US HR2954

Bill

US HR2954

Securing a Strong Retirement Act of 2022

Introduced
05/04/2021

In Committee
05/05/2021

Crossed Over
03/30/2022

Passed

Dead
01/03/2023

Introduced Session

117th Congress

Bill Summary

AN ACT To increase retirement savings, simplify and clarify retirement plan rules, and for other purposes.

AI Summary

This bill: Expands automatic enrollment in retirement plans, modifies the credit for small employer pension plan startup costs, promotes and enhances the Saver's Credit, enhances 403(b) plans, increases the age for required minimum distributions, indexes the IRA catch-up limit, allows higher catch-up contributions at ages 62-64, modifies pooled employer plans and allows 403(b) multiple employer plans, treats student loan payments as elective deferrals for matching contributions, applies the small employer pension plan startup cost credit to employers joining an existing plan, provides a tax credit for small employers that make a military spouse retirement plan eligible, allows small financial incentives for contributing to a plan, creates a safe harbor for correcting automatic contribution errors, improves coverage for part-time workers, defers tax on certain sales of S corporation stock to an employee stock ownership plan, and treats certain securities as publicly traded for employee stock ownership plans. It also removes barriers to lifetime income options, simplifies and clarifies various retirement plan rules, and makes technical amendments related to recent retirement legislation. The bill includes revenue provisions related to Roth contributions, hardship withdrawals, and employer matching contributions.

Committee Categories

Budget and Finance

Sponsors (104)

Richard Neal (D)*, Alma Adams (D), Mark Amodei (R), Jodey Arrington (R), Cindy Axne (D), Don Beyer (D), Earl Blumenauer (D), Brendan Boyle (D), Kevin Brady (R), Vern Buchanan (R), Jerry Carl (R), Ed Case (D), Steve Chabot (R), Judy Chu (D), David Cicilline (D), Katherine Clark (D), Tom Cole (R), Jim Cooper (D), Joe Courtney (D), Angie Craig (D), Danny Davis (D), Suzan DelBene (D), Lloyd Doggett (D), Jake Ellzey (R), Tom Emmer (R), Ron Estes (R), Dwight Evans (D), Randy Feenstra (R), Drew Ferguson (R), Scott Fitzgerald (R), Jimmy Gomez (D), Josh Harder (D), Kevin Hern (R), Jaime Herrera Beutler (R), Brian Higgins (D), French Hill (R), Ashley Hinson (R), Steven Horsford (D), Fred Keller (R), Mike Kelly (R), Dan Kildee (D), Ron Kind (D), Raja Krishnamoorthi (D), Ann Kuster (D), David Kustoff (R), Darin LaHood (R), James Langevin (D), John Larson (D), Jake LaTurner (R), Al Lawson (D), Debbie Lesko (R), Frank Lucas (R), Elaine Luria (D), Sean Maloney (D), Tracey Mann (R), Kathy Manning (D), Dan Meuser (R), Kweisi Mfume (D), Carol Miller (R), Barry Moore (R), Blake Moore (R), Gwen Moore (D), Greg Murphy (R), Stephanie Murphy (D), Joe Neguse (D), Marie Newman (D), Devin Nunes (R), Tom O'Halleran (D), Burgess Owens (R), Jimmy Panetta (D), Chris Pappas (D), Bill Pascrell (D), Ed Perlmutter (D), Stacey Plaskett (D), David Price (D), Tom Reed (R), Guy Reschenthaler (R), Tom Rice (R), Mike Rogers (R), John Rose (R), Deborah Ross (D), Dutch Ruppersberger (D), Kilili Sablan (D), María Salazar (R), Linda Sánchez (D), Brad Schneider (D), Kim Schrier (D), David Schweikert (R), David Scott (D), Terri Sewell (D), Adrian Smith (R), Jason Smith (R), Lloyd Smucker (R), Tom Suozzi (D), Mike Thompson (D), Dina Titus (D), Lori Trahan (D), David Valadao (R), Beth Van Duyne (R), Ann Wagner (R), Jackie Walorski (R), Brad Wenstrup (R), Nikema Williams (D), Don Young (R),

Last Action

Received in the Senate and Read twice and referred to the Committee on Finance. (on 03/30/2022)

Official Document

https://www.congress.gov/bill/117th-congress/house-bill/2954/all-info

(16 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/117th-congress/house-bill/2954/all-info
BillText	https://www.congress.gov/117/bills/hr2954/BILLS-117hr2954eh.pdf
Bill	https://www.congress.gov/117/bills/hr2954/BILLS-117hr2954eh.pdf.pdf
BillText	https://www.congress.gov/117/bills/hr2954/BILLS-117hr2954rh.pdf
Bill	https://www.congress.gov/117/bills/hr2954/BILLS-117hr2954rh.pdf.pdf
BillText	https://www.congress.gov/117/bills/hr2954/BILLS-117hr2954ih.pdf
Bill	https://www.congress.gov/117/bills/hr2954/BILLS-117hr2954ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR1453	Military Spouses Retirement Security Act	Referred to the House Committee on Ways and Means.	Related
HR2741	Public Service Retirement Fairness Act of 2021	Referred to the Committee on Financial Services, and in addition to the Committee on 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
HR2909	To amend the Internal Revenue Code of 1986 to allow a one-time election for a qualified charitable distribution to a split-interest entity and to inflation adjust the limits for qualified charitable distributions.	Referred to the House Committee on Ways and Means.	Related
HR2917	Retirement Parity for Student Loans Act of 2021	Referred to the House Committee on Ways and Means.	Related
HR2927	SAVE Act of 2021 Savings for All Vocations Enhancement Act of 2021	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
HR2933	To amend the Internal Revenue Code of 1986 to increase the age for the beginning date for required minimum distributions.	Referred to the House Committee on Ways and Means.	Related
HR2942	To amend the Internal Revenue Code of 1986 to increase the catch-up contribution limit for retirement plans of participants age 62 through 64.	Referred to the House Committee on Ways and Means.	Related
HR2943	To amend the Internal Revenue Code of 1986 to allow retroactive elective deferrals for owners of unincorporated businesses in the case of a plan adopted after the close of the taxable year and before the time for filing the return of tax.	Referred to the House Committee on Ways and Means.	Related
HR2944	To amend the Internal Revenue Code of 1986 to reduce the retirement plan period of service requirements for long-term, part-time employees.	Referred to the House Committee on Ways and Means.	Related
HR2951	To direct the Secretary of the Treasury to modify Treasury Regulations relating to insurance-dedicated exchange-traded funds.	Referred to the House Committee on Ways and Means.	Related
HR2953	Savings Access For Escaping and Rebuilding Act of 2021 SAFER Act	Referred to the House Committee on Ways and Means.	Related
HR8579	Retirement Protection Act of 2022	Referred to the House Committee on Ways and Means.	Related
S1443	Retirement Parity for Student Loans Act	Read twice and referred to the Committee on Finance. (text: CR S2357-2358; Sponsor introductory remarks on measure: CR S2357)	Related
S1703	Improving Access to Retirement Savings Act	Read twice and referred to the Committee on Finance.	Related
S1730	Retirement Savings Lost and Found Act of 2021	Read twice and referred to the Committee on Finance.	Related
S5125	Family Attribution Modernization Act	Read twice and referred to the Committee on Finance.	Related

Bill > HR2954

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (104)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary