US HR6377

Bill

US HR6377

Retirement Protection Act

Introduced
03/23/2020

In Committee
03/23/2020

Crossed Over

Passed

Dead
12/31/2020

Introduced Session

116th Congress

Bill Summary

To amend the Internal Revenue Code of 1986 to provide for a temporary waiver of required minimum distribution rules for certain retirement plans and accounts, and for other purposes. This bill permits a waiver in 2020 of required minimum distribution rules for retirement plans and accounts, including defined contribution plans and individual retirement accounts.

AI Summary

This bill, the Retirement Protection Act, permits a waiver in 2020 of the required minimum distribution rules for retirement plans and accounts, including defined contribution plans and individual retirement accounts (IRAs). This allows individuals to forgo taking required minimum distributions from these accounts in 2020, providing them more flexibility in managing their retirement savings during the COVID-19 pandemic. The bill also allows individuals who took required minimum distributions in 2020 to repay those amounts to their retirement accounts. Additionally, the bill provides that distributions treated as eligible rollover distributions in 2020 due to the waiver will not be subject to certain tax withholding and reporting requirements.

Committee Categories

Budget and Finance

Sponsors (21)

Jennifer Wexton (D)*, Colin Allred (D), Don Beyer (D), Gil Cisneros (D), Gerry Connolly (D), Jim Cooper (D), Joe Courtney (D), Peter DeFazio (D), Raúl Grijalva (D), Chrissy Houlahan (D), Dan Kildee (D), Derek Kilmer (D), Elaine Luria (D), Stephen Lynch (D), Sean Maloney (D), Gregory Meeks (D), Eleanor Holmes Norton (D), Jamie Raskin (D), Harley Rouda (D), Brad Schneider (D), David Trone (D),

Last Action

Referred to the House Committee on Ways and Means. (on 03/23/2020)

Official Document

https://www.congress.gov/bill/116th-congress/house-bill/6377/all-info

(4 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/116th-congress/house-bill/6377/all-info
BillText	https://www.congress.gov/116/bills/hr6377/BILLS-116hr6377ih.pdf
Bill	https://www.congress.gov/116/bills/hr6377/BILLS-116hr6377ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR6335	To waive required minimum distribution rules for retirement plans in 2020.	Referred to the House Committee on Ways and Means.	Related
HR6379	Take Responsibility for Workers and Families Act Workforce Emergency Response Act of 2020	Referred to the Committee on Appropriations, and in addition to the Committees on the Budget, and Ways and Means, 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
HR748	Middle Class Health Benefits Tax Repeal Act of 2019	Committee on Small Business and Entrepreneurship. Hearings held.	Related
S3527	A bill to waive required minimum distribution rules for retirement plans in 2020.	Read twice and referred to the Committee on Finance.	Related

Bill > HR6377

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (21)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary