All Information (Except Text) for S.2526 - Retirement Enhancement and Savings Act of 2018115th Congress (2017-2018)
|Sponsor:||Sen. Hatch, Orrin G. [R-UT] (Introduced 03/08/2018)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 03/08/2018 Read twice and referred to the Committee on Finance. (All Actions)|
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Actions Overview (1)
|03/08/2018||Introduced in Senate|
All Actions (1)
|03/08/2018||Read twice and referred to the Committee on Finance.|
Action By: Senate
|Sen. Wyden, Ron [D-OR]*||03/08/2018|
|Committee / Subcommittee||Date||Activity||Related Documents|
|Senate Finance||03/08/2018||Referred to|
Subject — Policy Area:
One Policy Area term, which best describes an entire measure, is assigned to every public bill or resolution.
Latest Summary (1)
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,
- 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.