S 1035 115th Congress Senate Labor and Employment Employee benefits and pensions Financial services and investments State and local government operations

PROSPERS Act

Introduced: May 3, 2017 Introduced by: Heinrich, Martin Democratic · New Mexico See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

May 3, 2017

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

May 3, 2017

Introduced in Senate

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Plain-English summary Congressional Research Service

Preserve Rights Of States and Political subdivisions to Encourage Retirement Savings Act or the PROSPERS Act

This bill amends the Employee Retirement Income Security Act of 1974 (ERISA) to specify that states and certain political subdivisions may establish and administer voluntary payroll deduction retirement savings programs for private sector employees that are not considered employee pension benefit plans or pension plans covered by ERISA if the plans meet certain requirements.

The bill requires the plans to be established, implemented, and administered by states or political subdivisions. The plans must also be voluntary for employees and meet other specified requirements, including restrictions on the involvement of employers and obligations to enforce the rights of employees.

What's happening now May 3, 2017

Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Related & companion bills 1

Bill text 1 version