Simplifying Small Business Retirement Savings Act

Bill: 117-s-4154
Sponsor: full_name: Sen. Hickenlooper, John W. [D-CO]
Introduced: 2022-05-05
Policy area: Labor and Employment
Latest action: action_date: 2022-05-05
text: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Summaries:
action_date: 2022-05-05
action_desc: Introduced in Senate
text: <p><strong></strong><b>Simplifying Small Business Retirement Savings Act</b></p> <p>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. </p> <p>The bill also revises the requirements for combined annual reporting for a group of plans.</p>

tv_txt: II 117th CONGRESS 2d Session S. 4154 IN THE SENATE OF THE UNITED STATES May 5, 2022 Mr. Hickenlooper (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 provide better access to retirement plans through small businesses.

1. Short title This Act may be cited as the Simplifying Small Business Retirement Savings Act . 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). . 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; . 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.