H.R. 1994
IntroducedSetting Every Community Up for Retirement Enhancement Act of 2019
Latest Action
Received in the Senate.
6/3/2019 • Senate
Summary
Setting Every Community Up for Retirement Enhancement Act of 2019
This bill modifies the requirements for employer-provided retirement plans, individual retirement accounts (IRAs), and other tax-favored savings accounts.
With respect to employer-provided retirement plans, the bill modifies requirements regarding
- automatic enrollment and nonelective contributions;
- tax credits for small employers that establish certain plans;
- loans;
- lifetime income options;
- the treatment of custodial accounts upon termination of section 403(b) plans;
- retirement income accounts for church-controlled organizations;
- the eligibility rules for certain long-term, part-time employees;
- required minimum distributions;
- nondiscrimination rules; and
- minimum funding standards for community newspaper plans.
The bill also includes provisions that
- treat taxable non-tuition fellowship and stipend payments as compensation for the purpose of an IRA,
- repeal the maximum age for traditional IRA contributions,
- treat difficulty of care payments as compensation for determining contribution limits for retirement accounts,
- allow penalty-free withdrawals from retirement plans if a child is born or adopted,
- expand the purposes for which qualified tuition programs (commonly known as 529 plans) may be used,
- reinstate and increase the tax exclusion for certain benefits provided to volunteer firefighters and emergency medical responders,
- increase penalties for failing to file tax returns, and
- require the Internal Revenue Service to share tax information with U.S. Customs Border Protection to administer the heavy vehicle use tax.
Passed House • 5/23/2019
Topics & Subjects
CBO Cost Estimates (1)
Amendments (1)
This bill has 1 amendment proposed or adopted.
View all amendments on Congress.govCongressional Votes (2)
On Passage
May 23, 2019
On Motion to Recommit with Instructions
May 23, 2019
Related Federal Spending
Sponsor & Cosponsors (59)
Party Breakdown
Sponsor
Cosponsors (58)
Bill Journey
Originated in the House
Introduced
March 29, 2019
Committee Review
April 2, 2019
Floor Debate
May 23, 2019
Passed Chamber
May 21, 2019
Other Chamber
June 3, 2019
President
Failed
May 23, 2019
Text Versions (4)
Committee Reports (1)
Related Bills (15)
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Providing for consideration of the bill (H.R. 1500) to require the Consumer Financial Protection Bureau to meet its statutory purpose, and for other purposes; providing for consideration of the bill (H.R. 1994) to amend the Internal Revenue Code of 1986 to encourage retirement savings, and for other purposes; providing for proceedings during the period from May 24, 2019, through May 31, 2019; and for other purposes.