Retirement Security Act of 2019
Latest action · Feb 4, 2019 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S834-835)
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 4, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Retirement Security Act of 2019
This bill modifies various requirements and tax credits 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 maintained by employers that have a common interest other than having adopted 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 the Employee Retirement Income Security Act of 1974 (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 tax credit for small employer pension plan startup costs, and (2) allows a business-related tax credit for small employers who include and maintain an automatic contribution arrangement in an employer-sponsored retirement plan.
Cosponsors 1
Members who signed on, in the order they did. All signed on Feb 4, 2019.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-NH | Margaret Wood Hassan | Original | Feb 4, 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 Feb 4, 2019 |
Actions 2
Everything that happened, newest first.
- Feb 4, 2019Introduced in Senate
- Feb 4, 2019Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S834-835)
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S834, S835 | Margaret Wood Hassan D-NH, Susan M. Collins R-ME | Feb 4, 2019 |
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.
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. 116-395 | CHALLENGES IN THE RETIREMENT SYSTEM110 pages | Finance Committee | May 14, 2019 |
Related bills 5
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| 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 1865 | Further Consolidated Appropriations Act, 2020 | Related bill | Dec 20, 2019 |
| HR 1938 | Small Employer Retirement Savings Auto-Enrollment Credit Act | Related bill | Mar 27, 2019 |
| HR 1993 | Providing Retirement Security to Workers in Small Businesses, Cooperatives, and Service Organizations Act of 2019 | Related bill | Mar 29, 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 safe harbor requirements applicable to automatic contribution arrangements, and for other purposes.
- Short Title(s) as Introduced
- Retirement Security Act of 2019
Subjects
Assigned by the Library of Congress. Policy area: Taxation.
Text 1
Each version as it was printed, newest first.
- Feb 4, 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.
