Bill > HR7314

This bill, titled the "Advancing Commonsense Policies Act," proposes several changes across various sectors. It extends the Livestock Mandatory Reporting program through 2025, enhances educational resources for separating military members regarding registered apprenticeships, and mandates the creation of a user-friendly website for veterans to find information on apprenticeship programs. The bill also includes provisions related to federal employees, such as ensuring that individuals injured or ill in covered positions (like law enforcement officers or firefighters) are reappointed within the same agency and at a commensurate pay level, and clarifies retirement benefits for these individuals. Furthermore, it introduces measures to expand automatic enrollment in retirement plans, modifies tax credits for small businesses starting pension plans, promotes awareness and enhances the Saver's Credit for retirement savings, and makes improvements to 403(b) plans, which are retirement plans for employees of public schools and certain tax-exempt organizations. The bill also adjusts the age for required minimum distributions from retirement accounts, modifies rules for pooled employer plans, and allows for multiple employer 403(b) plans. It introduces new provisions for treating student loan payments as elective deferrals for matching contributions in retirement plans, creates a credit for small employers who hire military spouses, and allows for small financial incentives for contributing to retirement plans. The bill also includes provisions for correcting errors in automatic contribution arrangements, improving coverage for part-time workers, and offers tax deferral for certain sales of employer stock to employee stock ownership plans. It also addresses the treatment of certain securities as publicly traded for employee stock ownership plans, removes barriers for life annuities, and modifies rules for qualifying longevity annuity contracts. Additionally, the bill allows for recovery of retirement plan overpayments, reduces penalties for certain retirement plan accumulations, establishes performance benchmarks for asset allocation funds, and mandates a review of reporting and disclosure requirements for pension plans. It also eliminates unnecessary plan requirements for unenrolled participants, creates a "Retirement Savings Lost and Found" database, updates dollar limits for mandatory distributions, expands the Employee Plans Compliance Resolution System (EPCRS) for correcting retirement plan errors, and eliminates the "first day of the month" requirement for governmental section 457(b) plans. The bill also allows for one-time elections for qualified charitable distributions to split-interest entities, provides penalty-free withdrawals from retirement plans for victims of domestic abuse, reforms family attribution rules for controlled groups and affiliated service groups, and allows for retroactive plan amendments that increase benefit accruals. It also permits retroactive first-year elective deferrals for sole proprietors, limits the cessation of IRA treatment to the portion of an account involved in a prohibited transaction, and mandates a review of pension risk transfer interpretive bulletins. Finally, the bill includes technical amendments related to the Setting Every Community Up for Retirement Enhancement Act of 2019, provisions for plan amendments, allows for Roth contributions in SIMPLE and SEP IRAs, modifies hardship withdrawal rules for 403(b) plans, limits elective deferrals to regular contribution limits, allows optional treatment of employer matching contributions as Roth contributions, and establishes a commission to study the potential creation of a National Museum of Asian Pacific American History and Culture.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/7314/all-info