Improving Access to Retirement Savings Act

Summary

Improving Access to Retirement Savings Act This bill allows employers who establish a tax-exempt 403(b) pension plan to participate in a multiple employer plan (MEP) and to take the small employer pension plan start-up tax credit for their first three years of participation in a MEP. The bill also establishes a safe harbor to allow certain pension plans to correct errors in administering automatic enrollment and escalation features for plans enrolling in a MEP, if such errors are corrected within a specified time period in a manner favorable to plan participants. It also permits employers that amend a stock bonus, pension, profit sharing, or annuity plan for a previous plan year to increase benefits accruals to elect to treat such amendment as having been adopted at the end of the current plan year.

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Timeline

1. 19 May 2021

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 19 May 2021

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 19 May 2021 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 19 May 2021

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 19 May 2021

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 19 May 2021

  Open at official source

Sponsors

• Chuck Grassley · R · Sponsor
• Maggie Hassan · D · Sponsor
• James Lankford · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → Securing a Strong Retirement Act of 2022