Retirement Plan Simplification and Enhancement Act of 2017

Bill: 115-hr-4524
Sponsor: Rep. Neal, Richard E. [D-MA-1]
Introduced: 2017-12-01 in the House
Policy area: Labor and Employment
Subjects: Administrative law and regulatory procedures
Administrative remedies
Congressional oversight
Department of Labor
Department of the Treasury
Employee benefits and pensions
Executive agency funding and structure
Federal officials
Financial services and investments
Fraud offenses and financial crimes
Government information and archives
Government studies and investigations
Income tax credits
Income tax deferral
Interest, dividends, interest rates
Internal Revenue Service (IRS)
Sales and excise taxes
Securities
Small business
Tax administration and collection, taxpayers
Temporary and part-time employment

Summary:
action_date: 2017-12-01
text: 

Retirement Plan Simplification and Enhancement Act of 2017 

 
This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to modify requirements and tax provisions regarding retirement plans. 
 
With respect to employer-provided retirement plans, the bill modifies requirements regarding: 
 
 
 automatic enrollment;
 
coverage rules for long-term, part-time workers; 
 
 employer contributions;
 
 the timing for adopting a qualified retirement plan;
 
 correcting errors;
 
 financial incentives for contributing to a plan;
 
 the portability of lifetime income and managed account investment options; 
 
 distribution options;
 
 notices and disclosures to participants;
 
 interest rates for defined benefit plans; and 
 
 due dates for employer pension contributions.
 
 
The bill also: 
 
 
repeals the maximum age for traditional Individual Retirement Account (IRA) contributions,
 
modifies the rollover options that are available to nonspouse beneficiaries,
 
increases the age at which participants are required to begin taking distributions, 
 
 exempts participants with retirement plan balances that do not exceed $250,000 from the required minimum distribution rules,
 
expands tax credits for small employers that adopt certain retirement plans, 
 
 makes the saver's tax credit available on Form 1040-EZ, 
 
 modifies the required minimum distribution requirements for life annuities, 
 
 modifies the requirements for qualifying longevity annuity contracts, 
 
 modifies the rules for fiduciaries who make economically targeted investments, and 
 
 establishes an Office of the Participant and Plan Sponsor Advocate within the Internal Revenue Service. 
 


Legislative actions:
action_date: 2017-12-01
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2017-12-01
text: Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2017-12-01
text: Introduced in House
action_date: 2017-12-01
text: Introduced in House