Title: 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.
Policy area: Taxation

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:
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.

[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 695 Introduced in Senate (IS)]

<DOC>






115th CONGRESS
  1st Session
                                 S. 695

 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.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                             March 22, 2017

Mr. Warner (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 avoid duplicative annual reporting under the Internal Revenue Code 
 of 1986 and the Employee Retirement Income Security Act of 1974, and 
                          for other purposes.

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

SECTION 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 of the Internal Revenue Code of 1986 and the reports required by 
section 104 of the Employee Retirement Income Security Act of 1974 (29 
U.S.C. 1024) so that all members of a group of plans described in 
subsection (c) may file a single aggregated annual return or report 
satisfying the requirements of both such sections.
    (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)) or in section 
        414(i) of the Internal Revenue Code of 1986);
            (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))) and plan 
                administrator (as defined in section 414(g) of the 
                Internal Revenue Code of 1986); and
                    (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) of the Internal Revenue 
        Code of 1986 is amended by adding at the end the following new 
        paragraph:
            ``(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, 2017.
    (e) Effective Date.--The modification required by subsection (a) 
shall be implemented not later than January 1, 2021, and shall apply to 
returns and reports for plan years beginning after December 31, 2020.
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