3.0.0 6136 2023-01-11T13:33:44Z 2023-01-11T13:33:44Z House HR 2016-09-22 114 [Congressional Record Volume 162, Number 144 (Thursday, September 22, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. CARTWRIGHT:H.R. 6136.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, Clause 1 of the U.S. Constitutionrelating to the power of Congress to provide for the commondefense and general welfare of the United States.Article 3, Section 8, Clause 3 of the U.S. Constitutionrelating to the power of Congress to regulate commerce.[Page H5866]]]> hswm00 Ways and Means Committee House Standing Referred to 2016-09-22T14:06:50Z hsed00 Education and the Workforce Committee House Standing Referred to 2016-09-22T14:06:45Z 2016-09-22 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 2016-09-22 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. IntroReferral H11100-A 9 Library of Congress 2016-09-22 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. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2016-09-22 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-09-22 Introduced in House IntroReferral 1000 9 Library of Congress C001090 Rep. Cartwright, Matt [D-PA-17] Matt Cartwright D PA 17 N L000562 Rep. Lynch, Stephen F. [D-MA-8] Stephen Lynch D MA F. 8 2016-09-22 True L000559 Rep. Langevin, James R. [D-RI-2] JAMES LANGEVIN D RI R. 2 2016-09-22 True D000482 Rep. Doyle, Michael F. [D-PA-14] MIKE DOYLE D PA 14 2016-09-22 True B001227 Rep. Brady, Robert A. [D-PA-1] ROBERT BRADY D PA A. 1 2016-09-22 True C001037 Rep. Capuano, Michael E. [D-MA-7] MICHAEL CAPUANO D MA E. 7 2016-09-22 True Labor and Employment Labor and Employment 00 2016-09-22 Introduced in House 2018-09-05T19:38:24Z USA Retirement Funds Act

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to require employers who do not already offer specified retirement plans to provide tax-exempt retirement funds (USA Retirement Fund arrangements) to their employees. The bill includes exemptions for certain small or new employers, governments, and churches.

Employees may elect to contribute to the funds using payroll deductions (or other periodic direct deposits) or to receive payments directly in cash. Unless employees opt out of a fund or elect a different contribution amount, they are automatically enrolled to make contributions that begin with 3% of annual compensation in 2017 and eventually increase to 6% after 2019.

The Department of Labor must review and select retirement plans that qualify for the funds. The bill establishes a board of trustees to administer the funds and a commission to advise Labor regarding the funds.

An employee may not contribute more than $15,000 per year to a fund. Employers may contribute up to $5,000 per year on behalf of an employee. The limits must be adjusted annually for inflation.

The funds must pay benefits to employees in the form of an annuity, in accordance with specified requirements.

The bill establishes limits on withdrawals and transfers from the funds. It also establishes civil and criminal penalties to enforce the requirements for the funds and prevent fraud.

The funds are tax-exempt, and the bill specifies requirements for the tax treatment of contributions, rollover contributions, and distributions. The bill also specifies reporting and disclosure requirements for the funds.

]]> USA Retirement Funds Act Display Title USA Retirement Funds Act Official Title as Introduced To provide for USA Retirement Funds, and for other purposes. Introduced in House IH Short Titles as Introduced USA Retirement Funds Act Introduced in House 2016-09-22T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr6136ih/xml/BILLS-114hr6136ih.xml 2016-09-22 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. 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.