Advancing Auto-Portability Act of 2022
United States117th CongressS-4406Senate
Updated: Jun 15, 2022
Summary
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.
Bill texts
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Timeline
Read twice and referred to the Committee on Finance.
Senate
Introduced in Senate
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