H.R. 4524 · 115th Congress
Retirement Plan Simplification and Enhancement 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.
D
NealSponsorNo cosponsors.
This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to modify requirements and tax provisions regarding retirement plans.
What it does: CRS summary · Introduced in House · Dec 1, 2017
Retirement Plan Simplification and Enhancement Act of 2017
This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to modify requirements and tax provisions regarding retirement plans.
With respect to employer-provided retirement plans, the bill modifies requirements regarding:
- automatic enrollment;
- coverage rules for long-term, part-time workers;
- employer contributions;
- the timing for adopting a qualified retirement plan;
- correcting errors;
- financial incentives for contributing to a plan;
- the portability of lifetime income and managed account investment options;
- distribution options;
- notices and disclosures to participants;
- interest rates for defined benefit plans; and
- due dates for employer pension contributions.
The bill also:
- repeals the maximum age for traditional Individual Retirement Account (IRA) contributions,
- modifies the rollover options that are available to nonspouse beneficiaries,
- increases the age at which participants are required to begin taking distributions,
- exempts participants with retirement plan balances that do not exceed $250,000 from the required minimum distribution rules,
- expands tax credits for small employers that adopt certain retirement plans,
- makes the saver's tax credit available on Form 1040-EZ,
- modifies the required minimum distribution requirements for life annuities,
- modifies the requirements for qualifying longevity annuity contracts,
- modifies the rules for fiduciaries who make economically targeted investments, and
- establishes an Office of the Participant and Plan Sponsor Advocate within the Internal Revenue Service.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Retirement Plan Simplification and Enhancement 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: Labor and Employment · Origin: House · Introduced: Dec 1, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.