US S2526

Bill

Retirement Enhancement and Savings Act of 2018

Introduced
03/08/2018

In Committee
03/08/2018

Crossed Over

Passed

Dead
12/31/2018

Introduced Session

115th Congress

Bill Summary

Retirement Enhancement and Savings Act of 2018 This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to modify requirements for tax-favored retirement savings accounts, employer-provided retirement plans, and retirement benefits for federal judges. With respect to employer-provided plans, the bill modifies requirements regarding: multiple employer plans, automatic enrollment and nonelective contributions, loans, terminating or transferring plans, reporting and disclosure rules, nondiscrimination rules, selecting lifetime income providers, and Pension Benefit Guaranty Corporation premiums. The bill also increases the tax credit for small employer pension plan startup costs and allows a tax credit for small employers that establish retirement plans that include automatic enrollment. With respect to Individual Retirement Accounts (IRAs), the bill: treats taxable non-tuition fellowship and stipend payments as compensation, repeals the maximum age for traditional IRA contributions, and permits any IRA to be a shareholder of any S corporation that is a bank. The bill makes several modifications to retirement benefits for magistrate judges of the U.S. Tax Court and other federal judges. The bill also modifies various tax provisions to: reinstate and increase the tax exclusion for benefits provided to volunteer firefighters and emergency medical responders, revise the required distribution rules for pension plans, increase penalties for failing to file tax or retirement plan returns, and require the Internal Revenue Service to share returns and return information with U.S. Customs Border Protection to administer the heavy vehicle use tax.

AI Summary

This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to modify requirements for tax-favored retirement savings accounts, employer-provided retirement plans, and retirement benefits for federal judges. Key provisions include allowing multiple employer plans with pooled plan providers, removing the 10% cap on automatic enrollment contributions after the first year, increasing tax credits for small employer pension plan startup costs and automatic enrollment, repealing the maximum age for traditional IRA contributions, allowing IRA ownership of S corporation bank stock, prohibiting loans through credit cards, increasing portability of lifetime income options, modifying nondiscrimination rules to protect older, longer-service participants, and modifying PBGC premiums for CSEC plans. The bill also makes changes to retirement benefits for federal judges and magistrate judges of the Tax Court, and includes various other retirement-related tax provisions.

Committee Categories

Budget and Finance

Sponsors (2)

Orrin Hatch (R)*, Ron Wyden (D),

Last Action

Read twice and referred to the Committee on Finance. (on 03/08/2018)

Official Document

https://www.congress.gov/bill/115th-congress/senate-bill/2526/all-info

(16 Companion Bills)

Version:

Document Type	Source Location
State Bill Page	https://www.congress.gov/bill/115th-congress/senate-bill/2526/all-info
BillText	https://www.congress.gov/115/bills/s2526/BILLS-115s2526is.pdf
Bill	https://www.congress.gov/115/bills/s2526/BILLS-115s2526is.pdf.pdf

Bill	Bill Name	Last Action	Type
HR1550	Volunteer Responder Incentive Protection Act of 2017	Referred to the House Committee on Ways and Means.	Related
HR1688	To avoid duplicative annual reporting under the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974, and for other purposes.	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
HR1962	Retirement Security Preservation Act of 2017	Referred to the House Committee on Ways and Means.	Related
HR2055	Lifetime Income Disclosure Act	Referred to the House Committee on Education and the Workforce.	Related
HR3136	Graduate Student Savings Act of 2017	Referred to the House Committee on Ways and Means.	Related
HR3902	Small Employer Retirement Savings Auto-Enrollment Credit Act	Referred to the House Committee on Ways and Means.	Related
HR4604	Increasing Access to a Secure Retirement Act of 2017	Referred to the House Committee on Education and the Workforce.	Related
HR5282	Retirement Enhancement and Savings Act of 2018	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.	Same As
HR854	Retirement Security for American Workers Act	Referred to the Committee on Education and the Workforce, and in addition to the Committee on Ways and Means, 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
S1238	Volunteer Responder Incentive Protection Act of 2017	Read twice and referred to the Committee on Finance.	Related
S1379	Graduate Student Savings Act of 2017	Read twice and referred to the Committee on Finance.	Related
S1383	Retirement Security Act of 2017	Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S3651-3652)	Related
S674	A bill to amend the Internal Revenue Code of 1986 to clarify the retirement income account rules relating to church controlled organizations.	Read twice and referred to the Committee on Finance.	Related
S695	A bill to avoid duplicative annual reporting under the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974, and for other purposes.	Read twice and referred to the Committee on Health, Education, Labor, and Pensions.	Related
S852	Retirement Security Preservation Act of 2017	Read twice and referred to the Committee on Finance.	Related
S868	Lifetime Income Disclosure Act	Read twice and referred to the Committee on Health, Education, Labor, and Pensions.	Related

Bill > S2526

US S2526

summary

Introduced Session

Bill Summary

AI Summary

Committee Categories

Sponsors (2)

Last Action

Official Document

bill text

bill summary

bill summary

bill summary