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S 2370 116th Congress Senate Taxation Employee benefits and pensions Financial services and investments Government information and archives Income tax credits Income tax deferral Income tax exclusion Securities Small business State and local government operations Tax administration and collection, taxpayers

Automatic IRA Act of 2019

Introduced: July 31, 2019 Introduced by: Whitehouse, Sheldon Democratic · Rhode Island See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 31, 2019
Read twice and referred to the Committee on Finance.
Jul 31, 2019
Introduced in Senate
 Plain-English summary Congressional Research Service

Automatic IRA Act of 2019

This bill amends the Internal Revenue Code to (1) require certain employers who do not maintain qualifying retirement plans or arrangements to make available to their eligible employees a payroll deposit individual retirement account (IRA) arrangement (automatic IRA arrangement) which grants such employees the right to opt-out of participation, (2) require the Department of the Treasury to provide employers with a model notice for notifying employees of their opportunity to participate in an automatic IRA arrangement and for providing details regarding the election period, (3) impose a penalty on employers who fail to provide eligible employees access to an automatic IRA arrangement, (4) allow employers who do not have more than 100 employees a tax credit for costs associated with establishing an automatic IRA arrangement, and (5) increase the dollar limitation on the tax credit for small employer pension plan startup costs.

What's happening now July 31, 2019

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1