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Retirement Enhancement and Savings Act of 2019

Introduced: April 1, 2019 Introduced by: Grassley, Chuck Republican · Iowa See on congress.gov
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This bill died when the 116th Congress ended
It never became law before the 116th Congress (2019–2020) adjourned, and bills don't carry over to the next Congress. It would have to be reintroduced. You can still save it for reference, but it won't receive updates.
 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 1, 2019
Read twice and referred to the Committee on Finance.
Apr 1, 2019
Introduced in Senate
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 Plain-English summary Congressional Research Service

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.
What's happening now April 1, 2019

Read twice and referred to the Committee on Finance.

 Related & companion bills 6
  • HR 1007 Related bill Retirement Enhancement and Savings Act of 2019
  • HR 1993 Related bill Providing Retirement Security to Workers in Small Businesses, Cooperatives, and Service Organizations Act of 2019
  • HR 2367 Related bill Lifetime Income Disclosure Act
  • HR 1938 Related bill Small Employer Retirement Savings Auto-Enrollment Credit Act
  • S 1574 Related bill Lifetime Income Disclosure Act
  • S 2352 Related bill Retirement Security Preservation Act of 2019
 Bill text 1 version

Source documents hosted by congress.gov.

 Committees of jurisdiction 1
 Cosponsors 2
All 2 Democratic 1 Republican 1
R
Risch, James E.
Idaho · May 21, 2019
 D
Wyden, Ron
Oregon · Apr 1, 2019
Cite this page click to expand
APA
U.S. Congress. (2026). S. 972: Retirement Enhancement and Savings Act of 2019. 116th Congress. Open America. https://openamerica.io/bill/116-S-972/
MLA
"S. 972: Retirement Enhancement and Savings Act of 2019." 116th Congress, 2026, Open America, https://openamerica.io/bill/116-S-972/.
Bluebook (legal)
S. 972, 116th Cong. (2026), https://openamerica.io/bill/116-S-972/.
Markdown link
[S. 972: Retirement Enhancement and Savings Act of 2019](https://openamerica.io/bill/116-S-972/)
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