3.0.0 4808 2023-08-25T22:47:59Z 2023-09-05T17:28:05Z Senate S 2022-09-08 117 ssfi00 Finance Committee Senate Standing Reported original measure 2022-09-08T17:54:01Z S. Rept. 117-142 ABLE Age Adjustment Act 117 1219 HR 2021-02-23 Referred to the House Committee on Ways and Means. Related bill CRS Military Spouses Retirement Security Act 117 1453 HR 2021-03-01 Referred to the House Committee on Ways and Means. Related bill CRS To amend the Internal Revenue Code of 1986 to allow a one-time election for a qualified charitable distribution to a split-interest entity and to inflation adjust the limits for qualified charitable distributions. 117 2909 HR 2021-04-30 Referred to the House Committee on Ways and Means. Related bill CRS Retirement Parity for Student Loans Act of 2021 117 2917 HR 2021-04-30 Referred to the House Committee on Ways and Means. Related bill CRS To amend the Internal Revenue Code of 1986 to allow retroactive elective deferrals for owners of unincorporated businesses in the case of a plan adopted after the close of the taxable year and before the time for filing the return of tax. 117 2943 HR 2021-04-30 Referred to the House Committee on Ways and Means. Related bill CRS To direct the Secretary of the Treasury to modify Treasury Regulations relating to insurance-dedicated exchange-traded funds. 117 2951 HR 2021-04-30 Referred to the House Committee on Ways and Means. Related bill CRS Savings Access For Escaping and Rebuilding Act of 2021 117 2953 HR 2021-05-04 Referred to the House Committee on Ways and Means. Related bill CRS Charitable Conservation Easement Program Integrity Act of 2021 117 4164 HR 2021-06-24 Referred to the House Committee on Ways and Means. Related bill CRS To amend the Internal Revenue Code of 1986 to provide for rules for the use of retirement funds in connection with federally declared disasters. 117 6241 HR 2021-12-09 Referred to the House Committee on Ways and Means. Related bill CRS Enhancing Emergency and Retirement Savings Act of 2022 117 7146 HR 2022-03-17 Referred to the House Committee on Ways and Means. Related bill CRS ABLE Age Adjustment Act 117 331 S 2021-02-22 Read twice and referred to the Committee on Finance. Related bill CRS No TikTok on Government Devices Act 117 1143 S 2022-12-15 Held at the desk. 14:03:54 Related bill CRS SIMPLE Plan Modernization Act 117 1272 S 2021-04-21 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2125-2126; text: CR S2125-2126) Related bill CRS Enhancing Emergency and Retirement Savings Act of 2021 117 1870 S 2021-05-27 Read twice and referred to the Committee on Finance. Related bill CRS Compassionate Retirement Act of 2021 117 1889 S 2021-05-27 Read twice and referred to the Committee on Finance. Related bill CRS Charitable Conservation Easement Program Integrity Act of 2021 117 2256 S 2021-06-24 Read twice and referred to the Committee on Finance. Related bill CRS A bill to amend the Internal Revenue Code of 1986 to provide for rules for the use of retirement funds in connection with federally declared disasters. 117 2583 S 2021-08-03 Read twice and referred to the Committee on Finance. Related bill CRS SAFER Act 117 3993 S 2022-04-05 Read twice and referred to the Committee on Finance. Related bill CRS State and Local Corrections Officer Retirement Fairness Act of 2022 117 4024 S 2022-04-07 Read twice and referred to the Committee on Finance. Related bill CRS Police and Fire Health Care Protection Act of 2022 117 4312 S 2022-05-25 Read twice and referred to the Committee on Finance. Related bill CRS Advancing Auto-Portability Act of 2022 117 4406 S 2022-06-15 Read twice and referred to the Committee on Finance. Related bill CRS State and Local Corrections Officer Retirement Fairness Act of 2022 117 8986 HR 2022-09-26 Referred to the House Committee on Ways and Means. Related bill CRS Advancing Auto-Portability Act of 2022 117 9252 HR 2022-10-28 Referred to the House Committee on Ways and Means. Related bill CRS Family Attribution Modernization Act 117 5125 S 2022-11-17 Read twice and referred to the Committee on Finance. Related bill CRS 2022-09-08 Senate Placed on Senate Legislative Calendar under General Orders. Calendar No. 480. Calendars 2022-09-08 ssfi00 Finance Committee Senate Committee on Finance. Original measure reported to Senate by Senator Wyden. With written report No. 117-142. Committee 2022-09-08 Committee on Finance. Original measure reported to Senate by Senator Wyden. With written report No. 117-142. Committee 14000 9 Library of Congress ssfi00 Finance Committee 2022-09-08 Introduced in Senate IntroReferral 10000 9 Library of Congress W000779 Sen. Wyden, Ron [D-OR] Ron Wyden D OR N 2022-09-23T20:24:00Z S. 4808, Enhancing American Retirement Now Act https://www.cbo.gov/publication/58514 As reported by the Senate Committee on Finance on September 8, 2022 Taxation Bank accounts, deposits, capital Disaster relief and insurance Employee benefits and pensions First responders and emergency personnel Government employee pay, benefits, personnel management Income tax credits Income tax deferral Life, casualty, property insurance Military personnel and dependents Sales and excise taxes Small business Taxation 00 2022-09-08 Introduced in Senate 2022-12-07T14:37:01Z Enhancing American Retirement Now Act or the EARN Act

