Bill > HR5282

Introduced Session

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.

Committee Categories

Mike Kelly (R)*,  Alma Adams (D),  Jodey Arrington (R),  Don Bacon (R),  Jim Banks (R),  Lou Barletta (R),  Andy Barr (R),  Joe Barton (R),  Don Beyer (D),  Mike Bishop (R),  Rod Blum (R),  Earl Blumenauer (D),  Lisa Blunt Rochester (D),  Suzanne Bonamici (D),  Brendan Boyle (D),  Susan Brooks (R),  Ted Budd (R),  Ken Calvert (R),  Salud Carbajal (D),  Judy Chu (D),  Lacy Clay (D),  Mike Coffman (R),  Tom Cole (R),  Barbara Comstock (R),  Carlos Curbelo (R),  Susan Davis (D),  Peter DeFazio (D),  Suzan DelBene (D),  Jeff Denham (R),  Theodore Deutch (D),  Jeff Duncan (R),  John Faso (R),  Bill Flores (R),  Greg Gianforte (R),  Bob Gibbs (R),  Vicente Gonzalez (D),  Glenn Grothman (R),  Karen Handel (R),  Jaime Herrera Beutler (R),  Brian Higgins (D),  George Holding (R),  Richard Hudson (R),  Bill Huizenga (R),  Sam Johnson (R),  Walter Jones (R),  Dan Kildee (D),  Derek Kilmer (D),  Ron Kind (D),  Ann Kuster (D),  John Larson (D),  Bob Latta (R),  Jason Lewis (R),  David Loebsack (D),  Thomas MacArthur (R),  Patrick Meehan (R),  Luke Messer (R),  Alex Mooney (R),  Dan Newhouse (R),  Kristi Noem (R),  Donald Norcross (D),  Frank Pallone (D),  Bill Pascrell (D),  Ed Perlmutter (D),  Collin Peterson (D),  Mark Pocan (D),  David Price (D),  Tom Rice (R),  Hal Rogers (R),  Mike Rogers (R),  Dennis Ross (R),  David Rouzer (R),  Dutch Ruppersberger (D),  Linda Sánchez (D),  Kurt Schrader (D),  José Serrano (D),  Pete Sessions (R),  Terri Sewell (D),  Carol Shea-Porter (D),  Chris Smith (R),  Lamar Smith (R),  Elise Stefanik (R),  Bennie Thompson (D),  G.T. Thompson (R),  Scott Tipton (R),  Paul Tonko (D),  Mike Turner (R),  David Valadao (R),  Nydia Velázquez (D),  Jackie Walorski (R),  Frederica Wilson (D),  Joe Wilson (R),  David Young (R), 

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 03/14/2018)

Official Document