US HB4523 | 2017-2018 | 115th Congress
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on December 1 2017 - 25% progression, died in committee
Action: 2017-12-01 - 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.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on December 1 2017 - 25% progression, died in committee
Action: 2017-12-01 - 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.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Automatic Retirement Plan Act of 2017 This bill amends the Internal Revenue Code to require certain employers to maintain automatic contribution retirement plans for employees. Governments, churches, small employers (10 or fewer employees), certain new businesses, and employers who already maintain certain retirement plans are exempt from the requirement. Automatic contribution retirement plans are defined contribution plans, which must meet specified requirements regarding the eligibility of employees to enroll, automatic enrollment, investments, lifetime income, and fees. The bill also: imposes an excise tax on employers who fail to maintain an automatic contribution plan; increases the dollar limitation for the tax credit for small employer pension plan startup costs; allows a tax credit for small employers who adopt automatic contribution retirement plans; modifies certain nondiscrimination rules that would otherwise apply to the automatic contribution plans; modifies certain fiduciary, qualification, and administrative rules that apply to multiple employer plans; allows states to continue certain programs that require automatic contribution plans; allows a refundable tax credit for certain retirement savings contributions and requires the Department of the Treasury to pay the credit as a contribution to the applicable retirement account; and provides for the portability of lifetime income investment options by permitting a rollover into another retirement plan if the investment is no longer authorized to be held as an investment option under an employer-sponsored plan.
Title
Automatic Retirement Plan Act of 2017
Sponsors
Rep. Richard Neal [D-MA] |
History
Date | Chamber | Action |
---|---|---|
2017-12-01 | House | 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. |
2017-12-01 | House | 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. |
2017-12-01 | House | Introduced in House |
Same As/Similar To
HB854 (Related) 2017-02-03 - Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, 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.
HB3910 (Related) 2017-10-02 - Referred to the House Committee on Ways and Means.
HB3902 (Related) 2017-10-02 - Referred to the House Committee on Ways and Means.
HB3910 (Related) 2017-10-02 - Referred to the House Committee on Ways and Means.
HB3902 (Related) 2017-10-02 - Referred to the House Committee on Ways and Means.
Subjects
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/115th-congress/house-bill/4523/all-info |
Text | https://www.congress.gov/115/bills/hr4523/BILLS-115hr4523ih.pdf |