US Congress Senate Bill 2370 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on July 31 2019 - 25% progression, died in committee
Action: 2019-07-31 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

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.

Automatic IRA Act of 2019

Sen. Sheldon Whitehouse [D-RI]

Date	Chamber	Action
2019-07-31	Senate	Read twice and referred to the Committee on Finance.

Type	Source
Summary	https://www.congress.gov/bill/116th-congress/senate-bill/2370/all-info
Text	https://www.congress.gov/116/bills/s2370/BILLS-116s2370is.pdf