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A bill to amend the Internal Revenue Code of 1986 to modify safe harbor requirements applicable to automatic contribution arrangements, and for other purposes.

USA115th CongressS-1383| Senate 
| Updated: 6/20/2017
Susan M. Collins

Susan M. Collins

Republican Senator

Maine

Cosponsors (1)
Bill Nelson (Democratic)

Finance Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Retirement Security Act of 2017 This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to modify various requirements for employer-provided retirement plans. The bill modifies the qualification requirements for certain multiple employer plans with pooled providers. The bill applies to defined contribution plans that: (1) are sponsored by employers all of which have both a common interest other than having adopted the plan and control of the plan, or (2) have a pooled plan provider. Such a plan that meets specified requirements may not be disqualified or otherwise lose its tax-favored status because a participating employer fails to take actions required with respect to the plan. The bill also: (1) permits pooled employer plans that meet certain requirements to be treated under ERISA as a single employee pension benefit plan or single pension plan that is a multiple employer plan, and (2) modifies reporting requirements for pooled employer and multiple employer plans. With respect to 401(k) retirement plans, the bill: (1) modifies requirements related to default rates for elective deferrals under automatic enrollment plans, the election of safe harbor 401(k) status, and nondiscrimination rules; (2) allows a business-related safe harbor adoption tax credit for small employers, and (3) requires the Department of the Treasury to simplify regulations regarding the timing of participant notices. The bill also: (1) increases the limit on the amount of the credit for small employer pension plan startup costs, (2) allows a business-related tax credit for small employers who include and maintain an automatic contribution arrangement in an employer-sponsored retirement plan, and (3) requires Treasury to modify tax forms to permit individuals to claim the saver's credit on Form 1040EZ.
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Timeline
Jun 20, 2017
Introduced in Senate
Jun 20, 2017
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3651-3652)
  • June 20, 2017
    Introduced in Senate


  • June 20, 2017
    Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3651-3652)

Taxation

Related Bills

  • S 115-2526: A bill to amend the Internal Revenue Code of 1986 to encourage retirement savings, and for other purposes.
  • HR 115-3902: To amend the Internal Revenue Code of 1986 to provide a credit to small employers providing an eligible automatic contribution arrangement under a retirement savings plan.
  • HR 115-854: To amend the Internal Revenue Code of 1986 to modify the qualification requirements with respect to certain multiple employer plans with pooled plan providers, and for other purposes.
Administrative law and regulatory proceduresBusiness recordsDepartment of the TreasuryEmployee benefits and pensionsFinancial services and investmentsGovernment information and archivesIncome tax creditsIncome tax deferralSmall businessTax administration and collection, taxpayers

A bill to amend the Internal Revenue Code of 1986 to modify safe harbor requirements applicable to automatic contribution arrangements, and for other purposes.

USA115th CongressS-1383| Senate 
| Updated: 6/20/2017
Retirement Security Act of 2017 This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to modify various requirements for employer-provided retirement plans. The bill modifies the qualification requirements for certain multiple employer plans with pooled providers. The bill applies to defined contribution plans that: (1) are sponsored by employers all of which have both a common interest other than having adopted the plan and control of the plan, or (2) have a pooled plan provider. Such a plan that meets specified requirements may not be disqualified or otherwise lose its tax-favored status because a participating employer fails to take actions required with respect to the plan. The bill also: (1) permits pooled employer plans that meet certain requirements to be treated under ERISA as a single employee pension benefit plan or single pension plan that is a multiple employer plan, and (2) modifies reporting requirements for pooled employer and multiple employer plans. With respect to 401(k) retirement plans, the bill: (1) modifies requirements related to default rates for elective deferrals under automatic enrollment plans, the election of safe harbor 401(k) status, and nondiscrimination rules; (2) allows a business-related safe harbor adoption tax credit for small employers, and (3) requires the Department of the Treasury to simplify regulations regarding the timing of participant notices. The bill also: (1) increases the limit on the amount of the credit for small employer pension plan startup costs, (2) allows a business-related tax credit for small employers who include and maintain an automatic contribution arrangement in an employer-sponsored retirement plan, and (3) requires Treasury to modify tax forms to permit individuals to claim the saver's credit on Form 1040EZ.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jun 20, 2017
Introduced in Senate
Jun 20, 2017
Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3651-3652)
  • June 20, 2017
    Introduced in Senate


  • June 20, 2017
    Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3651-3652)
Susan M. Collins

Susan M. Collins

Republican Senator

Maine

Cosponsors (1)
Bill Nelson (Democratic)

Finance Committee

Taxation

Related Bills

  • S 115-2526: A bill to amend the Internal Revenue Code of 1986 to encourage retirement savings, and for other purposes.
  • HR 115-3902: To amend the Internal Revenue Code of 1986 to provide a credit to small employers providing an eligible automatic contribution arrangement under a retirement savings plan.
  • HR 115-854: To amend the Internal Revenue Code of 1986 to modify the qualification requirements with respect to certain multiple employer plans with pooled plan providers, and for other purposes.
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Administrative law and regulatory proceduresBusiness recordsDepartment of the TreasuryEmployee benefits and pensionsFinancial services and investmentsGovernment information and archivesIncome tax creditsIncome tax deferralSmall businessTax administration and collection, taxpayers