HR 4524 · 115th Congress · Labor and Employment

Retirement Plan Simplification and Enhancement Act of 2017

Introduced 2017-12-01· Sponsored by Rep. Neal, Richard E. [D-MA-1]· House

Bill Progress

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Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: 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.(2017-12-01)

Plain Language Summary

[AI summary unavailable — showing source text] 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 em…

Summarized by Claude AI · Non-partisan · For informational purposes only