US SB1861 | 2017-2018 | 115th Congress
Status
Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on September 26 2017 - 25% progression, died in committee
Action: 2017-09-26 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on September 26 2017 - 25% progression, died in committee
Action: 2017-09-26 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Automatic IRA Act of 2017 This bill amends the Internal Revenue Code to: (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation; (2) require the Department of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in an automatic IRA arrangement and for providing details regarding the election period; (3) impose a penalty on employers who fail to provide eligible employees access to an automatic IRA arrangement; (4) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement; and (5) increase the dollar limitation on the tax credit for small employer pension plan startup costs.
Title
Automatic IRA Act of 2017
Sponsors
Sen. Sheldon Whitehouse [D-RI] |
History
Date | Chamber | Action |
---|---|---|
2017-09-26 | Senate | Read twice and referred to the Committee on Finance. |
Same As/Similar To
HB3499 (Related) 2017-07-27 - 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.
Subjects
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/115th-congress/senate-bill/1861/all-info |
Text | https://www.congress.gov/115/bills/s1861/BILLS-115s1861is.pdf |