Simplifying Small Business Retirement Savings Act
Bill: S.4154 | Sponsor: Sen. Hickenlooper, John W. (D-CO)
Policy area: Labor and Employment

Summary:
Simplifying Small Business Retirement Savings Act
This bill requires pooled employer retirement plans to designate a named fiduciary to collect contributions to the plan and implement written contribution collection procedures that are reasonable, diligent, and systematic. Current law requires a plan to designate one or more trustees to perform these tasks.
The bill also revises the requirements for combined annual reporting for a group of plans.

To provide better access to retirement plans through small businesses.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Simplifying Small Business 
Retirement Savings Act''.

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

    Section 202(a) of the Setting Every Community Up for Retirement 
Enhancement Act of 2019 (Public Law 116-94; 26 U.S.C. 6058 note) is 
amended--
            (1) by striking ``so that all members'' and inserting the 
        following: ``so that--
            ``(1) all members'';
            (2) by striking the period and inserting ``; and''; and
            (3) by adding at the end the following:
            ``(2) any opinions required by section 103(a)(3) of the 
        Employee Retirement Income Security Act of 1974 (29 U.S.C. 
        1023(a)(3)) shall relate only to each individual plan which 
        would otherwise be subject to the requirements of such section 
        103(a)(3).''.

SEC. 3. POOLED EMPLOYER PLANS MODIFICATION.

    Section 3(43)(B)(ii) of the Employee Retirement Income Security Act 
of 1974 (29 U.S.C. 1002(43)(B)(ii)) is amended to read as follows:
                            ``(ii) designate a named fiduciary (other 
                        than an employer in the plan) to be responsible 
                        for collecting contributions to the plan and 
                        require such fiduciary to implement written 
                        contribution collection procedures that are 
                        reasonable, diligent, and systematic;''.

SEC. 4. REPORT ON POOLED EMPLOYER PLANS.

    The Secretary of Labor shall--
            (1) conduct a study on the pooled employer plan (as such 
        term is defined in section 3(43) of the Employee Retirement 
        Income Security Act of 1974 (29 U.S.C. 1002(43))) industry, 
        including on--
                    (A) the legal name and number of pooled employer 
                plans;
                    (B) the number of participants in such plans;
                    (C) the range of investment options provided in 
                such plans;
                    (D) the fees assessed in such plans;
                    (E) the manner in which employers select and 
                monitor such plans;
                    (F) the disclosures provided to participants in 
                such plans;
                    (G) the number and nature of any enforcement 
                actions by the Secretary of Labor on such plans;
                    (H) the extent to which such plans have increased 
                retirement savings coverage in the United States; and
                    (I) any additional information as the Secretary 
                determines necessary; and
            (2) not later than 2 years after the date of enactment of 
        this Act, and every 5 years thereafter, submit to Congress and 
        make available on a publicly accessible website of the 
        Department of Labor, a report on the findings of the study 
        under paragraph (1), including recommendations on how pooled 
        employer plans can be improved, through legislation, to serve 
        and protect retirement plan participants.
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