Bill Sponsor
Senate Bill 2526
115th Congress(2017-2018)
Retirement Enhancement and Savings Act of 2018
Introduced
Introduced
Introduced in Senate on Mar 8, 2018
Overview
Text
Introduced
Mar 8, 2018
Latest Action
Mar 8, 2018
Origin Chamber
Senate
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
2526
Congress
115
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
Republican
Utah
Democrat
Oregon
Senate Votes (0)
House Votes (0)
No Senate votes have been held for this bill.
Summary

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.
Text (1)
Actions (2)
03/08/2018
Read twice and referred to the Committee on Finance.
03/08/2018
Introduced in Senate
Public Record
Record Updated
Jan 11, 2023 1:40:00 PM