-WI | Mark Pocan | Original | Mar 14, 2018 |
| R-MI | Mike Bishop | Original | Mar 14, 2018 |
| D-NY | Nydia M. Velázquez | Original | Mar 14, 2018 |
| R-PA | Patrick Meehan | Original | Mar 14, 2018 |
| R-TX | Pete Sessions | Original | Mar 14, 2018 |
| D-WI | Ron Kind | Original | Mar 14, 2018 |
| R-SC | Tom Rice | Original | Mar 14, 2018 |
| R-FL | Carlos Curbelo | Mar 15, 2018 | |
| R-SD | Kristi L. Noem | Mar 15, 2018 | |
| D-OR | Kurt Schrader | Mar 15, 2018 | |
| D-CA | Susan A. Davis | Mar 15, 2018 | |
| D-MS | Bennie G. Thompson | Mar 20, 2018 | |
| D-NJ | Donald Norcross | Mar 20, 2018 | |
| R-TX | Jodey C. Arrington | Mar 20, 2018 | |
| R-IN | Luke Messer | Apr 10, 2018 | |
| R-CO | Mike Coffman | Apr 10, 2018 | |
| R-CO | Scott R. Tipton | Apr 10, 2018 | |
| R-NC | Walter B. Jones | Apr 10, 2018 | |
| D-NC | David E. Price | Apr 13, 2018 | |
| R-KY | Harold Rogers | Apr 13, 2018 | |
| D-TX | Vicente Gonzalez | Apr 13, 2018 | |
| D-MN | Collin C. Peterson | Apr 23, 2018 | |
| D-NH | Ann M. Kuster | Apr 26, 2018 | |
| R-NC | David Rouzer | Apr 26, 2018 | |
| R-MT | Greg Gianforte | Apr 26, 2018 | |
| R-IN | Jim Banks | Apr 26, 2018 | |
| D-NY | Jose E. Serrano | Apr 26, 2018 | |
| D-OR | Suzanne Bonamici | Apr 26, 2018 | |
| D-IA | David Loebsack | May 17, 2018 | |
| R-IA | David Young | May 17, 2018 | |
| R-WI | Glenn Grothman | May 21, 2018 | |
| R-WV | Alexander X. Mooney | Jun 5, 2018 | |
| D-NJ | Frank Pallone, Jr. | Jun 5, 2018 | |
| R-NY | John J. Faso | Jun 5, 2018 | |
| R-NC | Richard Hudson | Jun 5, 2018 | |
| R-NC | Ted Budd | Jun 5, 2018 | |
| R-OK | Tom Cole | Jun 5, 2018 | |
| R-TX | Lamar Smith | Jun 6, 2018 | |
| R-PA | Lou Barletta | Jun 6, 2018 | |
| R-OH | Robert E. Latta | Jun 6, 2018 | |
| D-AL | Terri A. Sewell | Jun 6, 2018 | |
| R-NJ | Thomas MacArthur | Jun 6, 2018 | |
| R-KY | Andy Barr | Jun 13, 2018 | |
| R-OH | Michael R. Turner | Jun 14, 2018 | |
| R-TX | Sam Johnson | Jun 14, 2018 | |
| D-MI | Daniel T. Kildee | Jul 12, 2018 | |
| R-FL | Dennis A. Ross | Jul 12, 2018 | |
| R-NE | Don Bacon | Jul 12, 2018 | |
| D-VA | Donald S. Beyer, Jr. | Jul 26, 2018 | |
| D-CA | Judy Chu | Jul 26, 2018 | |
| D-WA | Suzan K. DelBene | Jul 26, 2018 | |
| D-PA | Brendan F. Boyle | Aug 3, 2018 | |
| R-NJ | Christopher H. Smith | Aug 3, 2018 | |
| D-FL | Frederica S. Wilson | Aug 3, 2018 | |
| R-CA | Jeff Denham | Aug 3, 2018 | |
| D-CA | Salud O. Carbajal | Aug 3, 2018 | |
| D-OR | Earl Blumenauer | Aug 10, 2018 | |
| R-SC | Joe Wilson | Aug 17, 2018 | |
| D-NY | Brian Higgins | Sep 4, 2018 | |
| R-NY | Elise M. Stefanik | Sep 4, 2018 | |
| R-IA | Rod Blum | Sep 4, 2018 | |
| R-IN | Susan W. Brooks | Sep 4, 2018 | |
| R-MI | Bill Huizenga | Sep 5, 2018 | |
| R-GA | Karen C. Handel | Sep 5, 2018 | |
| R-VA | Barbara Comstock | Sep 12, 2018 | |
| R-PA | Glenn Thompson | Sep 12, 2018 | |
| D-MD | C. A. Dutch Ruppersberger | Sep 13, 2018 | |
| D-FL | Theodore E. Deutch | Sep 13, 2018 | |
| R-CA | David G. Valadao | Sep 24, 2018 | |
| R-SC | Jeff Duncan | Sep 24, 2018 | |
| R-TX | Joe Barton | Sep 24, 2018 | |
| R-CA | Ken Calvert | Sep 24, 2018 | |
| D-CO | Ed Perlmutter | Sep 25, 2018 | |
| D-NH | Carol Shea-Porter | Sep 27, 2018 | |
| R-TX | Bill Flores | Oct 23, 2018 | |
| R-WA | Jaime Herrera Beutler | Oct 23, 2018 | |
| R-MN | Jason Lewis | Oct 23, 2018 | |
| R-WA | Dan Newhouse | Nov 2, 2018 | |
| D-WA | Derek Kilmer | Dec 10, 2018 | |
| R-AL | Mike Rogers | Dec 10, 2018 | |
| D-NY | Paul Tonko | Dec 10, 2018 | |
| D-OR | Peter A. DeFazio | Dec 10, 2018 | |
| D-MO | Wm. Lacy Clay | Dec 10, 2018 |
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 Mar 14, 2018 |
| House | Education and Workforce Committee | Referred Mar 14, 2018 |
Actions 2
Everything that happened, newest first.
- Mar 14, 2018Introduced in House
- Mar 14, 2018Referred 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. 164, no. 45, March 14, 2018, page H1609.
Printed hearings 1
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| S. Hrg. 115-834 | FINANCIAL LITERACY: THE STARTING POINT FOR A SECURE RETIREMENT57 pages | Health, Education, Labor, and Pensions Committee | Aug 21, 2018 |
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2526 | Retirement Enhancement and Savings Act of 2018 | Identical bill | Mar 8, 2018 |
| HR 4604 | Increasing Access to a Secure Retirement Act of 2017 | Related bill | Dec 7, 2017 |
Titles 2
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, and for other purposes.
- Short Titles as Introduced
- Retirement Enhancement and Savings Act of 2018
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
- Border security and unlawful immigration
- Consumer credit
- Corporate finance and management
- Emergency medical services and trauma care
- Employee benefits and pensions
- Fires
- First responders and emergency personnel
- Government employee pay, benefits, personnel management
- Government information and archives
- House of Representatives
- Income tax credits
- Income tax deferral
- Income tax exclusion
- Judges
- Life, casualty, property insurance
- Military personnel and dependents
- Motor carriers
- Motor vehicles
- Religion
- Sales and excise taxes
- Securities
- Senate
- Small business
- Social work, volunteer service, charitable organizations
- Specialized courts
- Student aid and college costs
- Tax administration and collection, taxpayers
- Taxation
- Teaching, teachers, curricula
Text 1
Each version as it was printed, newest first.
- Mar 14, 2018Introduced 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.
