US HR3910

Bill

To amend the Internal Revenue Code of 1986 to make lifetime income and managed account options of defined contribution retirement savings plans portable.

Introduced
10/02/2017

In Committee
10/02/2017

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

To amend the Internal Revenue Code of 1986 to make lifetime income and managed account options of defined contribution retirement savings plans portable. This bill amends the Internal Revenue Code to allow distributions from certain tax-favored employer-sponsored retirement plans if a lifetime income investment or managed account investment is no longer authorized to be held as an investment option under the plan. If a lifetime income or managed account investment is no longer authorized to be held as an investment option under the plan, the bill allows: (1) qualified distributions of a lifetime income investment or a managed account investment, or (2) distributions of a lifetime income investment in the form of a qualified plan distribution annuity contract. A "qualified distribution" is a direct trustee-to-trustee transfer to an eligible retirement plan. A "qualified plan distribution annuity contract" is an annuity contract purchased for a participant and distributed to the participant by an employer-sponsored retirement plan.

AI Summary

This bill amends the Internal Revenue Code to allow distributions from certain tax-favored employer-sponsored retirement plans if a lifetime income investment or managed account investment is no longer authorized to be held as an investment option under the plan. It allows for qualified distributions of these investments or distributions in the form of a qualified plan distribution annuity contract if the investment is no longer authorized to be held under the plan. The bill defines key terms like "lifetime income investment," "managed account investment," and "qualified distribution" and makes similar changes to Section 403(b) plans and eligible deferred compensation plans.

Committee Categories

Budget and Finance

Sponsors (2)

Richard Neal (D)*, Mike Bishop (R),

Last Action

Referred to the House Committee on Ways and Means. (on 10/02/2017)

Official Document

https://www.congress.gov/bill/115th-congress/house-bill/3910/all-info

(2 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/house-bill/3910/all-info
BillText	https://www.congress.gov/115/bills/hr3910/BILLS-115hr3910ih.pdf
Bill	https://www.congress.gov/115/bills/hr3910/BILLS-115hr3910ih.pdf.pdf

Bill	Bill Name	Last Action	Type
HR4523	Automatic Retirement Plan Act of 2017	Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related
HR4524	Retirement Plan Simplification and Enhancement Act of 2017	Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.	Related

Bill > HR3910

US HR3910

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (2)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary