Ways and Means Committee, Education and Workforce Committee
Introduced
In Committee
On Floor
Passed Chamber
Enacted
Automatic Retirement Plan Act of 2017 This bill amends the Internal Revenue Code to require certain employers to maintain automatic contribution retirement plans for employees. Governments, churches, small employers (10 or fewer employees), certain new businesses, and employers who already maintain certain retirement plans are exempt from the requirement. Automatic contribution retirement plans are defined contribution plans, which must meet specified requirements regarding the eligibility of employees to enroll, automatic enrollment, investments, lifetime income, and fees. The bill also: imposes an excise tax on employers who fail to maintain an automatic contribution plan; increases the dollar limitation for the tax credit for small employer pension plan startup costs; allows a tax credit for small employers who adopt automatic contribution retirement plans; modifies certain nondiscrimination rules that would otherwise apply to the automatic contribution plans; modifies certain fiduciary, qualification, and administrative rules that apply to multiple employer plans; allows states to continue certain programs that require automatic contribution plans; allows a refundable tax credit for certain retirement savings contributions and requires the Department of the Treasury to pay the credit as a contribution to the applicable retirement account; and provides for the portability of lifetime income investment options by permitting a rollover into another retirement plan if the investment is no longer authorized to be held as an investment option under an employer-sponsored plan.
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
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.
Introduced in House
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.
Business recordsCivil actions and liabilityEmployee benefits and pensionsFinancial services and investmentsIncome tax creditsSales and excise taxesSmall business
To amend the Internal Revenue Code of 1986 to expand retirement plan coverage, increase retirement security, and for other purposes.
USA115th CongressHR-4523| House
| Updated: 12/1/2017
Automatic Retirement Plan Act of 2017 This bill amends the Internal Revenue Code to require certain employers to maintain automatic contribution retirement plans for employees. Governments, churches, small employers (10 or fewer employees), certain new businesses, and employers who already maintain certain retirement plans are exempt from the requirement. Automatic contribution retirement plans are defined contribution plans, which must meet specified requirements regarding the eligibility of employees to enroll, automatic enrollment, investments, lifetime income, and fees. The bill also: imposes an excise tax on employers who fail to maintain an automatic contribution plan; increases the dollar limitation for the tax credit for small employer pension plan startup costs; allows a tax credit for small employers who adopt automatic contribution retirement plans; modifies certain nondiscrimination rules that would otherwise apply to the automatic contribution plans; modifies certain fiduciary, qualification, and administrative rules that apply to multiple employer plans; allows states to continue certain programs that require automatic contribution plans; allows a refundable tax credit for certain retirement savings contributions and requires the Department of the Treasury to pay the credit as a contribution to the applicable retirement account; and provides for the portability of lifetime income investment options by permitting a rollover into another retirement plan if the investment is no longer authorized to be held as an investment option under an employer-sponsored plan.
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
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.
Introduced in House
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.
Business recordsCivil actions and liabilityEmployee benefits and pensionsFinancial services and investmentsIncome tax creditsSales and excise taxesSmall business