A bill to avoid duplicative annual reporting under the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974, and for other purposes.

To avoid duplicative annual reporting under the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974, and for other purposes. 1. Combined annual report for group of plans (a) In general The Secretary of the Treasury and the Secretary of Labor shall, in cooperation, modify the returns required under section 6058 29 U.S.C. 1024 (b) Administrative requirements In developing the consolidated return or report under subsection (a), the Secretary of the Treasury and the Secretary of Labor may require such return or report to include any information regarding each plan in the group as such Secretaries determine is necessary or appropriate for the enforcement and administration of the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974. (c) Plans described A group of plans is described in this subsection if all plans in the group— (1) are individual account plans or defined contribution plans (as defined in section 3(34) of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1002(34) section 414(i) (2) have— (A) the same trustee (as described in section 403(a) of such Act ( 29 U.S.C. 1103(a) (B) the same one or more named fiduciaries (as described in section 402(a) of such Act ( 29 U.S.C. 1102(a) (C) the same administrator (as defined in section 3(16)(A) of such Act ( 29 U.S.C. 1002(16)(A) section 414(g) (D) plan years beginning on the same date; and (3) provide the same investments or investment options to participants and beneficiaries. A plan not subject to title I of the Employee Retirement Income Security Act of 1974 shall be treated as meeting the requirements of paragraph (2) as part of a group of plans if the same person that performs each of the functions described in such paragraph, as applicable, for all other plans in such group performs each of such functions for such plan. (d) Clarification relating to electronic filing of returns for deferred compensation plans (1) In general Section 6011(e) (5) Application of numerical limitation to returns relating to deferred compensation plans For purposes of applying the numerical limitation under paragraph (2)(A) to any return required under section 6058, information regarding each plan for which information is provided on such return shall be treated as a separate return. . (2) Effective date The amendment made by paragraph (1) shall apply to returns required to be filed with respect to plan years beginning after December 31, 2019. (e) Effective date The modification required by subsection (a) shall be implemented not later than January 1, 2023, and shall apply to returns and reports for plan years beginning after December 31, 2022.

Summary: This bill requires the Department of the Treasury and the Department of Labor to cooperate to modify specified returns required for deferred compensation plans and other employee benefit plans to permit all members of a group of plans to file a single aggregated annual return or report satisfying the requirements of both the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA). The requirement applies to a group in which all of the plans are individual account plans or defined contribution plans; have the same trustee, the same one or more named fiduciaries, the same administrator, and plan years beginning on the same date; and provide the same investments or investment options to participants and beneficiaries. The bill also specifies that, for the purposes of applying the numerical limitations related to the electronic filing of returns for deferred compensation plans, each plan for which information is provided on the return must be treated as a separate return.