H.R. 7148 · 115th Congress
USA Retirement Funds Act
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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
CartwrightSponsorNo cosponsors.
This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to require employers who do not already offer specified retirement plans to provide tax-exempt retirement funds (USA Retirement Fund arrangements) to their employees. The bill includes exemptions for certain small or new employers, governments, and churches.
What it does: CRS summary · Introduced in House · Nov 16, 2018
USA Retirement Funds Act
This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to require employers who do not already offer specified retirement plans to provide tax-exempt retirement funds (USA Retirement Fund arrangements) to their employees. The bill includes exemptions for certain small or new employers, governments, and churches.
Employees may elect to contribute to the funds using payroll deductions (or other periodic direct deposits) or to receive payments directly in cash. Unless employees opt out of a fund or elect a different contribution amount, they are automatically enrolled to make contributions that begin with 3% of annual compensation in 2019 and eventually increase to 6% after 2021.
The Department of Labor must review and select retirement plans that qualify for the funds. The bill establishes a board of trustees to administer the funds and a commission to advise Labor regarding the funds.
An employee may not contribute more than $15,000 per year to a fund. Employers may contribute up to $5,000 per year on behalf of an employee. The limits must be adjusted annually for inflation.
The funds must pay benefits to employees in the form of an annuity, in accordance with specified requirements.
The bill establishes limits on withdrawals and transfers from the funds. It also establishes civil and criminal penalties to enforce the requirements for the funds and prevent fraud.
The funds are tax-exempt, and the bill specifies requirements for the tax treatment of contributions, rollover contributions, and distributions. The bill also specifies reporting and disclosure requirements for the funds.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: USA Retirement Funds Act
Latest action (Nov 16, 2018): Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, 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: Nov 16, 2018
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.