Bill > HR2927

This bill, the Savings for All Vocations Enhancement Act of 2021 (SAVE Act of 2021), aims to improve rules relating to retirement plans. The key provisions are: 1. It allows 403(b) plans (tax-advantaged retirement plans for certain employees of public schools and tax-exempt organizations) to be maintained by more than one employer, known as multiple employer plans (MEPs), with rules similar to those for 401(k) MEPs. 2. It treats 403(b) MEPs as a single plan for certain reporting and disclosure purposes, reducing administrative burdens. 3. It expands the definition of "pooled employer plan" under the Employee Retirement Income Security Act (ERISA) to include 403(b) MEPs that meet certain requirements. 4. It allows the small employer pension plan startup cost tax credit to be claimed by employers that join an existing plan, not just new plans. 5. It reduces the excise tax on certain retirement plan distribution shortfalls from 50% to 25%, and further reduces it to 10% if the shortfall is corrected during a specified "correction window." 6. It clarifies the statute of limitations for excise taxes related to individual retirement plans.

Budget and Finance

https://www.congress.gov/bill/117th-congress/house-bill/2927/all-info