Advancing Auto-Portability Act of 2022

Summary

Advancing Auto-Portability Act of 2022 This bill allows employees to transfer their retirement account upon terminating their employment to a similar account with a new employer. Specifically, it makes such transfers automatic, subject to the right of employees to opt out. It imposes certain requirements upon an automatic portability provider, including a requirement that the provider acknowledge its fiduciary status and provide a notice in advance to an employee whose retirement account is being transferred that contains a description of the automatic portability transaction and any fees charged in connection with the transaction. This bill also allows an eligible employer a $500 tax credit in the year that an automatic portability arrangement is adopted.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 15 June 2022

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 15 June 2022

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• Introduced in Senate

  summary · EN · 15 June 2022

  Open at official source

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