Retirement Security for American Workers Act
Latest action · Feb 3, 2017 Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, 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.
- IntroducedFeb 3, 2017
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Retirement Security for American Workers Act
This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to modify the qualification requirements for certain multiple employer retirement plans.
A multiple employer plan that meets certain criteria may not be disqualified or otherwise lose its tax-favored status because one or more participating employers fail to take actions required with respect to the plan.
The bill applies to a multiple employer defined contribution plan or a plan that consists of Individual Retirement Accounts that either: (1) is sponsored by employers that both have a common interest other than having adopted the plan and control the plan, or (2) have a pooled plan provider.
The bill does not apply unless the terms of the plan require a noncompliant employer to, subject to the discretion of the Internal Revenue Service, (1) transfer assets of the plan attributable to the employees of the noncompliant employer to other specified retirement plans, and (2) be liable for plan liabilities attributable to employees of the noncompliant employer.
For the purposes of this bill, a defined contribution plan that is established or maintained for the purpose of providing benefits to the employees of two or more employers and that meets certain requirements (a pooled employer plan) is treated for the purposes of ERISA as a single plan that is a multiple employer plan.
The bill modifies reporting requirements under ERISA that apply to pooled employer and multiple employer plans.
Cosponsors 5
Members who signed on, in the order they did. Signatures ran from Feb 3, 2017 to Mar 2, 2017; 3 are original cosponsors, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-OH | James B. Renacci | Original | Feb 3, 2017 |
| D-MA | Richard E. Neal | Original | Feb 3, 2017 |
| D-WI | Ron Kind | Original | Feb 3, 2017 |
| R-KY | Andy Barr | Feb 14, 2017 | |
| R-FL | Francis Rooney | Mar 2, 2017 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Education and Workforce Committee | Referred Feb 3, 2017 |
| House | Ways and Means Committee | Referred Feb 3, 2017 |
Actions 2
Everything that happened, newest first.
- Feb 3, 2017Introduced in House
- Feb 3, 2017Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, 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. 19, February 3, 2017, page H977.
Related bills 8
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 88 | Shiloh National Military Park Boundary Adjustment and Parker's Crossroads Battlefield Designation Act | Related bill | Dec 21, 2018 |
| S 1383 | Retirement Security Act of 2017 | Related bill | Jun 20, 2017 |
| HR 1907 | Retirement Security for American Workers Act | Reintroduced Bill | Mar 27, 2019 |
| S 2526 | Retirement Enhancement and Savings Act of 2018 | Related bill | Mar 8, 2018 |
| S 3219 | A bill to amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to modify the requirements for multiple employer plans, and for other purposes. | Related bill | Jul 17, 2018 |
| HR 4523 | Automatic Retirement Plan Act of 2017 | Related bill | Dec 1, 2017 |
| HR 6396 | Retirement Security for American Workers Act | Reintroduction of | Nov 29, 2016 |
| HR 6757 | Family Savings Act of 2018 | Related bill | Sep 28, 2018 |
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 modify the qualification requirements with respect to certain multiple employer plans with pooled plan providers, and for other purposes.
- Short Titles as Introduced
- Retirement Security for American Workers Act
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Feb 3, 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.
