US HB6540 | 2017-2018 | 115th Congress
Status
Spectrum: Bipartisan Bill
Status: Introduced on July 26 2018 - 25% progression, died in committee
Action: 2018-07-26 - 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 July 26 2018 - 25% progression, died in committee
Action: 2018-07-26 - 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 Savings Lost and Found Act of 2018 This bill requires the Department of the Treasury and the Social Security Administration (SSA) to create an online Retirement Savings Lost and Found (RSLF) to assist individuals in locating certain employer-sponsored retirement accounts. The RSLF must provide plan participants or beneficiaries only with the ability to view contact information for the administrator of a plan that is sufficient to locate the plan. The bill amends the Internal Revenue Code (IRC) to set forth additional reporting and notification requirements for retirement plans. Treasury and the SSA must take precautions to: (1) safeguard the privacy and security of participants' plan information, and (2) permit plan participants to opt out of inclusion in the RSLF. The bill amends the Employee Retirement Income Security Act of 1974 (ERISA) and the IRC to revise provisions that permit mandatory distributions of the balances of small retirement accounts using a rollover into an Individual Retirement Account (IRA). The bill modifies the investment options available for the distributions and increases the maximum account balance that may be subject to such a distribution. A plan must transfer unclaimed mandatory distributions that are $1,000 or less to the RSLF or to an IRA established by Treasury. The RSLF must invest funds received in Treasury securities and distribute the balance upon receiving an application from a plan participant or beneficiary.
Title
Retirement Savings Lost and Found Act of 2018
Sponsors
Rep. Suzanne Bonamici [D-OR] | Rep. Luke Messer [R-IN] | Rep. Jim Banks [R-IN] | Rep. Sheila Jackson-Lee [D-TX] |
History
Date | Chamber | Action |
---|---|---|
2018-07-26 | 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. |
2018-07-26 | 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. |
2018-07-26 | House | Introduced in House |
Same As/Similar To
SB2474 (Related) 2018-02-28 - Read twice and referred to the Committee on Finance.
Subjects
Accounting and auditing
Administrative law and regulatory procedures
Department of Labor
Department of the Treasury
Employee benefits and pensions
Executive agency funding and structure
Financial services and investments
Government information and archives
Income tax deferral
Internal Revenue Service (IRS)
Labor and employment
Pension Benefit Guaranty Corporation
Public contracts and procurement
Social Security Administration
Administrative law and regulatory procedures
Department of Labor
Department of the Treasury
Employee benefits and pensions
Executive agency funding and structure
Financial services and investments
Government information and archives
Income tax deferral
Internal Revenue Service (IRS)
Labor and employment
Pension Benefit Guaranty Corporation
Public contracts and procurement
Social Security Administration
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/115th-congress/house-bill/6540/all-info |
Text | https://www.congress.gov/115/bills/hr6540/BILLS-115hr6540ih.pdf |