This bill revises tax provisions relating to retirement plans for individuals, retirees, public safety officers and military personnel, and employer plans.

]]> 25 2022-09-08 Reported to Senate 2023-04-19T14:11:21Z Enhancing American Retirement Now Act or the EARN Act

This bill revises or establishes new tax provisions relating to retirement plans for individuals, retirees, public safety officers and military personnel, disaster relief, and employer plans.

The bill revises various provisions relating to individual retirement plans, including provisions to (1) establish a safe harbor for automatic enrollment plans; (2) allow a refundable income tax credit, up to $1,000, for retirement savings contributions; (3) allow penalty-free withdrawals from plans for emergency expenses; (4) modify age requirements for catch-up provisions; (5) allow penalty free withdrawals from plans in domestic abuse cases; (6) allow transfers of plans (portability); and (7) modify the age requirement for ABLE programs for disabled individuals.

The bill makes changes to plans for retirees, including by (1) increasing the age for the start of mandatory plan distributions, (2) reducing the excise tax on certain accumulations in qualified retirement plans, (3) recovering retirement plan overpayments, (4) modifying certain Roth IRA distribution requirements, and (5) allowing plan distributions for individuals with a terminal illness.

The bill modifies provisions relating to retirement plans of public safety offices and military personnel. It allows (1) small employers a tax credit for establishing military spouse retirement plans, (2) penalty-free distributions to firefighters, (3) a tax exclusion for certain disability-related payment for first responders, and (4) an exemption from the early withdrawal penalty for distributions to certain state and local corrections employees.

The bill establishes special tax rules for the use of retirement funds for federally declared disasters.

The bill also modifies or establishes requirements relating to employer plans, including (1) allowing a tax credit for small employers with respect to safe harbor requirements for retirement plans, (2) increasing the credit limitation for small employer pension plan startup costs, (3) reforming family attribution rules, (4) providing for starter 401(k) plans for employers with no retirement plan, (5) allowing a tax credit for small employers that adopt an automatic portability arrangement, (6) modifying Internal Revenue Service mortality tables, (7) extending the period for transferring excess pension assets to retiree heath accounts, and (8) deferring the tax on certain sales of employer stock to employee stock ownership plans sponsored by S corporations.

The bill modifies provisions relating to the retirement of U.S. Tax Court judges, including participation in the Thrift Savings Plan.

]]> EARN Act Display Title EARN Act Short Title(s) as Introduced EARN Act Short Title(s) as Introduced Enhancing American Retirement Now Act Short Title(s) as Reported to Senate EARN Act S Senate Reported to Senate RS Short Title(s) as Reported to Senate Enhancing American Retirement Now Act S Senate Reported to Senate RS Official Title as Introduced An original bill to amend the Internal Revenue Code of 1986 to reform retirement provisions, and for other purposes. Reported to Senate 2022-09-08T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-117s4808rs/xml/BILLS-117s4808rs.xml 2022-09-08 Placed on Senate Legislative Calendar under General Orders. Calendar No. 480. 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.