Family Savings Act of 2018

3.0.0 854 2023-01-11T13:35:00Z 2023-01-11T13:35:00Z House HR 2017-02-03 115 [Congressional Record Volume 163, Number 19 (Friday, February 3, 2017)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. BUCHANAN:H.R. 854.Congress has the power to enact this legislation pursuantto the following:Article I, sec. 8.[Page H977]]]> hswm00 Ways and Means Committee House Standing Referred to 2017-02-03T14:04:15Z hsed00 Education and the Workforce Committee House Standing Referred to 2017-02-03T14:04:10Z Family Savings Act of 2018 115 6757 HR 2018-09-28 Received in the Senate and Read twice and referred to the Committee on Finance. Related bill CRS Shiloh National Military Park Boundary Adjustment and Parker's Crossroads Battlefield Designation Act 115 88 HR 2018-12-21 Message on House action received in Senate and at desk: House amendment to Senate amendment. Related bill CRS Retirement Security Act of 2017 115 1383 S 2017-06-20 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3651-3652) Related bill CRS Retirement Enhancement and Savings Act of 2018 115 2526 S 2018-03-08 Read twice and referred to the Committee on Finance. Related bill CRS Automatic Retirement Plan Act of 2017 115 4523 HR 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. 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 2017-02-03 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. IntroReferral H11100 2 House floor actions hswm00 Ways and Means Committee 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. IntroReferral H11100-A 9 Library of Congress 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. IntroReferral H11100 2 House floor actions hsed00 Education and the Workforce Committee 2017-02-03 Introduced in House IntroReferral Intro-H 9 Library of Congress 2017-02-03 Introduced in House IntroReferral 1000 9 Library of Congress B001260 Rep. Buchanan, Vern [R-FL-16] Vern Buchanan R FL 16 N N000015 Rep. Neal, Richard E. [D-MA-1] RICHARD NEAL D MA E. 1 2017-02-03 True R000586 Rep. Renacci, James B. [R-OH-16] James Renacci R OH B. 16 2017-02-03 True K000188 Rep. Kind, Ron [D-WI-3] RON KIND D WI 3 2017-02-03 True B001282 Rep. Barr, Andy [R-KY-6] Andy Barr R KY 6 2017-02-14 False R000607 Rep. Rooney, Francis [R-FL-19] Francis Rooney R FL 19 2017-03-02 False Taxation Business records Employee benefits and pensions Financial services and investments Government information and archives Income tax deferral Taxation

00 2017-02-03 Introduced in House 2017-03-17T12:21:29Z Retirement Security for American Workers Act

This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to modify the qualification requirements for certain multiple employer retirement plans.

A multiple employer plan that meets certain criteria may not be disqualified or otherwise lose its tax-favored status because one or more participating employers fail to take actions required with respect to the plan.

The bill applies to a multiple employer defined contribution plan or a plan that consists of Individual Retirement Accounts that either: (1) is sponsored by employers that both have a common interest other than having adopted the plan and control the plan, or (2) have a pooled plan provider.

The bill does not apply unless the terms of the plan require a noncompliant employer to, subject to the discretion of the Internal Revenue Service, (1) transfer assets of the plan attributable to the employees of the noncompliant employer to other specified retirement plans, and (2) be liable for plan liabilities attributable to employees of the noncompliant employer.

For the purposes of this bill, a defined contribution plan that is established or maintained for the purpose of providing benefits to the employees of two or more employers and that meets certain requirements (a pooled employer plan) is treated for the purposes of ERISA as a single plan that is a multiple employer plan.

The bill modifies reporting requirements under ERISA that apply to pooled employer and multiple employer plans.

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Retirement Security for American Workers Act Display Title Retirement Security for American Workers Act Official Title as Introduced To amend the Internal Revenue Code of 1986 to modify the qualification requirements with respect to certain multiple employer plans with pooled plan providers, and for other purposes. Introduced in House IH Short Titles as Introduced Retirement Security for American Workers Act Introduced in House 2017-02-03T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-115hr854ih/xml/BILLS-115hr854ih.xml 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. 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.