Retirement Enhancement and Savings Act of 2016

Summary

Retirement Enhancement and Savings Act of 2016 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, hardship withdrawals, loans, rollovers, 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 for the purpose of an IRA, 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; allow an employee to elect to defer, for income tax purposes, the inclusion in income of the amount of income attributable to certain stock transferred to the employee by the employer; revise the required distribution rules for pension plans; increase penalties for failing to file tax returns or retirement plan returns; prohibit increases in the user fees for installment agreements and waive the fees for certain low-income taxpayers; require the Internal Revenue Service to share certain return and return information with U.S. Customs Border Protection; and repeal a provision that provides for the technical termination of partnerships.

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

Timeline

1. 16 November 2016

   Calendars

   Placed on Senate Legislative Calendar under General Orders. Calendar No. 670.

   Source: Calendars

2. 16 November 2016

   Reported

   Committee on Finance. Original measure reported to Senate by Senator Hatch. With written report No. 114-375.

   Source: Committee

3. 16 November 2016

   Reported

   Committee on Finance. Original measure reported to Senate by Senator Hatch. With written report No. 114-375.

   Source: Committee

4. 16 November 2016

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Placed on Calendar Senate · 16 November 2016 · Official file

Documents

4 official files

• Placed on Calendar Senate (text)

  Placed on Calendar Senate · EN · 16 November 2016

  ViewDownloadOpen at official source

• Placed on Calendar Senate (PDF)

  Placed on Calendar Senate · EN · 16 November 2016

  ViewDownloadOpen at official source

• Reported to Senate without amendment

  summary · EN · 16 November 2016

  Open at official source

• Introduced in Senate

  summary · EN · 16 November 2016

  Open at official source

Sponsors

• Sen. Hatch, Orrin G. [R-UT] · R · Sponsor
• · ssfi00 · Standing

Related records

• related to → Retirement Security Preservation Act of 2016
• related to → Small Business Employee Retirement Savings Act of 2016
• related to → Volunteer Responder Incentive Protection Act of 2015
• related to → Empowering Employees through Stock Ownership Act
• related to → Retirement Security Preservation Act of 2016
• related to → SEAL Act
• related to → Volunteer Responder Incentive Protection Act of 2015
• related to → Lifetime Income Disclosure Act
• related to ← Retirement Security for American Workers Act
• related to ← To amend the Internal Revenue Code of 1986 and the Employee Retirement Income Security Act of 1974 to avoid duplicative annual reporting, and for other purposes.
• related to ← Graduate Student Savings Act of 2016

Showing 11 of 13 related records.