US Congress Senate Bill 972 (Prior Session Legislation)

---

Spectrum: Slight Partisan Bill (Republican 3-1)
Status: Introduced on April 1 2019 - 25% progression, died in committee
Action: 2019-04-01 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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, 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.

Retirement Enhancement and Savings Act of 2019

Sen. Chuck Grassley [R-IA]

Sen. Ron Wyden [D-OR]

Sen. James Risch [R-ID]

Sen. Mike Braun [R-IN]

Date	Chamber	Action
2019-04-01	Senate	Read twice and referred to the Committee on Finance.

HB1007 (Related) 2019-02-06 - Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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.
HB1938 (Related) 2019-03-27 - Referred to the House Committee on Ways and Means.
HB1993 (Related) 2019-03-29 - Referred to the Committee on Education and Labor, and in addition to the Committee on Ways and Means, 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.
HB2367 (Related) 2019-04-25 - Referred to the House Committee on Education and Labor.
SB1574 (Related) 2019-05-21 - Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
SB2352 (Related) 2019-07-31 - Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/972/all-info
Text	https://www.congress.gov/116/bills/s972/BILLS-116s972is.pdf