Bill Sponsor
House Bill 1007
116th Congress(2019-2020)
Retirement Enhancement and Savings Act of 2019
Introduced
Introduced
Introduced in House on Feb 6, 2019
Overview
Text
Sponsor
Introduced
Feb 6, 2019
Latest Action
Feb 6, 2019
Origin Chamber
House
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
1007
Congress
116
Policy Area
Taxation
Taxation
Primary focus of measure is all aspects of income, excise, property, inheritance, and employment taxes; tax administration and collection. Measures concerning state and local finance may fall under Economics and Public Finance policy area.
Sponsorship by Party
Democrat
Wisconsin
Democrat
California
Democrat
California
Democrat
California
Democrat
California
Democrat
California
Democrat
Connecticut
Republican
Louisiana
Republican
Louisiana
Democrat
Maryland
Democrat
Michigan
Democrat
Mississippi
Republican
Missouri
Republican
Nebraska
Democrat
Nevada
Democrat
New Jersey
Republican
New Jersey
Democrat
New Jersey
Democrat
New York
Republican
North Carolina
Republican
North Carolina
Republican
Pennsylvania
Republican
Pennsylvania
Republican
Pennsylvania
Republican
South Dakota
Democrat
Virginia
Republican
Virginia
Democrat
Washington
Democrat
Washington
Democrat
Wisconsin
House Votes (0)
Senate Votes (0)
No House votes have been held for this bill.
Summary

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,
  • 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.
Text (1)
February 6, 2019
Actions (2)
02/06/2019
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.
02/06/2019
Introduced in House
Public Record
Record Updated
Nov 1, 2022 3:32:53 PM