Summary: S.2526 — 115th Congress (2017-2018)All Information (Except Text)

There is one summary for S.2526. Bill summaries are authored by CRS.

Shown Here:
Introduced in Senate (03/08/2018)

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,
  • loans,
  • 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.