I 
114TH CONGRESS 
1ST SESSION 
H. R. 557 
To amend the Internal Revenue Code of 1986 to modify safe harbor require-
ments applicable to automatic contribution arrangements, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 27, 2015 
Mr. BUCHANAN (for himself and Mr. KIND) introduced the following bill; 
which was referred to the Committee on Ways and Means, and in addi-
tion to the Committee on Education and the Workforce, for a period to 
be subsequently determined by the Speaker, in each case for consider-
ation of such provisions as fall within the jurisdiction of the committee 
concerned 
A BILL 
To amend the Internal Revenue Code of 1986 to modify 
safe harbor requirements applicable to automatic con-
tribution arrangements, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Retirement Security 
Act of 2015’’. 
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SEC. 2. ELIMINATION OF DISINCENTIVE TO POOLING FOR 
MULTIPLE EMPLOYER PLANS. 
(a) IN GENERAL.—Not later than one year after the 
date of the enactment of this Act, the Secretary of the 
Treasury shall prescribe final regulations under which a 
plan described in section 413(c) of the Internal Revenue 
Code of 1986 may be treated as satisfying the qualifica-
tion requirements of section 401(a) of such Code despite 
the violation of such requirements with respect to one or 
more participating employers. Such rules may require that 
the portion of the plan attributable to such participating 
employers be spun off to plans maintained by such em-
ployers. 
SEC. 3. MODIFICATION OF ERISA RULES RELATING TO 
MULTIPLE EMPLOYER DEFINED CONTRIBU-
TION PLANS. 
(a) IN GENERAL.— 
(1) REQUIREMENT
OF
COMMON
INTEREST.— 
Section 3(2) of the Employee Retirement Income Se-
curity Act of 1974 is amended by adding at the end 
the following: 
‘‘(C)(i) A qualified multiple employer plan shall 
not fail to be treated as an employee pension benefit 
plan or pension plan solely because the employers 
sponsoring the plan share no common interest. 
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‘‘(ii) For purposes of this subparagraph, the 
term ‘qualified multiple employer plan’ means a plan 
described in section 413(c) of the Internal Revenue 
Code of 1986 which— 
‘‘(I) is an individual account plan with re-
spect to which the requirements of clauses (iii), 
(iv), and (v) are met, and 
‘‘(II) includes in its annual report required 
to be filed under section 104(a) the name and 
identifying information of each participating 
employer. 
‘‘(iii) The requirements of this clause are met 
if, under the plan, each participating employer re-
tains fiduciary responsibility for— 
‘‘(I) the selection and monitoring of the 
named fiduciary, and 
‘‘(II) the investment and management of 
the portion of the plan’s assets attributable to 
employees of the employer to the extent not 
otherwise delegated to another fiduciary. 
‘‘(iv) The requirements of this clause are met if, 
under the plan, a participating employer is not sub-
ject to unreasonable restrictions, fees, or penalties 
by reason of ceasing participation in, or otherwise 
transferring assets from, the plan. 
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‘‘(v) The requirements of this clause are met if 
each participating employer in the plan is an eligible 
employer as defined in section 408(p)(2)(C)(i) of the 
Internal Revenue Code of 1986, applied— 
‘‘(I) by substituting ‘500’ for ‘100’ in sub-
clause (I) thereof, 
‘‘(II) by substituting ‘5’ for ‘2’ each place 
it appears in subclause (II) thereof, and 
‘‘(III) without regard to the last sentence 
of subclause (II) thereof.’’. 
(2) SIMPLIFIED REPORTING FOR SMALL MUL-
TIPLE EMPLOYER PLANS.—Section 104(a) of such 
Act (29 U.S.C. 1024(a)) is amended by adding at 
the end the following: 
‘‘(7)(A) In the case of any eligible small multiple em-
ployer plan, the Secretary may by regulation— 
‘‘(i) prescribe simplified summary plan descrip-
tions, annual reports, and pension benefit state-
ments for purposes of section 102, 103, or 105, re-
spectively, and 
‘‘(ii) waive the requirement under section 
103(a)(3) to engage an independent qualified public 
accountant in cases where the Secretary determines 
it appropriate. 
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