3.0.0 2352 2022-11-01T13:50:14Z 2022-11-01T13:50:14Z Senate S 2019-07-31 116 ssfi00 Finance Committee Senate Standing Referred to 2019-07-31T15:23:40Z Retirement Enhancement and Savings Act of 2019 116 1007 HR 2019-02-06 Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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 Family Savings Act of 2019 116 1084 HR 2019-02-07 Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, and the Budget, 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 Setting Every Community Up for Retirement Enhancement Act of 2019 116 1994 HR 2019-06-03 Received in the Senate. Related bill CRS Retirement Enhancement and Savings Act of 2019 116 972 S 2019-04-01 Read twice and referred to the Committee on Finance. Related bill CRS 2019-07-31 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2019-07-31 Introduced in Senate IntroReferral 10000 9 Library of Congress C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD N P000449 Sen. Portman, Rob [R-OH] Rob Portman R OH 2019-07-31 True Taxation Employee benefits and pensions Income tax deferral Taxation 00 2019-07-31 Introduced in Senate 2019-10-22T19:58:04Z Retirement Security Preservation Act of 2019

This bill amends the Internal Revenue Code to modify the nondiscrimination requirements for certain defined benefit retirement plans that limit participation or certain features to a closed class, such as individuals who were hired before a certain date.

(Under current law, the plans may not discriminate in favor of highly compensated employees and must meet minimum participation requirements.)

The bill applies only to a defined benefit plan that (1) closed before April 5, 2017; or (2) was in effect for at least five years when it closed and did not substantially increase the coverage or value of the benefits, rights, or features for the closed class during the five-year period before it closed, except as the result of certain business acquisitions or mergers.

Such a plan meets the nondiscrimination requirements if it (1) satisfies certain testing rules for the year that the class closes and the two succeeding plan years, and (2) is not amended in a discriminatory manner after the class is closed.

A defined contribution plan that offers additional contributions or benefits to a closed class whose benefits under a defined benefit plan have been reduced or eliminated meets the nondiscrimination requirements if (1) the group receiving the contributions or benefits satisfies certain testing rules for the year in which the group is closed and for two subsequent plan years, and (2) the plan is not amended in a discriminatory manner.

A defined benefit plan that is either closed or has ceased benefit accruals for all participants (frozen plan) satisfies the minimum participation requirements if the plan met the requirements when it was closed or frozen.

]]> Retirement Security Preservation Act of 2019 Display Title Retirement Security Preservation Act of 2019 Short Title(s) as Introduced Retirement Security Preservation Act of 2019 Introduced in Senate IS Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to modify nondiscrimination rules to protect older, longer service participants in retirement plans. Introduced in Senate IS Introduced in Senate 2019-07-31T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s2352is/xml/BILLS-116s2352is.xml 2019-07-31 Read twice and referred to the Committee on Finance. 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.