Retirement Security Act of 2017
Latest action · Jun 20, 2017 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3651-3652)
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.
- IntroducedJun 20, 2017
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Retirement Security Act of 2017
This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to modify various requirements for employer-provided retirement plans.
The bill modifies the qualification requirements for certain multiple employer plans with pooled providers. The bill applies to defined contribution plans that: (1) are sponsored by employers all of which have both a common interest other than having adopted the plan and control of the plan, or (2) have a pooled plan provider. Such a plan that meets specified requirements may not be disqualified or otherwise lose its tax-favored status because a participating employer fails to take actions required with respect to the plan.
The bill also: (1) permits pooled employer plans that meet certain requirements to be treated under ERISA as a single employee pension benefit plan or single pension plan that is a multiple employer plan, and (2) modifies reporting requirements for pooled employer and multiple employer plans.
With respect to 401(k) retirement plans, the bill: (1) modifies requirements related to default rates for elective deferrals under automatic enrollment plans, the election of safe harbor 401(k) status, and nondiscrimination rules; (2) allows a business-related safe harbor adoption tax credit for small employers, and (3) requires the Department of the Treasury to simplify regulations regarding the timing of participant notices.
The bill also: (1) increases the limit on the amount of the credit for small employer pension plan startup costs, (2) allows a business-related tax credit for small employers who include and maintain an automatic contribution arrangement in an employer-sponsored retirement plan, and (3) requires Treasury to modify tax forms to permit individuals to claim the saver's credit on Form 1040EZ.
Cosponsors 1
Members who signed on, in the order they did. All signed on Jun 20, 2017.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-FL | Bill Nelson | Original | Jun 20, 2017 |
Actions 2
Everything that happened, newest first.
- Jun 20, 2017Introduced in Senate
- Jun 20, 2017Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3651-3652)
Related bills 3
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 854 | Retirement Security for American Workers Act | Related bill | Feb 3, 2017 |
| S 2526 | Retirement Enhancement and Savings Act of 2018 | Related bill | Mar 8, 2018 |
| HR 3902 | Small Employer Retirement Savings Auto-Enrollment Credit Act | Related bill | Oct 2, 2017 |
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jun 20, 2017Introduced in Senate
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.