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house Bill H.R. 854

Retirement Security for American Workers Act

Bill Details

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Title

Retirement Security for American Workers Act

Official Title

To amend the Internal Revenue Code of 1986 to modify the qualification requirements with respect to certain multiple employer plans with pooled plan providers, and for other purposes.

Summary

Retirement Security for American Workers Act This bill amends the Internal Revenue Code and the Employee Retirement Income Security Act of 1974 (ERISA) to modify the qualification requirements for certain multiple employer retirement plans. A multiple employer plan that meets certain criteria may not be disqualified or otherwise lose its tax-favored status because one or more participating employers fail to take actions required with respect to the plan. The bill applies to a multiple employer defined contribution plan or a plan that consists of Individual Retirement Accounts that either: (1) is sponsored by employers that both have a common interest other than having adopted the plan and control the plan, or (2) have a pooled plan provider. The bill does not apply unless the terms of the plan require a noncompliant employer to, subject to the discretion of the Internal Revenue Service, (1) transfer assets of the plan attributable to the employees of the noncompliant employer to other specified retirement plans, and (2) be liable for plan liabilities attributable to employees of the noncompliant employer. For the purposes of this bill, a defined contribution plan that is established or maintained for the purpose of providing benefits to the employees of two or more employers and that meets certain requirements (a pooled employer plan) is treated for the purposes of ERISA as a single plan that is a multiple employer plan. The bill modifies reporting requirements under ERISA that apply to pooled employer and multiple employer plans.

bill Progress


  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      Committee on Education and Labor
      Committee on Ways and Means
    IntroducedFebruary 3rd, 2017

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