II 

117TH CONGRESS 

2D SESSION S. 4154 

To provide better access to retirement plans through small businesses. 

IN THE SENATE OF THE UNITED STATES 

MAY 5, 2022 

Mr. HICKENLOOPER (for himself and Ms. COLLINS) introduced the following 

bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions 

A BILL 

To provide better access to retirement plans through small 

businesses. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Simplifying Small 

5 Business Retirement Savings Act’’. 

6 SEC. 2. ANNUAL AUDIT PARITY FOR GROUP OF PLANS. 

7 Section 202(a) of the Setting Every Community Up 

8 for Retirement Enhancement Act of 2019 (Public Law 

9 116–94; 26 U.S.C. 6058 note) is amended— 


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1 (1) by striking ‘‘so that all members’’ and in2 serting the following: ‘‘so that— 

3 ‘‘(1) all members’’; 

4 (2) by striking the period and inserting ‘‘; 

5 and’’; and 

6 (3) by adding at the end the following: 

7 ‘‘(2) any opinions required by section 103(a)(3) 

8 of the Employee Retirement Income Security Act of 

9 1974 (29 U.S.C. 1023(a)(3)) shall relate only to 

10 each individual plan which would otherwise be sub11 ject to the requirements of such section 103(a)(3).’’. 

12 SEC. 3. POOLED EMPLOYER PLANS MODIFICATION. 

13 Section 3(43)(B)(ii) of the Employee Retirement In14 come Security Act of 1974 (29 U.S.C. 1002(43)(B)(ii)) 

15 is amended to read as follows: 

16 ‘‘(ii) designate a named fiduciary 

17 (other than an employer in the plan) to be 

18 responsible for collecting contributions to 

19 the plan and require such fiduciary to im20 plement written contribution collection pro21 cedures that are reasonable, diligent, and 

22 systematic;’’. 

23 SEC. 4. REPORT ON POOLED EMPLOYER PLANS. 

24 The Secretary of Labor shall— 


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1 (1) conduct a study on the pooled employer 

2 plan (as such term is defined in section 3(43) of the 

3 Employee Retirement Income Security Act of 1974 

4 (29 U.S.C. 1002(43))) industry, including on— 

5 (A) the legal name and number of pooled 

6 employer plans; 

7 (B) the number of participants in such 

8 plans; 

9 (C) the range of investment options pro10 vided in such plans; 

11 (D) the fees assessed in such plans; 

12 (E) the manner in which employers select 

13 and monitor such plans; 

14 (F) the disclosures provided to participants 

15 in such plans; 

16 (G) the number and nature of any enforce17 ment actions by the Secretary of Labor on such 

18 plans; 

19 (H) the extent to which such plans have 

20 increased retirement savings coverage in the 

21 United States; and 

22 (I) any additional information as the Sec23 retary determines necessary; and 

24 (2) not later than 2 years after the date of en25 actment of this Act, and every 5 years thereafter, 


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1 submit to Congress and make available on a publicly 

2 accessible website of the Department of Labor, a re3 port on the findings of the study under paragraph 

4 (1), including recommendations on how pooled em5 ployer plans can be improved, through legislation, to 

6 serve and protect retirement plan participants. 

Æ 


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