HR-4524 : Still Just a Bill

Retirement Plan Simplification and Enhancement Act of 2017

This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to modify requirements and tax provisions regarding retirement plans.

With respect to employer-provided retirement plans, the bill modifies requirements regarding:

  • automatic enrollment;
  • coverage rules for long-term, part-time workers;
  • employer contributions;
  • the timing for adopting a qualified retirement plan;
  • correcting errors;
  • financial incentives for contributing to a plan;
  • the portability of lifetime income and managed account investment options;
  • distribution options;
  • notices and disclosures to participants;
  • interest rates for defined benefit plans; and
  • due dates for employer pension contributions.

The bill also:

  • repeals the maximum age for traditional Individual Retirement Account (IRA) contributions,
  • modifies the rollover options that are available to nonspouse beneficiaries,
  • increases the age at which participants are required to begin taking distributions,
  • exempts participants with retirement plan balances that do not exceed $250,000 from the required minimum distribution rules,
  • expands tax credits for small employers that adopt certain retirement plans,
  • makes the saver's tax credit available on Form 1040-EZ,
  • modifies the required minimum distribution requirements for life annuities,
  • modifies the requirements for qualifying longevity annuity contracts,
  • modifies the rules for fiduciaries who make economically targeted investments, and
  • establishes an Office of the Participant and Plan Sponsor Advocate within the Internal Revenue Service.

Action Timeline

Action DateTypeTextSource
2017-12-01IntroReferralReferred 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.House floor actions
2017-12-01IntroReferralReferred 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.House floor actions
2017-12-01IntroReferralIntroduced in HouseLibrary of Congress

Sponsor :

Richard E. Neal [D] (MA-1)
See Cosponsors

Policy Area :

Labor and Employment
Related Subjects
  • Administrative law and regulatory procedures
  • Administrative remedies
  • Congressional oversight
  • Employee benefits and pensions
  • Executive agency funding and structure
  • Federal officials
  • Financial services and investments
  • Fraud offenses and financial crimes
  • Government information and archives
  • Government studies and investigations
  • Income tax credits
  • Income tax deferral
  • Interest, dividends, interest rates
  • Sales and excise taxes
  • Securities
  • Small business
  • Tax administration and collection, taxpayers
  • Temporary and part-time employment
Related Geographic Entities
Related Organizations
  • Department of Labor
  • Department of the Treasury
  • Internal Revenue Service (IRS)

Related Bills

See Related Bills