3.0.0 321 2022-11-01T15:17:44Z 2022-11-01T15:17:44Z Senate S 2019-02-04 116 ssfi00 Finance Committee Senate Standing Referred to 2019-02-04T21:48:19Z 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 Providing Retirement Security to Workers in Small Businesses, Cooperatives, and Service Organizations Act of 2019 116 1993 HR 2019-03-29 Referred to the Committee on Education and Labor, 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 Further Consolidated Appropriations Act, 2020 116 1865 HR 2019-12-20 Became Public Law No: 116-94. Related bill CRS Small Employer Retirement Savings Auto-Enrollment Credit Act 116 1938 HR 2019-03-27 Referred to the House Committee on Ways and Means. Related bill CRS 2019-02-04 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S834-835) IntroReferral 2019-02-04 Introduced in Senate IntroReferral 10000 9 Library of Congress C001035 Sen. Collins, Susan M. [R-ME] Susan Collins R ME M. N H001076 Sen. Hassan, Margaret Wood [D-NH] Maggie Hassan D NH 2019-02-04 True Taxation Administrative law and regulatory procedures Business records Department of the Treasury Employee benefits and pensions Financial services and investments Government information and archives Income tax credits Income tax deferral Small business Tax administration and collection, taxpayers Taxation 00 2019-02-04 Introduced in Senate 2020-01-29T17:22:54Z Retirement Security Act of 2019

This bill modifies various requirements and tax credits for employer-provided retirement plans.

The bill modifies the qualification requirements for certain multiple employer plans with pooled providers. The bill applies to defined contribution plans that (1) are maintained by employers that have a common interest other than having adopted the plan, or (2) have a pooled plan provider. Such a plan that meets specified requirements may not be disqualified or otherwise lose its tax-favored status because a participating employer fails to take actions required with respect to the plan.

The bill also (1) permits pooled employer plans that meet certain requirements to be treated under the Employee Retirement Income Security Act of 1974 (ERISA) as a single employee pension benefit plan or single pension plan that is a multiple employer plan, and (2) modifies reporting requirements for pooled employer and multiple employer plans.

With respect to 401(k) retirement plans, the bill (1) modifies requirements related to default rates for elective deferrals under automatic enrollment plans, the election of safe harbor 401(k) status, and nondiscrimination rules; (2) allows a business-related safe harbor adoption tax credit for small employers, and (3) requires the Department of the Treasury to simplify regulations regarding the timing of participant notices.

The bill also (1) increases the limit on the amount of the tax credit for small employer pension plan startup costs, and (2) allows a business-related tax credit for small employers who include and maintain an automatic contribution arrangement in an employer-sponsored retirement plan.

]]> Retirement Security Act of 2019 Display Title Retirement Security Act of 2019 Short Title(s) as Introduced Retirement Security Act of 2019 Introduced in Senate IS Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to modify safe harbor requirements applicable to automatic contribution arrangements, and for other purposes. Introduced in Senate IS Introduced in Senate 2019-02-04T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s321is/xml/BILLS-116s321is.xml 2019-02-04 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S834-835) 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.