S.972 - Retirement Enhancement and Savings Act of 2019116th Congress (2019-2020) |
|Sponsor:||Sen. Grassley, Chuck [R-IA] (Introduced 04/01/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 04/01/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed Senate
- Passed House
- To President
- Became Law
Summary: S.972 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (04/01/2019)
Retirement Enhancement and Savings Act of 2019
This bill modifies 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.