Bill > S1770

This bill, the Retirement Security and Savings Act of 2021, makes several key changes to retirement plan rules: It expands coverage and increases retirement savings by allowing secure deferral arrangements to meet nondiscrimination requirements, facilitating automatic enrollment, providing a credit for small employers with modified safe harbor requirements, expanding the saver's credit, modifying participation requirements for long-term part-time workers, and making other changes to encourage retirement plan participation. It preserves retirement income by modifying rules around qualifying longevity annuity contracts, removing barriers to life annuities, eliminating a penalty on partial annuitization, and allowing insurance-dedicated exchange-traded funds. It simplifies and clarifies retirement plan rules, including by consolidating notice requirements, allowing certain plan transfers and mergers, and making other technical corrections and clarifications. It makes several reforms to defined benefit pension plans, including changes to cash balance plans, interest rate rules, mortality tables, and retiree health benefits. It harmonizes certain plan rules with IRA rules, such as Roth plan distribution rules and rollover rules. Overall, the bill aims to expand access to and incentivize participation in retirement plans, while also providing more flexibility and simplification around certain plan requirements.

Budget and Finance

https://www.congress.gov/bill/117th-congress/senate-bill/1770/all-info