H.R. 4523 · 115th Congress
Automatic Retirement Plan Act of 2017
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Never voted on. It didn't reach a floor vote before the 115th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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NealSponsorNo cosponsors.
This bill amends the Internal Revenue Code to require certain employers to maintain automatic contribution retirement plans for employees. Governments, churches, small employers (10 or fewer employees), certain new businesses, and employers who already maintain certain retirement plans are exempt from the requirement.
What it does: CRS summary · Introduced in House · Dec 1, 2017
Automatic Retirement Plan Act of 2017
This bill amends the Internal Revenue Code to require certain employers to maintain automatic contribution retirement plans for employees. Governments, churches, small employers (10 or fewer employees), certain new businesses, and employers who already maintain certain retirement plans are exempt from the requirement.
Automatic contribution retirement plans are defined contribution plans, which must meet specified requirements regarding the eligibility of employees to enroll, automatic enrollment, investments, lifetime income, and fees.
The bill also:
- imposes an excise tax on employers who fail to maintain an automatic contribution plan;
- increases the dollar limitation for the tax credit for small employer pension plan startup costs;
- allows a tax credit for small employers who adopt automatic contribution retirement plans;
- modifies certain nondiscrimination rules that would otherwise apply to the automatic contribution plans;
- modifies certain fiduciary, qualification, and administrative rules that apply to multiple employer plans;
- allows states to continue certain programs that require automatic contribution plans;
- allows a refundable tax credit for certain retirement savings contributions and requires the Department of the Treasury to pay the credit as a contribution to the applicable retirement account; and
- provides for the portability of lifetime income investment options by permitting a rollover into another retirement plan if the investment is no longer authorized to be held as an investment option under an employer-sponsored plan.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Automatic Retirement Plan Act of 2017
Latest action (Dec 1, 2017): Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, 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.
Policy area: Taxation · Origin: House · Introduced: Dec 1, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.