Retirement Security Preservation Act of 2019
Latest action · Jul 31, 2019 Read twice and referred to the Committee on Finance.
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.
- IntroducedJul 31, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Retirement Security Preservation Act of 2019
This bill amends the Internal Revenue Code to modify the nondiscrimination requirements for certain defined benefit retirement plans that limit participation or certain features to a closed class, such as individuals who were hired before a certain date.
(Under current law, the plans may not discriminate in favor of highly compensated employees and must meet minimum participation requirements.)
The bill applies only to a defined benefit plan that (1) closed before April 5, 2017; or (2) was in effect for at least five years when it closed and did not substantially increase the coverage or value of the benefits, rights, or features for the closed class during the five-year period before it closed, except as the result of certain business acquisitions or mergers.
Such a plan meets the nondiscrimination requirements if it (1) satisfies certain testing rules for the year that the class closes and the two succeeding plan years, and (2) is not amended in a discriminatory manner after the class is closed.
A defined contribution plan that offers additional contributions or benefits to a closed class whose benefits under a defined benefit plan have been reduced or eliminated meets the nondiscrimination requirements if (1) the group receiving the contributions or benefits satisfies certain testing rules for the year in which the group is closed and for two subsequent plan years, and (2) the plan is not amended in a discriminatory manner.
A defined benefit plan that is either closed or has ceased benefit accruals for all participants (frozen plan) satisfies the minimum participation requirements if the plan met the requirements when it was closed or frozen.
Cosponsors 1
Members who signed on, in the order they did. All signed on Jul 31, 2019.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-OH | Rob Portman | Original | Jul 31, 2019 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Jul 31, 2019 |
Actions 2
Everything that happened, newest first.
- Jul 31, 2019Introduced in Senate
- Jul 31, 2019Read twice and referred to the Committee on Finance.
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 972 | Retirement Enhancement and Savings Act of 2019 | Related bill | Apr 1, 2019 |
| HR 1007 | Retirement Enhancement and Savings Act of 2019 | Related bill | Feb 6, 2019 |
| HR 1084 | Family Savings Act of 2019 | Related bill | Feb 7, 2019 |
| HR 1994 | Setting Every Community Up for Retirement Enhancement Act of 2019 | Related bill | Jun 3, 2019 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend the Internal Revenue Code of 1986 to modify nondiscrimination rules to protect older, longer service participants in retirement plans.
- Short Title(s) as Introduced
- Retirement Security Preservation Act of 2019
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Jul 31, 2019Introduced 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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
