Bill > S1703

This bill aims to improve access to retirement savings by making several changes to the Internal Revenue Code and the Employee Retirement Income Security Act (ERISA). The key provisions include: 1. Allowing 403(b) plans (tax-sheltered annuity plans) to be treated as multiple employer plans, similar to 401(k) plans, which can provide more options and flexibility for employers and employees. 2. Providing a safe harbor for correcting certain administrative errors in automatic enrollment or automatic escalation features of eligible retirement plans, as long as the errors are corrected in a timely and favorable manner for participants. 3. Expanding the small employer pension plan startup cost tax credit to apply to employers that join an existing plan, not just new plans. 4. Allowing employers to retroactively amend their retirement plans to increase benefit accruals for the previous plan year, as long as the amendment is adopted before the employer's tax return due date. Overall, the bill seeks to make it easier for employers, especially smaller ones, to offer and administer retirement plans, with the goal of increasing access to and participation in retirement savings.

Budget and Finance

https://www.congress.gov/bill/117th-congress/senate-bill/1703/all-info