Automatic Retirement Plan Act of 2017

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 1 December 2017

   Introduced

   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.

   Source: IntroReferral

2. 1 December 2017

   Introduced

   Introduced in House

   Source: IntroReferral

3. 1 December 2017

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 1 December 2017 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 1 December 2017

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 1 December 2017

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 1 December 2017

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Neal, Richard E. [D-MA-1] · D · Sponsor
• · hsed00 · Standing
• · hswm00 · Standing

Related records

• related to → Small Employer Retirement Savings Auto-Enrollment Credit Act
• related to → Retirement Security for American Workers Act
• related to → To amend the Internal Revenue Code of 1986 to make lifetime income and managed account options of defined contribution retirement savings plans portable.
• related to ← A bill to amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to modify the requirements for multiple employer plans, and for other purposes.