Bill
Bill > S3751
US S3751
US S3751A bill to amend the Employee Retirement Income Security Act of 1964 and the Internal Revenue Code of 1986 to improve retirement plan coverage for part-time workers.
summary
Introduced
03/03/2022
03/03/2022
In Committee
03/03/2022
03/03/2022
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To amend the Employee Retirement Income Security Act of 1974 and the Internal Revenue Code of 1986 to improve retirement plan coverage for part-time workers.
AI Summary
This bill amends the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code to improve retirement plan coverage for part-time workers. The key provisions include:
1. Allowing part-time employees who have worked at least 500 hours per year for two consecutive 12-month periods and have reached age 21 to participate in 401(k) plans or salary reduction agreements, even if they have not met the plan's normal service requirement.
2. Allowing employers to exclude these part-time employees from certain nondiscrimination rules and top-heavy plan requirements.
3. Treating each 12-month period with at least 500 hours of service as a "year of service" for purposes of vesting in employer contributions for these part-time employees.
4. Clarifying the treatment of pre-2021 service for purposes of the new rules.
The amendments apply to plan years beginning after one year from the date of enactment.
Committee Categories
Health and Social Services
Sponsors (2)
Last Action
Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (on 03/03/2022)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/3751/all-info |
| BillText | https://www.congress.gov/117/bills/s3751/BILLS-117s3751is.pdf |
| Bill | https://www.congress.gov/117/bills/s3751/BILLS-117s3751is.pdf.pdf |
Loading...