summary
Introduced
05/05/2022
05/05/2022
In Committee
05/05/2022
05/05/2022
Crossed Over
Passed
Dead
01/03/2023
01/03/2023
Introduced Session
117th Congress
Bill Summary
A BILL To provide better access to retirement plans through small businesses.
AI Summary
This bill aims to provide better access to retirement plans for small businesses. It makes two key changes:
1) It amends the Setting Every Community Up for Retirement Enhancement (SECURE) Act of 2019 to allow audits of a group of retirement plans to relate only to each individual plan, rather than requiring all plans in the group to be audited together. This provides more flexibility for small businesses participating in these plans.
2) It modifies the requirements for pooled employer plans (PEPs) under the Employee Retirement Income Security Act (ERISA) to allow a named fiduciary, other than the employer, to be responsible for collecting contributions to the plan and implementing procedures to do so. This is intended to simplify the administration of these plans for small businesses.
Additionally, the bill requires the Secretary of Labor to conduct a study on the PEP industry and provide periodic reports to Congress with recommendations on how these plans can be improved to better serve and protect retirement plan participants.
Committee Categories
Health and Social Services
Sponsors (2)
Last Action
Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (on 05/05/2022)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/117th-congress/senate-bill/4154/all-info |
| BillText | https://www.congress.gov/117/bills/s4154/BILLS-117s4154is.pdf |
| Bill | https://www.congress.gov/117/bills/s4154/BILLS-117s4154is.pdf.pdf |
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