S 5064
116th Congress
Senate
Taxation
Administrative law and regulatory procedures
Department of the Treasury
Employee benefits and pensions
Income tax credits
Licensing and registrations
Small business
Improving Access to Retirement Savings Act
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 18, 2020
Read twice and referred to the Committee on Finance.
Dec 18, 2020
Introduced in Senate
Plain-English summary
Improving Access to Retirement Savings Act
This bill allows employers who establish a tax-exempt 403(b) pension plan to participate in a multiple employer plan (MEP) and to take the small employer pension plan start-up tax credit for their first three years of participation in a MEP.
The bill also establishes a safe harbor to allow certain pension plans to correct errors in administering automatic enrollment and escalation features for plans enrolling in a MEP, if such errors are corrected within a specified time period in a manner favorable to plan participants.
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1