3.0.0 972 2022-11-01T18:47:25Z 2022-11-05T19:28:34Z Senate S 2019-04-01 116 ssfi00 Finance Committee Senate Standing Referred to 2019-04-01T21:15:38Z 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 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 Lifetime Income Disclosure Act 116 2367 HR 2019-04-25 Referred to the House Committee on Education and Labor. 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 Lifetime Income Disclosure Act 116 1574 S 2019-05-21 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. Related bill CRS Retirement Security Preservation Act of 2019 116 2352 S 2019-07-31 Read twice and referred to the Committee on Finance. Related bill CRS 2019-04-01 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2019-04-01 Introduced in Senate IntroReferral 10000 9 Library of Congress G000386 Sen. Grassley, Chuck [R-IA] Charles Grassley R IA E. N W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR 2019-04-01 True R000584 Sen. Risch, James E. [R-ID] James Risch R ID E. 2019-05-21 False B001310 Sen. Braun, Mike [R-IN] Mike Braun R IN 2019-05-21 False Taxation Border security and unlawful immigration Consumer credit Corporate finance and management Emergency medical services and trauma care Employee benefits and pensions Fires First responders and emergency personnel Government employee pay, benefits, personnel management Government information and archives House of Representatives Income tax credits Income tax deferral Income tax exclusion Inflation and prices Judges Life, casualty, property insurance Military personnel and dependents Motor carriers Motor vehicles Religion Sales and excise taxes Securities Senate Small business Social work, volunteer service, charitable organizations Specialized courts Student aid and college costs Tax administration and collection, taxpayers Teaching, teachers, curricula Taxation 00 2019-04-01 Introduced in Senate 2020-01-29T16:43:16Z Retirement Enhancement and Savings Act of 2019

This bill modifies requirements for tax-favored retirement savings accounts, employer-provided retirement plans, and retirement benefits for federal judges.

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

  • multiple employer plans,
  • automatic enrollment and nonelective contributions,
  • loans,
  • terminating or transferring plans,
  • reporting and disclosure rules,
  • nondiscrimination rules,
  • selecting lifetime income providers, and
  • Pension Benefit Guaranty Corporation premiums.

The bill also increases the tax credit for small employer pension plan startup costs and allows a tax credit for small employers that establish retirement plans that include automatic enrollment.

With respect to Individual Retirement Accounts (IRAs), the bill

  • treats taxable non-tuition fellowship and stipend payments as compensation,
  • repeals the maximum age for traditional IRA contributions, and
  • permits any IRA to be a shareholder of any S corporation that is a bank.

The bill makes several modifications to retirement benefits for magistrate judges of the U.S. Tax Court and other federal judges.

The bill also modifies various tax provisions to

  • reinstate and increase the tax exclusion for benefits provided to volunteer firefighters and emergency medical responders,
  • revise the required distribution rules for pension plans,
  • increase penalties for failing to file tax or retirement plan returns, and
  • require the Internal Revenue Service to share returns and return information with U.S. Customs Border Protection to administer the heavy vehicle use tax.
]]> Retirement Enhancement and Savings Act of 2019 Display Title Retirement Enhancement and Savings Act of 2019 Short Title(s) as Introduced Retirement Enhancement and Savings Act of 2019 Introduced in Senate IS Official Title as Introduced A bill to amend the Internal Revenue Code of 1986 to encourage retirement savings, and for other purposes. Introduced in Senate IS Introduced in Senate 2019-04-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s972is/xml/BILLS-116s972is.xml 2019-04-01 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.