Simplifying Small Business Retirement Savings Act

8/31/2023, 4:45 PM

Simplifying Small Business Retirement Savings Act

This bill requires pooled employer retirement plans to designate a named fiduciary to collect contributions to the plan and implement written contribution collection procedures that are reasonable, diligent, and systematic. Current law requires a plan to designate one or more trustees to perform these tasks.

The bill also revises the requirements for combined annual reporting for a group of plans.

Congress
117
Number
S - 4154
Introduced on
2022-05-05
# Amendments
0
Sponsors
+5
Cosponsors
+5

Variations and Revisions

5/5/2022
Text
PDF
XML

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

Simplifying Small Business Retirement Savings Act

This bill requires pooled employer retirement plans to designate a named fiduciary to collect contributions to the plan and implement written contribution collection procedures that are reasonable, diligent, and systematic. Current law requires a plan to designate one or more trustees to perform these tasks.

The bill also revises the requirements for combined annual reporting for a group of plans.

Alternative Names
Official Title as IntroducedA bill to provide better access to retirement plans through small businesses.
Policy Areas
Labor and Employment

Comments

Related

Bill Update Alert:  Pooled Employer Plan Fix Act

Recent Activity

Latest Summary8/31/2023

Simplifying Small Business Retirement Savings Act

This bill requires pooled employer retirement plans to designate a named fiduciary to collect contributions to the plan and implement written contribution collection...

Latest Action5/5/2022
Read twice and referred to the Committee on Health, Education, Labor, and Pensions.