US HB5282 | 2017-2018 | 115th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on March 14 2018 - 25% progression, died in committee
Action: 2018-03-14 - 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

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.

Tracking Information

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Title

Retirement Enhancement and Savings Act of 2018

Sponsors

Rep. Mike Kelly [R-PA]Rep. Ron Kind [D-WI]Rep. Mike Bishop [R-MI]Rep. John Larson [D-CT]
Rep. Patrick Meehan [R-PA]Rep. Bill Pascrell [D-NJ]Rep. George Holding [R-NC]Rep. Linda Sanchez [D-CA]
Rep. Tom Rice [R-SC]Rep. Lisa Rochester [D-DE]Rep. Jackie Walorski [R-IN]Rep. Mark Pocan [D-WI]
Rep. Pete Sessions [R-TX]Rep. Alma Adams [D-NC]Rep. Bob Gibbs [R-OH]Rep. Nydia Velazquez [D-NY]
Rep. Carlos Curbelo [R-FL]Rep. Susan Davis [D-CA]Rep. Kristi Noem [R-SD]Rep. Kurt Schrader [D-OR]
Rep. Bennie Thompson [D-MS]Rep. Jody Arrington [R-TX]Rep. Donald Norcross [D-NJ]Rep. Luke Messer [R-IN]
Rep. Walter Jones [R-NC]Rep. Mike Coffman [R-CO]Rep. Scott Tipton [R-CO]Rep. Harold Rogers [R-KY]
Rep. Vicente Gonzalez [D-TX]Rep. David Price [D-NC]Rep. Collin Peterson [D-MN]Rep. Ann Kuster [D-NH]
Rep. Greg Gianforte [R-MT]Rep. David Rouzer [R-NC]Rep. Jim Banks [R-IN]Rep. Suzanne Bonamici [D-OR]
Rep. Jose Serrano [D-NY]Rep. David Loebsack [D-IA]Rep. David Young [R-IA]Rep. Glenn Grothman [R-WI]
Rep. Richard Hudson [R-NC]Rep. Frank Pallone [D-NJ]Rep. Tom Cole [R-OK]Rep. Alexander Mooney [R-WV]
Sen. Ted Budd [R-NC]Rep. John Faso [R-NY]Rep. Lou Barletta [R-PA]Rep. Terri Sewell [D-AL]
Rep. Thomas MacArthur [R-NJ]Rep. Robert Latta [R-OH]Rep. Lamar Smith [R-TX]Rep. Garland Barr [R-KY]
Rep. Sam Johnson [R-TX]Rep. Michael Turner [R-OH]Rep. Dennis Ross [R-FL]Rep. Daniel Kildee [D-MI]
Rep. Don Bacon [R-NE]Rep. Suzan DelBene [D-WA]Rep. Judy Chu [D-CA]Rep. Don Beyer [D-VA]
Rep. Salud Carbajal [D-CA]Rep. Frederica Wilson [D-FL]Rep. Jeff Denham [R-CA]Rep. Brendan Boyle [D-PA]
Rep. Christopher Smith [R-NJ]Rep. Earl Blumenauer [D-OR]Rep. Joe Wilson [R-SC]Rep. Brian Higgins [D-NY]
Rep. Elise Stefanik [R-NY]Rep. Susan Brooks [R-IN]Rep. Rod Blum [R-IA]Rep. Karen Handel [R-GA]
Rep. Bill Huizenga [R-MI]Rep. Glenn Thompson [R-PA]Rep. Barbara Comstock [R-VA]Rep. C.A. Ruppersberger [D-MD]
Rep. Theodore Deutch [D-FL]Rep. David Valadao [R-CA]Rep. Jeff Duncan [R-SC]Rep. Ken Calvert [R-CA]
Rep. Joe Barton [R-TX]Rep. Ed Perlmutter [D-CO]Rep. Carol Shea-Porter [D-NH]Rep. Jason Lewis [R-MN]
Rep. Bill Flores [R-TX]Rep. Jaime Herrera Beutler [R-WA]Rep. Dan Newhouse [R-WA]Rep. Derek Kilmer [D-WA]
Rep. Lacy Clay [D-MO]Rep. Peter DeFazio [D-OR]Rep. Paul Tonko [D-NY]Rep. Mike D. Rogers [R-AL]

History

DateChamberAction
2018-03-14HouseReferred 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.
2018-03-14HouseReferred 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.
2018-03-14HouseIntroduced in House

Same As/Similar To

SB2526 (Same As) 2018-03-08 - Read twice and referred to the Committee on Finance.
HB4604 (Related) 2017-12-07 - Referred to the House Committee on Education and the Workforce.

Subjects


US Congress State Sources


Bill Comments

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