US S354

Bill

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.

Introduced
02/06/2019

In Committee
02/06/2019

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

116th Congress

Bill 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.

AI Summary

This bill requires the Department of the Treasury and the Department of Labor to cooperate to modify the annual reporting requirements for deferred compensation plans and other employee benefit plans. The key provisions are: 1. It allows a group of plans that meet certain criteria (e.g., same trustee, fiduciaries, administrator, plan year start date, and investment options) to file a single aggregated annual report satisfying both the Internal Revenue Code and the Employee Retirement Income Security Act (ERISA) requirements. 2. It clarifies that for the purposes of applying 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. 3. The modifications required by the bill must be implemented by January 1, 2023, and will apply to plan years beginning after December 31, 2022. The goal of the bill is to avoid duplicative annual reporting for certain groups of employee benefit plans, reducing administrative burden for plan sponsors and administrators.

Committee Categories

Health and Social Services

Sponsors (2)

Mark Warner (D)*, Susan Collins (R),

Last Action

Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (on 02/06/2019)

Official Document

https://www.congress.gov/bill/116th-congress/senate-bill/354/all-info

(5 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/116th-congress/senate-bill/354/all-info
BillText	https://www.congress.gov/116/bills/s354/BILLS-116s354is.pdf
Bill	https://www.congress.gov/116/bills/s354/BILLS-116s354is.pdf.pdf

Bill	Bill Name	Last Action	Type
HR1007	Retirement Enhancement and Savings Act of 2019	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.	Related
HR1865	National Law Enforcement Museum Commemorative Coin Act	Became Public Law No: 116-94. (TXT \| PDF)	Related
HR1994	Setting Every Community Up for Retirement Enhancement Act of 2019	Received in the Senate.	Related
HR982	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.	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.	Same As
HRes389	Providing for consideration of the bill (H.B. 1500) to require the Consumer Financial Protection Bureau to meet its statutory purpose, and for other purposes; providing for consideration of the bill (H.B. 1994) to amend the Internal Revenue Code of 1986 to encourage retirement savings, and for other purposes; providing for proceedings during the period from May 24, 2019, through May 31, 2019; and for other purposes.	Motion to reconsider laid on the table Agreed to without objection.	Similar To

Bill > S354

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (2)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary