Retirement Enhancement and Savings Act of 2018

Bill: 115-hr-5282
Sponsor: Rep. Kelly, Mike [R-PA-3]
Introduced: 2018-03-14 in the House
Policy area: Taxation
Subjects: Border security and unlawful immigration
Consumer credit
Corporate finance and management
Emergency medical services and trauma care
Employee benefits and pensions
Fires
First responders and emergency personnel
Government employee pay, benefits, personnel management
Government information and archives
House of Representatives
Income tax credits
Income tax deferral
Income tax exclusion
Judges
Life, casualty, property insurance
Military personnel and dependents
Motor carriers
Motor vehicles
Religion
Sales and excise taxes
Securities
Senate
Small business
Social work, volunteer service, charitable organizations
Specialized courts
Student aid and college costs
Tax administration and collection, taxpayers
Teaching, teachers, curricula

Summary:
action_date: 2018-03-14
text: 

Retirement Enhancement and Savings Act of 2018

 
This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to modify requirements for tax-favored retirement savings accounts, employer-provided retirement plans, and retirement benefits for federal judges. 
 
With respect to employer-provided plans, the bill modifies requirements regarding: 
 
 
 multiple employer plans, 
 
 automatic enrollment and nonelective contributions, 
 
loans, 
 
 terminating or transferring plans, 
 
 reporting and disclosure rules,
 
 nondiscrimination rules, 
 
 selecting lifetime income providers, and 
 
 Pension Benefit Guaranty Corporation premiums. 
 
 
The bill also increases the tax credit for small employer pension plan startup costs and allows a tax credit for small employers that establish retirement plans that include automatic enrollment. 
 
With respect to Individual Retirement Accounts (IRAs), the bill: 
 
 
 treats taxable non-tuition fellowship and stipend payments as compensation,
 
 repeals the maximum age for traditional IRA contributions, and 
 
 permits any IRA to be a shareholder of any S corporation that is a bank. 
 
 
The bill makes several modifications to retirement benefits for magistrate judges of the U.S. Tax Court and other federal judges. 
 
The bill also modifies various tax provisions to: 
 
 
 reinstate and increase the tax exclusion for benefits provided to volunteer firefighters and emergency medical responders, 
 
 revise the required distribution rules for pension plans,
 
 increase penalties for failing to file tax or retirement plan returns, and 
 
 require the Internal Revenue Service to share returns and return information with U.S. Customs Border Protection to administer the heavy vehicle use tax. 
 


Legislative actions:
action_date: 2018-03-14
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: 2018-03-14
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: 2018-03-14
text: Introduced in House
action_date: 2018-03-14
text: Introduced in House