S. 2370 · 116th Congress
Automatic IRA Act of 2019
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Never voted on. It didn't reach a floor vote before the 116th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
WhitehouseSponsorNo cosponsors.
This bill amends the Internal Revenue Code to (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation, (2) require…
What it does: CRS summary · Introduced in Senate · Jul 31, 2019
Automatic IRA Act of 2019
This bill amends the Internal Revenue Code to (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation, (2) require the Department of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in an automatic IRA arrangement and for providing details regarding the election period, (3) impose a penalty on employers who fail to provide eligible employees access to an automatic IRA arrangement, (4) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement, and (5) increase the dollar limitation on the tax credit for small employer pension plan startup costs.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Automatic IRA Act of 2019
Latest action (Jul 31, 2019): Read twice and referred to the Committee on Finance.
Policy area: Taxation · Origin: Senate · Introduced: Jul 31, 2019
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.