[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 3307 Introduced in Senate (IS)]

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114th CONGRESS
  2d Session
                                S. 3307

To amend the Internal Revenue Code of 1986 and the Employee Retirement 
Income Security Act of 1974 to avoid duplicative annual reporting, and 
                          for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 8, 2016

Mr. Warner (for himself and Ms. Collins) introduced the following bill; 
     which was read twice and referred to the Committee on Health, 
                     Education, Labor, and Pensions

_______________________________________________________________________

                                 A BILL


 
To amend the Internal Revenue Code of 1986 and the Employee Retirement 
Income Security Act of 1974 to avoid duplicative annual reporting, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. COMBINATION OF ANNUAL REPORTS.

    (a) In General.--The Secretary of the Treasury and the Secretary of 
Labor shall cooperate to modify the returns required under section 6058 
of the Internal Revenue Code of 1986 and the reports required by 
section 104 of the Employee Retirement Income Security Act of 1974 (29 
U.S.C. 1024) so that all members of a group of plans described in 
subsection (c) may file a single aggregated annual return or report 
satisfying the requirements of both such sections.
    (b) Administrative Requirements.--In developing the consolidated 
return or report under subsection (a), the Secretary of the Treasury 
and the Secretary of Labor may require such return or report to include 
any information regarding each plan in the group as such Secretaries 
determine is necessary or appropriate for the enforcement and 
administration of the Internal Revenue Code of 1986 and the Employee 
Retirement Income Security Act of 1974.
    (c) Plans Described.--A group of plans is described in this 
subsection if all plans in the group--
            (1) are individual account plans or defined contribution 
        plans (as defined in section 3(34) of the Employee Retirement 
        Income Security Act of 1974 (29 U.S.C. 1002(34)) or in section 
        414(i) of the Internal Revenue Code of 1986);
            (2) have--
                    (A) the same trustee (as described in section 
                403(a) of such Act (29 U.S.C. 1103(a)));
                    (B) the same one or more named fiduciaries (as 
                described in section 402(a) of such Act (29 U.S.C. 
                1102(a)));
                    (C) the same administrator (as defined in section 
                3(16)(A) of such Act (29 U.S.C. 1002(16)(A))) and plan 
                administrator (as defined in section 414(g) of the 
                Internal Revenue Code of 1986); and
                    (D) plan years beginning on the same date; and
            (3) provide the same investments or investment options to 
        participants and beneficiaries.
A plan not subject to title I of the Employee Retirement Income 
Security Act of 1974 shall be treated as meeting the requirements of 
paragraph (2) as part of a group of plans if the same person that 
performs each of the functions described in such paragraph, as 
applicable, for all other plans in such group performs each of such 
functions for such plan.
    (d) Effective Date.--The modifications required by subsections (a) 
and (b) shall be implemented not later than January 1, 2020, and shall 
be effective for returns and reports due on or after such date.

SEC. 2. CLARIFICATION RELATING TO ELECTRONIC FILING OF RETURNS FOR 
              DEFERRED COMPENSATION PLANS.

    (a) In General.--Section 6011(e) of the Internal Revenue Code of 
1986 is amended by adding at the end the following new paragraph:
            ``(5) Application of numerical limitation to returns 
        relating to deferred compensation plans.--For purposes of 
        applying the numerical limitation under paragraph (2)(A) to any 
        return required under section 6058, each plan for which 
        information is provided on such return shall be treated as a 
        separate return.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
apply to returns required to be filed after the date of the enactment 
of this Act.
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