H.R. 4637 · 115th Congress
SAVE Act of 2017
Key: what the circles and colors mean
Each circle is a bill. The ring fills as it moves through Congress:
Under the number: the Yea · Nay count of its final (or latest) recorded vote. On a member's page, the small badge is how that member voted: Y Yea / Aye, N Nay / No, P Present, – Not voting.
Gold and violet are only for Yea and Nay; they never mean a party. A member's party is the letter on their photo.
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
KindSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Small businesses Add Value for Employees Act of 2017 or the SAVE Act of 201 7
What it does: CRS summary · Introduced in House · Dec 13, 2017
Small businesses Add Value for Employees Act of 2017 or the SAVE Act of 2017
This bill amends the Internal Revenue Code to modify the requirements for employer-established individual retirement accounts (IRAs) and pension plans.
With respect to SIMPLE (Savings Incentive Match Plan for Employees) IRAs, the bill:
- repeals restrictions on rollovers to retirement plans,
- allows employers to terminate the plan at any time during the year,
- repeals the increased penalty on early distributions, and
- allows additional contributions.
The bill also:
- establishes automatic deferral IRAs to permit the automatic enrollment of employees earning at least $5,000 for the preceding year,
- establishes secure deferral arrangements for automatically enrolling employees at a rate of at least 6% of pay with annual increases and specified matching contributions,
- allows small employers a tax credit for the cost of adopting safe harbor requirements for automatic contribution arrangements,
- allows unused benefits in a flexible spending arrangement to be transferred to a retirement or deferred compensation plan,
- increases the tax credit for small employer pension plan startup costs, and
- establishes multiple small employer retirement plans that provide for automatic employee contributions.
The Department of the Treasury must: (1) modify requirements for the timing of notices to participants in automatic contribution pension plans, and (2) develop specified financial educational materials.
The bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to: (1) exempt IRAs that permit payroll deductions from additional pension plan requirements, (2) require disclosures relating to lifetime income from pension plans and annuities, and (3) set forth safe harbor criteria for the selection of an annuity contract and an insurer.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: SAVE Act of 2017
Also known as: Small businesses Add Value for Employees Act of 2017
Latest action (Dec 13, 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 13, 2017
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.