Bill > S1431

This bill, the Retirement Security and Savings Act of 2019, modifies various tax policies, credits, and requirements that apply to employer-provided retirement plans and Individual Retirement Accounts (IRAs). The key provisions of the bill include: Expanding coverage and increasing retirement savings by facilitating automatic enrollment in retirement plans, providing tax credits for small employers adopting automatic contribution arrangements, expanding the saver's credit, and allowing long-term part-time workers to participate in qualified cash or deferred arrangements. Preserving retirement income by modifying rules for qualifying longevity annuity contracts, removing barriers to life annuities, and eliminating penalties on partial annuitization. Simplifying and clarifying retirement plan rules by consolidating certain required notices, providing more flexibility in benchmark selection for asset allocation funds, allowing non-spousal beneficiaries to roll over distributions to plans, and making other technical corrections and clarifications. Reforming defined benefit plan rules by addressing issues related to cash balance plans, mortality tables, and the variable rate premium under the Pension Benefit Guaranty Corporation. Reforming plan rules to harmonize with IRA rules, such as treating Roth plan distributions similarly to IRA distributions and allowing rollovers from Roth IRAs to plans. Expanding the Employee Plans Compliance Resolution System to facilitate self-correction of certain plan errors.

Budget and Finance

https://www.congress.gov/bill/116th-congress/senate-bill/1431/all-info