H.R. 9252 · 117th Congress
Advancing Auto-Portability Act of 2022
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
SchneiderSponsor1 cosponsor · 1 R
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill allows employees to transfer their retirement account upon terminating their employment to a similar account with a new employer. Specifically, it makes such transfers automatic, subject to the right of employees to opt out.
What it does: CRS summary · Introduced in House · Oct 28, 2022
Advancing Auto-Portability Act of 2022
This bill allows employees to transfer their retirement account upon terminating their employment to a similar account with a new employer. Specifically, it makes such transfers automatic, subject to the right of employees to opt out. It imposes certain requirements upon an automatic portability provider, including a requirement that the provider acknowledge its fiduciary status and provide a notice in advance to an employee whose retirement account is being transferred that contains a description of the automatic portability transaction and any fees charged in connection with the transaction.
This bill also allows an eligible employer a $500 tax credit in the year that an automatic portability arrangement is adopted.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Advancing Auto-Portability Act of 2022
Latest action (Oct 28, 2022): Referred to the House Committee on Ways and Means.
Policy area: Taxation · Origin: House · Introduced: Oct 28, 2022
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.