3.0.0 4637 2023-01-11T13:39:16Z 2023-01-11T13:39:16Z House HR 2017-12-13 115 [Congressional Record Volume 163, Number 203 (Wednesday, December 13, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. KIND:H.R. 4637.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 H9900]]]> hsed00 Education and the Workforce Committee House Standing Referred to 2017-12-13T15:00:50Z hswm00 Ways and Means Committee House Standing Referred to 2017-12-13T15:00:45Z Increasing Access to a Secure Retirement Act of 2017 115 4604 HR 2017-12-07 Referred to the House Committee on Education and the Workforce. Related bill CRS 2017-12-13 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 2017-12-13 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 2017-12-13 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-12-13 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 2017-12-13 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 2017-12-13 Introduced in House 2018-06-27T13:39:19Z Small businesses Add Value for Employees Act of 2017 or the SAVE Act of 2017

This bill amends the Internal Revenue Code to modify the requirements for employer-established individual retirement accounts (IRAs) and pension plans.

With respect to SIMPLE (Savings Incentive Match Plan for Employees) IRAs, the bill:

  • repeals restrictions on rollovers to retirement plans,
  • allows employers to terminate the plan at any time during the year,
  • repeals the increased penalty on early distributions, and
  • allows additional contributions.

The bill also:

  • establishes automatic deferral IRAs to permit the automatic enrollment of employees earning at least $5,000 for the preceding year,
  • establishes secure deferral arrangements for automatically enrolling employees at a rate of at least 6% of pay with annual increases and specified matching contributions,
  • allows small employers a tax credit for the cost of adopting safe harbor requirements for automatic contribution arrangements,
  • allows unused benefits in a flexible spending arrangement to be transferred to a retirement or deferred compensation plan,
  • increases the tax credit for small employer pension plan startup costs, and
  • establishes multiple small employer retirement plans that provide for automatic employee contributions.

The Department of the Treasury must: (1) modify requirements for the timing of notices to participants in automatic contribution pension plans, and (2) develop specified financial educational materials.

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 2017 Display Title SAVE Act of 2017 Short Titles as Introduced SAVE Act of 2017 Short Titles as Introduced Small businesses Add Value for Employees Act of 2017 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 2017-12-13T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr4637ih/xml/BILLS-115hr4637ih.xml 2017-12-13 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.