3.0.0 4523 2023-01-11T13:39:19Z 2023-01-11T13:39:19Z House HR 2017-12-01 115 [Congressional Record Volume 163, Number 196 (Friday, December 1, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. NEAL:H.R. 4523.Congress has the power to enact this legislation pursuantto the following:The Congress enacts this bill pursuant to Sections 7 & 8 ofArticle I of the United States Constitution and Amendment XVIof the United States Constitution.[Page H9598]]]> hsed00 Education and the Workforce Committee House Standing Referred to 2017-12-01T14:00:39Z hswm00 Ways and Means Committee House Standing Referred to 2017-12-01T14:00:34Z Small Employer Retirement Savings Auto-Enrollment Credit Act 115 3902 HR 2017-10-02 Referred to the House Committee on Ways and Means. Related bill CRS Retirement Security for American Workers Act 115 854 HR 2017-02-03 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. Related bill CRS To amend the Internal Revenue Code of 1986 to make lifetime income and managed account options of defined contribution retirement savings plans portable. 115 3910 HR 2017-10-02 Referred to the House Committee on Ways and Means. Related bill CRS A bill to amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to modify the requirements for multiple employer plans, and for other purposes. 115 3219 S 2018-07-17 Read twice and referred to the Committee on Finance. Related bill CRS 2017-12-01 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 2017-12-01 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 2017-12-01 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-12-01 Introduced in House IntroReferral 1000 9 Library of Congress N000015 Rep. Neal, Richard E. [D-MA-1] RICHARD NEAL D MA E. 1 N Taxation Business records Civil actions and liability Employee benefits and pensions Financial services and investments Income tax credits Sales and excise taxes Small business Taxation 00 2017-12-01 Introduced in House 2018-07-25T18:47:44Z Automatic Retirement Plan Act of 2017

This bill amends the Internal Revenue Code to require certain employers to maintain automatic contribution retirement plans for employees. Governments, churches, small employers (10 or fewer employees), certain new businesses, and employers who already maintain certain retirement plans are exempt from the requirement.

Automatic contribution retirement plans are defined contribution plans, which must meet specified requirements regarding the eligibility of employees to enroll, automatic enrollment, investments, lifetime income, and fees.

The bill also:

  • imposes an excise tax on employers who fail to maintain an automatic contribution plan;
  • increases the dollar limitation for the tax credit for small employer pension plan startup costs;
  • allows a tax credit for small employers who adopt automatic contribution retirement plans;
  • modifies certain nondiscrimination rules that would otherwise apply to the automatic contribution plans;
  • modifies certain fiduciary, qualification, and administrative rules that apply to multiple employer plans;
  • allows states to continue certain programs that require automatic contribution plans;
  • allows a refundable tax credit for certain retirement savings contributions and requires the Department of the Treasury to pay the credit as a contribution to the applicable retirement account; and
  • provides for the portability of lifetime income investment options by permitting a rollover into another retirement plan if the investment is no longer authorized to be held as an investment option under an employer-sponsored plan.
]]> Automatic Retirement Plan Act of 2017 Display Title Automatic Retirement Plan Act of 2017 Short Titles as Introduced Automatic Retirement Plan Act of 2017 Official Title as Introduced To amend the Internal Revenue Code of 1986 to expand retirement plan coverage, increase retirement security, and for other purposes. Introduced in House 2017-12-01T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr4523ih/xml/BILLS-115hr4523ih.xml 2017-12-01 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. 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.