summary
Introduced
10/27/2020
10/27/2020
In Committee
10/27/2020
10/27/2020
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
A BILL To increase retirement savings, simplify and clarify retirement plan rules, and for other purposes. 1
AI Summary
This bill aims to increase retirement savings, simplify and clarify retirement plan rules, and make other changes to retirement plans. Key provisions include:
Expanding automatic enrollment in 401(k) and 403(b) plans, increasing the tax credit for small employers starting new retirement plans, simplifying and expanding the Savers Credit, enhancing 403(b) plans, increasing the age for required minimum distributions, allowing certain tax-deferred sales of employer stock to employee stock ownership plans sponsored by S corporations, indexing the IRA catch-up limit for inflation, allowing higher catch-up contributions at age 60, creating new rules for multiple employer 403(b) plans, allowing matching contributions for student loan payments, and expanding the use of the Employee Plans Compliance Resolution System. The bill also includes provisions to preserve retirement income, simplify and clarify retirement plan rules, and make various technical amendments.
Committee Categories
Budget and Finance
Sponsors (33)
Richard Neal (D)*,
Don Bacon (R),
Don Beyer (D),
Earl Blumenauer (D),
Kevin Brady (R),
Judy Chu (D),
Tom Cole (R),
Danny Davis (D),
Ron Estes (R),
Dwight Evans (D),
Drew Ferguson (R),
George Holding (R),
Mike Kelly (R),
Dan Kildee (D),
Ron Kind (D),
Peter King (R),
David Kustoff (R),
Darin LaHood (R),
John Larson (D),
Kenny Marchant (R),
Gwen Moore (D),
Stephanie Murphy (D),
Jimmy Panetta (D),
Tom Reed (R),
David Schweikert (R),
Terri Sewell (D),
Adrian Smith (R),
Jason Smith (R),
Tom Suozzi (D),
Mike Thompson (D),
Jackie Walorski (R),
Brad Wenstrup (R),
Don Young (R),
Last Action
Referred to the Committee on Ways and Means, and in addition to the Committees on Financial Services, and 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. (on 10/27/2020)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/8696/all-info |
| BillText | https://www.congress.gov/116/bills/hr8696/BILLS-116hr8696ih.pdf |
| Bill | https://www.congress.gov/116/bills/hr8696/BILLS-116hr8696ih.pdf.pdf |
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