US SB354 | 2019-2020 | 116th Congress

Status

Spectrum: Bipartisan Bill
Status: Introduced on February 6 2019 - 25% progression
Action: 2019-02-06 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
Pending: Senate Health, Education, Labor, And Pensions Committee
Text: Latest bill text (Introduced) [PDF]

Summary

A bill to avoid duplicative annual reporting under the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974, and for other purposes. This bill requires the Department of the Treasury and the Department of Labor to cooperate to modify specified returns required for deferred compensation plans and other employee benefit plans to permit all members of a group of plans to file a single aggregated annual return or report satisfying the requirements of both the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA). The requirement applies to a group in which all of the plans are individual account plans or defined contribution plans; have the same trustee, the same one or more named fiduciaries, the same administrator, and plan years beginning on the same date; and provide the same investments or investment options to participants and beneficiaries. The bill also specifies that, for the purposes of applying the numerical limitations related to the electronic filing of returns for deferred compensation plans, each plan for which information is provided on the return must be treated as a separate return.

Tracking Information

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Title

A bill to avoid duplicative annual reporting under the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974, and for other purposes.

Sponsors


History

DateChamberAction
2019-02-06SenateRead twice and referred to the Committee on Health, Education, Labor, and Pensions.

Same As/Similar To

HB982 (Same As) 2019-02-05 - Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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.
HB1007 (Related) 2019-02-06 - Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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.
HB1994 (Related) 2019-06-03 - Received in the Senate.
HR389 (Similar To) 2019-05-21 - Motion to reconsider laid on the table Agreed to without objection.

Subjects


US Congress State Sources


Bill Comments

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