H.R.5282 - Retirement Enhancement and Savings Act of 2018115th Congress (2017-2018)
|Sponsor:||Rep. Kelly, Mike [R-PA-3] (Introduced 03/14/2018)|
|Committees:||House - Ways and Means; Education and the Workforce|
|Latest Action:||House - 03/14/2018 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. (All Actions)|
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Summary: H.R.5282 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (03/14/2018)
Retirement Enhancement and Savings Act of 2018
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,
- 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,
- 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,
- revise the required distribution rules for pension plans,
- increase penalties for failing to file tax or retirement plan returns, and
- require the Internal Revenue Service to share returns and return information with U.S. Customs Border Protection to administer the heavy vehicle use tax.