3.0.0 4067 2023-01-11T13:29:22Z 2023-01-11T13:29:22Z House HR 2015-11-18 114 [Congressional Record Volume 161, Number 170 (Wednesday, November 18, 2015)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. KIND:H.R. 4067.Congress has the power to enact this legislation pursuantto the following:Article I, Section 7, Clause 1``All Bills for raising Revenue shall orginate in the Houseof Representatives''[Page H8361]]]> hsed00 Education and the Workforce Committee House Standing hsed02 Health, Employment, Labor, and Pensions Subcommittee Referred to 2016-03-23T21:27:22Z Referred to 2015-11-18T15:01:25Z hswm00 Ways and Means Committee House Standing Referred to 2015-11-18T15:01:20Z Retirement Security Act of 2015 114 557 HR 2015-04-29 Referred to the Subcommittee on Health, Employment, Labor, and Pensions. Related bill CRS Lifetime Income Disclosure Act 114 2317 HR 2015-11-16 Referred to the Subcommittee on Health, Employment, Labor, and Pensions. Related bill CRS Retirement Security Act of 2015 114 266 S 2015-01-27 Read twice and referred to the Committee on Finance. Related bill CRS Lifetime Income Disclosure Act 114 1317 S 2015-05-13 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Related bill CRS 2016-03-23 hsed02 Health, Employment, Labor, and Pensions Subcommittee 1 House committee actions Referred to the Subcommittee on Health, Employment, Labor, and Pensions. Committee 2015-11-18 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. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2015-11-18 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. IntroReferral H11100-A 9 Library of Congress 2015-11-18 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2015-11-18 Introduced in House IntroReferral Intro-H 9 Library of Congress 2015-11-18 Introduced in House IntroReferral 1000 9 Library of Congress K000188 Rep. Kind, Ron [D-WI-3] RON KIND D WI 3 N R000578 Rep. Reichert, David G. [R-WA-8] David Reichert R WA G. 8 2015-11-18 True Taxation Administrative law and regulatory procedures Civil actions and liability Consumer affairs Department of Labor Department of the Treasury Elementary and secondary education Employee benefits and pensions Financial literacy Income tax credits Income tax deductions Income tax deferral Insurance industry and regulation Sales and excise taxes Small business Teaching, teachers, curricula Taxation 00 2015-11-18 Introduced in House 2016-01-07T21:38:20Z Small Businesses Add Value for Employees Act of 2015 or the SAVE Act of 2015

This bill amends the Internal Revenue Code, with respect to employer-established simple individual retirement accounts (IRAs) and pension plans, to:

  • repeal restrictions on rollovers from simple IRAs to qualified retirement plans;
  • allow employers to elect to terminate simple IRAs at any time during the year;
  • repeal the increased 25% penalty on premature distributions from simple IRAs within the first two plan years;
  • allow additional nonelective employer contributions to simple IRAs not exceeding 10% of compensation;
  • establish automatic deferral IRAs to permit the automatic enrollment of employees earning at least $5,000 in a preceding year;
  • establish secure deferral arrangements for automatically enrolling employees at 6% of pay with annual increases;
  • allow small employers a new tax credit for the cost of adopting safe harbor requirements for secure deferral arrangements;
  • allow a transfer of unused benefits in a flexible spending arrangement to a qualified retirement or eligible deferred compensation plan;
  • increase the tax credit for small employer pension plan startup costs; and
  • establish multiple small employer retirement plans that provide for automatic employee contributions.

The bill requires: (1) the Department of the Treasury to promulgate regulations regarding the timing of notices to participants in automatic contribution pension plans; (2) the Office of Financial Education of Treasury to develop and implement an outreach plan to educate small businesses on the types and benefits of available retirement plans; (3) Treasury and the Department of Labor to develop recommendations for small businesses to improve retirement outcomes; and (4) Treasury, in consultation with the Department of Education, to develop age-appropriate financial literacy curricula for elementary and secondary schools.

The bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) exempt IRAs that permit payroll deductions from additional pension plan requirements, (2) require disclosures relating to lifetime income from pension plans and annuities, and (3) set forth safe harbor criteria for the selection of an annuity contract and an insurer.

]]> SAVE Act of 2015 Display Title SAVE Act of 2015 Official Title as Introduced To amend the Internal Revenue Code of 1986 to encourage retirement savings by modifying requirements with respect to employer-established IRAs, and for other purposes. Introduced in House IH Short Titles as Introduced SAVE Act of 2015 Short Titles as Introduced Small Businesses Add Value for Employees Act of 2015 Introduced in House 2015-11-18T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr4067ih/xml/BILLS-114hr4067ih.xml 2016-03-23 Referred to the Subcommittee on Health, Employment, Labor, and Pensions. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.