3.0.0 4524 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. 4524.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 2017-12-01T14:01:15Z hswm00 Ways and Means Committee House Standing Referred to 2017-12-01T14:01:10Z 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 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 Labor and Employment Administrative law and regulatory procedures Administrative remedies Congressional oversight Department of Labor Department of the Treasury Employee benefits and pensions Executive agency funding and structure Federal officials Financial services and investments Fraud offenses and financial crimes Government information and archives Government studies and investigations Income tax credits Income tax deferral Interest, dividends, interest rates Internal Revenue Service (IRS) Sales and excise taxes Securities Small business Tax administration and collection, taxpayers Temporary and part-time employment Labor and Employment 00 2017-12-01 Introduced in House 2018-09-05T18:14:21Z Retirement Plan Simplification and Enhancement Act of 2017

This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to modify requirements and tax provisions regarding retirement plans.

With respect to employer-provided retirement plans, the bill modifies requirements regarding:

  • automatic enrollment;
  • coverage rules for long-term, part-time workers;
  • employer contributions;
  • the timing for adopting a qualified retirement plan;
  • correcting errors;
  • financial incentives for contributing to a plan;
  • the portability of lifetime income and managed account investment options;
  • distribution options;
  • notices and disclosures to participants;
  • interest rates for defined benefit plans; and
  • due dates for employer pension contributions.

The bill also:

  • repeals the maximum age for traditional Individual Retirement Account (IRA) contributions,
  • modifies the rollover options that are available to nonspouse beneficiaries,
  • increases the age at which participants are required to begin taking distributions,
  • exempts participants with retirement plan balances that do not exceed $250,000 from the required minimum distribution rules,
  • expands tax credits for small employers that adopt certain retirement plans,
  • makes the saver's tax credit available on Form 1040-EZ,
  • modifies the required minimum distribution requirements for life annuities,
  • modifies the requirements for qualifying longevity annuity contracts,
  • modifies the rules for fiduciaries who make economically targeted investments, and
  • establishes an Office of the Participant and Plan Sponsor Advocate within the Internal Revenue Service.
]]> Retirement Plan Simplification and Enhancement Act of 2017 Display Title Retirement Plan Simplification and Enhancement Act of 2017 Short Titles as Introduced Retirement Plan Simplification and Enhancement Act of 2017 Official Title as Introduced To expand retirement coverage, preserve retirement income, simplify rules related to retirement plans, and for other purposes. Introduced in House 2017-12-01T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr4524ih/xml/BILLS-115hr4524ih.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.