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US HR4523

Automatic Retirement Plan Act of 2017


summary

Introduced
12/01/2017
In Committee
12/01/2017
Crossed Over
Passed
Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

Automatic Retirement Plan Act of 2017 This bill amends the Internal Revenue Code to require certain employers to maintain automatic contribution retirement plans for employees. Governments, churches, small employers (10 or fewer employees), certain new businesses, and employers who already maintain certain retirement plans are exempt from the requirement. Automatic contribution retirement plans are defined contribution plans, which must meet specified requirements regarding the eligibility of employees to enroll, automatic enrollment, investments, lifetime income, and fees. The bill also: imposes an excise tax on employers who fail to maintain an automatic contribution plan; increases the dollar limitation for the tax credit for small employer pension plan startup costs; allows a tax credit for small employers who adopt automatic contribution retirement plans; modifies certain nondiscrimination rules that would otherwise apply to the automatic contribution plans; modifies certain fiduciary, qualification, and administrative rules that apply to multiple employer plans; allows states to continue certain programs that require automatic contribution plans; allows a refundable tax credit for certain retirement savings contributions and requires the Department of the Treasury to pay the credit as a contribution to the applicable retirement account; and provides for the portability of lifetime income investment options by permitting a rollover into another retirement plan if the investment is no longer authorized to be held as an investment option under an employer-sponsored plan.

AI Summary

This bill amends the Internal Revenue Code to require certain employers to maintain automatic contribution retirement plans for employees. Governments, churches, small employers, certain new businesses, and employers who already maintain certain retirement plans are exempt from the requirement. Automatic contribution plans must meet specified requirements regarding eligibility, investments, lifetime income options, and fees. The bill also imposes an excise tax on employers who fail to maintain an automatic contribution plan, increases the tax credit for small employer pension plan startup costs, allows a tax credit for small employers who adopt automatic contribution plans, modifies certain nondiscrimination and fiduciary rules, allows states to continue certain programs that require automatic contribution plans, allows a refundable tax credit for certain retirement savings contributions, and provides for the portability of lifetime income investment options.

Committee Categories

Budget and Finance

Sponsors (1)

Last Action

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. (on 12/01/2017)

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